Startup businesses face more struggles on their path to success and this is quite common. A lot of entrepreneurs deal with the dilemmas that they often get to face during their business establishment.
It won’t be wrong to say that these are the dilemmas that also often serve as biggest sources of failure and pain for most of the entrepreneurs but nevertheless, they are to be taken as a challenge. As an entrepreneur, one may feel excited on being his own boss and be willing to fetch huge wealth but it’s just the beginning.
No matter what the size of your organisation is, whether you are a new or an established founder, here are some of the dilemmas that the startup founders must learn to deal with. As an entrepreneur, you will need to face some of these (if not all) sooner or later at some point of your career.
Let’s discuss them to find out more about them and how they can be resolved:
Dilemma 1#: Make money OR serve the humanity
The reason why this particular dilemma tops our list can be well anticipated. It’s like witnessing a fight between being a human and being a businessman and the choices, as we know, are either too many or limited but tough to make!
If you are working on the cultivation of next bigger idea over Facebook, you are probably doing something for a wealthy living but it’s definitely not going to do anything good for the poor and the needy. The point is what makes you happy and satisfied should be done. Define your objectives and have a say in decisions and even if this requires you to skip the race of growth and inventors, you may very well choose to do it.
Dilemma 2#: Finding the right time
There are plenty of circumstances that suggest why and how you should jump into a startup business. Personal circumstances, market conditions and favourable career are some of them but we know that all three of them can’t be simultaneously “active” at a single point of time.
If most of the experts from the industry are to be believed, taking a decision in the same based on a “favourable” career may not be a wise idea. It’s always advisable to gain some financial skills and valuable business experiences first.
Dilemma 3#: Size of the company
Now this is really a big dilemma. There’s always a concern regarding whether you should start a company solo or look for some co-founders to assist you?
Advantage with co-founders is that you get someone to share the workload and they are often the ones who assist you in taking even the hardest business decisions. They can also help you in making major or minor business adjustments. It also goes without saying that the old friends in business often make one of the most understanding business partners in the long run, plus you also get to share good business rapport with them right from day 1. However, the size of the company would depend on your scope for expansion in the long run and the immediate business goals you have your eyes on.
Dilemma 4#: Choosing the right investors
Choosing the investors can be game changers in business. No one is actually willing to put in their money into your business if you don’t have a promising set of strategies and products/service that raise the bar of hopes.
If you don’t have the money to build your service, you are going to give it a ‘no-way’ call. Hence it is important to buck up and find your business the right kind of investors or else you may have to climb the ladder with the help of family and friends.
Dilemma 5#: Control and the growth dilemma
Now once you have taken the investors’ money, you must expect for a long term good deal of growth. When you prefer an organic growth, you will need to keep a good control with the family and the friends.
Make sure that you have pulled up your socks and prepared for long haul. When issues persist, don’t hesitate to exit and push a start-up with another great and promising idea.
Entrepreneurs must ensure that they actually focus on a wide range of things that interest them and things that they actually love to do and further make sure that they are done in a better way than anyone else does.
Entrepreneurs who know how to turn these dilemmas into their strengths will gain the competitive advantage along with the adventure and thrill that can be sought.