10 effective way to overcome the start up challenges

Start up initiative is not uncommon in India but the new entrepreneurs often face unprecedented challenges in our economic environment. The main problem is the mental blockage of the new entrepreneurs who constantly struggles to plan their business thoughts and put them into action. The challenges of a start up can be summarized in following points:

CAPITAL CONCERN/BUDGETING: Most of the new comers in the business arena often stressed about the lack of capital and initial budget to start a business. They often struggle to accumulate enough money to support their initial idea and concept.

NAME SELECTION: This is another problem the entrepreneurs faces before initiating their business operation. It’s important to select a name for the business, but for the firms who are incorporated under company registration, name selection and its availability are absolutely essential. It is a critical choice for a new entrepreneur to choose the name for his business. It is important to reflect the operation, idea, and vision of the business in the name.

SELECTION OF BUSINESS TYPE: It is another important decision that an entrepreneur must take before start up. A new business owner must take a decision on the choice of the business type i.e. to form a Sole Proprietorship or Pvt Ltd Company, Partnership or LLP. Based upon the capital, product/service type, operational area this decision has to be initiated.

TO INCORPORATE OR NOT: This is another important challenge on which an entrepreneur must make up his mind to have this critical choice. Whether the owner has started his business in Kolkata or Uttar Pradesh it is an important choice for the entrepreneur to move ahead with the incorporation through company registration in Kolkata or company registration in Lucknow. Or else He may choose not to incorporate the trade & business from the beginning.

OFFICE MANAGEMENT: This is the Challenge most entrepreneurs face at the time of incubation of their new business. Manage the office includes file management, book keeping, record keeping, Attendance maintenance from the very start. Often the concentration on sales and marketing push causes the negligence on the part of basic operation.

IDEA GENERATION/ STRATEGIC ORGANIZING: Idea generation is creation of innovative idea for product and services. It is another critical challenge for any new entrepreneur. What should be the activity and nature of business? How the nature of business has been selected? These are very important question one should think before the start up.

Here are 10 effective ways to overcome the challenges of new start up:

1. PLAN BEFORE ACT.
2. INNOVATION AND APPLICATION OF NEW IDEA IS THE KEY.
3. WRITE DOWN EVRY THOUGHTS, IDEAS AND WORK AND CREATE MULTIPLE DTAFTS.
4. CREATE THE PERFORMANCE SCHEDULE FOR NEXT FEW MONTHS.
5. ORGANIZE THE BUSINESS STRUCTURE AND FORMULATE ACTION BASED STRATEGY.
6. INCORPORATE THE BUSINESS TO GET THE INCORPORATION STATUS IN THE EYES OF THE GOVERNMENT.
7. KEEP YOUR OFFICE MANAGEMENT COST MINIMUM.
8. CREATE A POSITIVE MIND SET UP, BUT ALWAYS PREPARED FOR THE UNEXPECTED EVENT.
9. MAINTAIN THE LICENSING AND CERTIFICATION FOR YOUR BUSINESS FROM THE VERY BEGINNING.
10. IDENTIFY THE RIGHT OFFICE LOCATION BEFORE START UP.

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