This post first appeared in 2016 and was recently updated by the folks at Teamwork.com who recently shared some of the most important lessons that helped get them where they are today.
“Every startup founder knows from the outset that there are going to be obstacles. But sometimes, they can still surprise you — whether that’s because you just didn’t anticipate them, you’re unsure of the best way to respond, or you don’t yet have the resources you need to address them properly.”
Stay ahead of these issues if you want to win:
Challenge #1: Money
Plan for the money you need to move forward and grow at a productive pace. Entrepreneur David Roth counsels, “As leaders, it’s our job to manage the time and money needed to get to the next level without running out of either one.”
Challenge #2: Neglecting marketing and sales
Make sure you put enough resources into marketing and sales.
Challenge #3: Lack of planning
Many startups get caught up in the day to day and fail to develop realistic plans. Plan regularly.
Challenge #4: Finding the right people
Develop a hiring strategy so you can make key hires and develop roles and goals for each position.
Challenge #5: Time management
Stay focused and manage your time and energy. Deal with immediate challenges that enable you to move the ball forward. Cut the noise.
Challenge #6: Your founders
Founders are essential. A founder who tries to do everything can hold a company back. Good leaders should know their limits. Surround yourself with great people.
Challenge #7: Scaling up
Every startup has to scale up. Success or growth can be painful. You need to be strategic, expand your team and budget well.
Challenge #8: Your comfort zone
New startup entrepreneurs have to push way beyond one’s comfort zone on a daily basis.
Find your comfort zone and attract team members who like doing things you like to avoid.
Challenge #9: Competitors
It’s a crowded marketplace and growing. Make sure you do a competitive analysis and see where your company stacks up among the competition. "What makes your company different? What makes your products special? What makes your brand unique? Why would someone choose you over your competitors?"
Challenge #10: Poor management
Startup management team often fail during growth. Build a solid leadership team
Challenge #11: Lack of mentorship
Mentors bring wisdom and confidence to help you entrepreneurs through those roadblocks that may be holding your startup back. Rhett Morris of Endeavor Insight points out that “33% of tech firm founders who are mentored by successful entrepreneurs went on to become top performers.”
Read more at Teamwork.com.