Entrepreneurship
however comes with a host of challenges.
Rewarding the challenges, butthe harsh
challenges nonetheless. Experienced entrepreneursare generally required to deal with this no
matter how long they’ve been in business – for the purpose of trying to
establish a brand, adjust in order to
match or either exceed the
competition and then keep the
business profitable is however a
challenge no matter how many years one has been in business.
But for the
new and young entrepreneurs, there arehowever some unique challenges that are especially
difficult in order to overcome. If one
has just gotten into the game, or he’s thinking
about becoming an entrepreneur, then one must be prepared for these 5 challenges which one
would however have to face of being first to market .
The
purpose of this article is to make the reader aware of the 5 challenges of
being first in the market .
If one is
building a product ora service people
are familiar with, the biggest challenge is however competing for market share
against the established giants. However, if one has a brand new idea, one would
have taller obstacles in order to
overcome: one will have to get the audience in order to make the audience understand his product, he must also see a
need for it and then risk purchasing it, all while staying financially afloat.
Unearthing
capital in order to survive the journey
from the “unproven” to “proven” concept. With an
unproven idea, one however still has a
long road ahead and the potential for the purpose of needing more capital. One however has to
be prepared forthe series B equity, and
in order to lay the groundwork for the series
C funding as well as the build optional
lines of credit from the white knight
investors. It is however all about
looking ahead while minding the current
financial footing and also for establishing relationships with the strategic partners.
How does
one sell a product or servicewhich no
one knows exists, often for the problems
they don’t know they have?
How does
one prove how good something is when
there’s nothing to compare it to? Doctorshowever have only the recently used technology in
order to manage the patient data. Thisthus
makes it difficult in order to get specific comparisons on the ways , the new
software is however having a positive
impact on the patient care. However , when
there are no previous statistics, it’s also hard in order to demonstrate the improved results.
Independent studiesalso help, but so
does building a core client base who will however discover and also share
the benefits with the rest of the audience.
Pinpointing
the fair market value is however essential. When you are the first company in order to offer something new, how do you decide
however as to what it’s worth? If your
product is however too expensive, it will thus be impossible in order to sell. If it’s however undervalued, one may
wither in the financial valley of death. Finding a cost people arehowever willingin order to risk on an untested product
while keeping the company alive is however considered as the biggest challenge.
The reward
for your success ishowever a competitor
which is thus coming out of the woodwork
in order to crush you before you can gain scale. Once one has overcome the first four hurdles, then people
would try in order to copy the successful startup and the niche market would however becomes mainstream.
Larger companies will also attempt in order to figure out as to what makes you special, duplicate it, and then
would scale it faster than you can. Not every pioneering company willhowever survive, but those who generally hold tight to
their position and then the fight for
growth can do incredible things.
If
one can work his way past these major obstacles, then one will be well on his way
for the purpose of establishing himself as an entrepreneur. That isn’t thus in order to say they won’t generally continue in
order to nag at them as the years go on, or that new and also varied
challenges won’t however arise in
order to take their place, but one will
however be prepared in order to handle
himself in those most volatile and the impactful first few months -- and
that would generally put him far ahead
of the competition.
However , the founders of LegalRaasta a
startup which provides legal services have over powered these hurdles and have
ended up in providing more than 100 +
services . One doesn’t even have to go out , as it provides online services .
Choosing LegalRaasta is
beneficial as :
1.
It has , 30+ offices in India
2.
It has 10+ years experience
3.
It helps to save your time
4. There is a cash back guarantee
Some of the
services which it provides are :
2. GST Return
3. ITR
And many more
services .
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.
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