Startup Founders Struggle With 3 Big Challenges (And How To Avoid Them)
Business | 01 Mar 2019
The only checklist startup founders need to overcome these challenges and lead a thriving startup.
You are a startup founder just starting out with your entrepreneurial journey. You’re high on adrenaline and you aspire your startup to become the “next big thing”, taking inspiration from the most formidable startup leaders like Steve Jobs, Jack Ma or Jeff Bezos. Like them, challenges and obstacles will put you (and your business model) to the test. Here are the top challenges identified by startup founders – and how you can effectively avoid them with these tips.
1. Scouting investors for funding
The Challenge: Many ideas and business models die premature deaths due to rejection or the lack of funding from investors. Scouting for promising investors is not the easiest task to manage as a startup founder, let alone earning investors’ confidence and trust. How do we properly get started on a fundraising process?
The Solution: Apply to accelerator or incubator programmes. Graduating from programmes such as StartupSG and Startupbootcamp Fintech are credible milestones to showcase to potential angel investors and venture capitalists that you are a serious entrepreneur that is keen to bring value with your project. More often than not, graduating from such programmes will bring about substantial media coverage which is priceless in terms of brand exposure.
Read more: Should You Join A Startup Accelerator?.
2. Differentiating your startup in a pool of competitors
The Challenge: Undeniably, someone else is already working on your idea. Even if you are working on a game-changing business idea, how much control do you have over others with the same (or even bigger) insatiable appetite for success to adapt your original concept? There’s no secret to differentiating your product before others surpass your business model.
The Solution: The key to differentiating your startup in a pool of competitors is exposure. Attend relevant offline events for exposure. Want to be in the centre of the hottest digital ecosystem? Google is where you need to be. Google Singapore recently launched a new developer space to benefit like-minded entrepreneurs through workshops, programmes and network events. Alternatively, browse through a plethora of networking events available on event-hosting sites such as Eventbrite to broaden your network.
3. Finding the right talents – and then retaining them
The Challenge: One too many times, we hear successful business owners proclaim that employees are the greatest asset to their businesses. Your products will never sell themselves – by having the right team, that’s another differentiating factor to pivot your business forward. Another worry is the trend of job-hopping within startups. Nowadays, companies offer such enticing perks such as free lunches and work-and-play facilities to trigger intangible brand love. How can we effectively retain talents?
The Solution: Understanding what your talents want and always be open-minded when listening to feedback. Maintain your employees’ happiness with Liberty’s EZCare PAL, a three-step, easy-to-follow process for immediate provisional coverage.
Simple to use
At PolicyPal, we know time is money. Startup founders rarely have spare time for a breather, let alone purchasing Employee Benefits for their employees. Traditionally, the application for Employee Benefits is an excruciating process that drags on for weeks.
PolicyPal Business mitigates this issue by offering a digital platform where coverage is complete just in three steps. All that is required? Three steps: select base plan, select add-ons, and lastly proceed to purchase. Believe us when we say “All in three steps!”
Forget about the paperwork. As the first insurtech company to digitise Employee Benefits, arranging for physical meetings and filling up forms are a thing of the past for startup founders.
What’s more, configure your base plan to suit your employees best based on their needs for group hospitalisation that includes coverage for general practitioner fees, outpatient specialists and dental cover.
You want it, you got it. PolicyPal Business brings the go-getter spirit to insurance by providing startup founders immediate provisional coverage when the payment is made. With the simple to use online platform, startup founders can now cover their businesses in as fast as five minutes.
Want to learn more about EZCare PAL? Check out this Employee Benefits exclusive at PolicyPal Business.
Have any burning questions about insurance or looking for some useful insurance tips? Learn, ask and share with PolicyPal Insurance Community today!