Startups are truly very common these days. The way new startups are coming up and being successful is very impressive. Well, one might say that it all depends on the innovation and the idea but we say that it all depends on the startup CEOs who handle them and the CEOs role and approach towards the different challenges of a startup.
According to Jayson Demers, who is the startup CEO or founder at AudienceBloom, the society provides lots of efforts to professional and new setups alike which is why the startup culture has popped up and more and more startup CEOs along with various CEOs role are evolving day to day who face the different challenges of a startup everyday too.
Out of the many challenges of a startup, the five main challenges are given below
All the big names get funding easily while the other non-famous startup CEOs face a hard time convincing investors that their idea shall work. A tip should be used to minimize the budget so that the investor is convinced because of the amount being less
Use applications like the IBM Watson Developer Cloud that already have startups applications which are needed at the time while you can also scrutinize your costs to maintain checks as to what you need at the moment too. You can also defer any major structural investments until your idea is proved.
- Entrepreneurial Diversity
The diversity among entrepreneurship is lacking because there are almost the same type of ideas like for traveling as well as environment while other areas remain untouched throughout. Innovation is dead as the CEOs are only thinking of the similar ways.
A CEO must think of their business from a different field’s perspective and then implement how those fields can be also covered through their app. This will also let them stay away for the culture to have everything apps in startups.
- The CEOs Role
There is no team right from the start which is why the CEO has to do multiple jobs at a time
This can be done through multi-tasking and focusing on prioritized aspects
How to get the company known is maybe the biggest and the most obvious challenge.
The CEO should know the customers inside out and focus on what’s missing in the market to have out of the box solutions. This can also be done by using Watson APIs called Personality Insights. It helps to know the needs of the customer through this psychology.
A team or in other words a well dedicated team is also one of the challenges of a startup CEO because he has to have the execution of the idea. Here the CEOs role is to have a lot of combinations
You should have ways for testing because according to Paul Graham who is the co-founder and Partner at Y Combinator prototypes can be constantly tested. One should use different APIs to know the customer base well.
Hence if you are facing these challenges or haven’t yet faced them, then you can now prepare for them already through the proposed solutions to have a lesser challenging time.