10 worst nightmares of every startup
Caught the entrepreneurial bug and wondering if it is the right time to take the leap? Wait a minute; being our own boss may not always be a cakewalk. Launching a startup might sound exciting, but it is more like buying a lottery ticket, where your odds of winning are very low. Here we list out 10 worst nightmares entrepreneurs have to face.
1. Funding: So you know your idea can take the world by storm. Well, you might as well know that money doesn’t grow on trees. Soon, mortgages, loans, debts, equity financing, overdue bills, leasing and private lending will be part of your daily grind. Consider walking around with a tin-cup for funding?
2. Legal fundamentals and red-tape: Worry not if you are not among the ones who dread the thought of filing income tax returns. If otherwise, beware; those complicated forms can seem never ending, not to mention our slow-paced government offices.
3. Pitching your idea: Tough luck, if you thought convincing your family to believe in your business plan was hard enough. Making investors (read strangers) believe in your raw ideas and write a cheque for you is easier said than done. Be ready to be rejected. Many a time!
4. Marketing: That you have an MBA in marketing is not going to help you much when it comes to wooing your first customers. You learn on the go, but by the time you master the trade, your business might have gone belly-up.
5. Hiring your first employees: Finding the right employees for your dream team can be a daunting task. Couple it with convincing someone to leave his job to join your floundering little startup and you have a recipe for tragedy.
6. Clients who refuse to pay: You did the work, but your client is not ready to pay for it. For a startup, a few unruly clients are enough to make you say goodbye to your dream venture.
7. The long wait for profit: Outlived all those hurdles and you finally got your business off the ground. But how long will you wait for profits? Three months, six months or an year? Now, close your eyes and remember the money you owe to banks.
8. Business model failure: Failure is not a bad thing if it teaches you to succeed. Yes, your aha moment! But what if you don’t have the resources to start from the scratch all over again?
9. Friendship at stake: Running a company with your best friend might sound like a dream come true, but that comes packaged with its own disadvantages. And there are chances that your friendship will forever be tainted.
10. Work-life balance: Fancied working bankers’ hours because it is your very own company? You are wrong. Startups are often synonymous with long working hours and striking a balance can be a tricky affair.
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