Challenges Facing Startup CMOs
Contrary to popular belief, it’s not that easy to excel at entrepreneurship. But, in spite of the challenges you’ll face along the course of your career growing startups, eventually, you’ll realise that they make you a great business person. Skilled business owners have to learn to surpass difficult situations and obstacles, no matters how hard and overwhelming they are because otherwise, you won’t be able to overcome the competition.
It’s up to you to adjust your tactics and put the basis of a trusted brand to live up to the expectations of your customers. Inexperienced entrepreneurs who are not familiar with the marketing industry must prepare themselves as they’ll face several key challenges over the course of their journey in the business world.
If you’re just starting out, prepare to deal with the following 5 Startup Challenges:
1. Give up Any Other Career or Job That You Have
Unless you’re 100% sure that the time to start your own business is now, you shouldn’t do it. The digital marketing environment is a cut-throat domain, meaning that you have to dedicate all your time to growing and defining your new business if you want to succeed. Entrepreneurship involves a series of responsibilities; responsibilities that are nearly impossible to manage correctly when you’re too busy doing something else.
At first, you’ll probably dedicate over 12 hours a day to your new startup. It’s ok to work hard when you have a dream and strongly believe that you can make it a reality. But do it smart, and learn to be productive at the same time. Be realistic and understand that you won’t have a stable income all of a sudden.
2. Funding Your Business
Funding your new business is the toughest thing you’ll have to do. The good news is there are some benefits involved. To begin with, if you’re an experienced marketing guru with an idea, you probably know where to start. This gives you a huge advantage over rookie entrepreneurs. It doesn’t matter whether you failed in the past, nor how hard you failed. What matters is that now you have connections that you can use to help build your brand new startup. Newbies start from zero, and they’re often compelled to strive and work really hard before someone becomes interested in their story.
3. Have a Vision
If you don’t have a vision, your business idea will never thrive. Be creative and develop your own ideas – this way, you can the opportunity to settle on a crystal-clear set of principles and goals. If someone comes and steals the show, you’ll be prepared to counteract. Having a plan of action is key. To succeed, you must be willing to go the extra mile, push hard and come up with solutions for potential issues. If your team gets stuck in a rut, try not to panic. Keep your cool and look for realistic ways to solve a scenario that might seem unsolvable. The best entrepreneurs are incurable visionaries with a very creative way of thinking. Even if you don’t have a lot of time to come up with a million-dollar idea, you have to find a way to make ends meet.
4. Decisions, Decisions, Decisions
As an entrepreneur, making decisions is hard. Don’t focus too much on over-thinking a decision over and over again. It’s not good. Business owners are compelled to answer questions and guide their team, otherwise their companies won’t move further. You’re the boss – the toughest decisions are on you. Now, even though it’s tough to decide on matters that concern your startup, there’s really no way out this. Try not to stress over bad calls, and move on. Learn your lesson, and try not to make the same mistake two times.
It’s literally impossible to expect that your new startup will thrive in proportion of 100 percent. That’s not realistic – the most realistic you are, the more chances you have to succeed. It’s natural to believe in the potential of your company, and have faith in your capacity to make it go mainstream. But what if someone else with a lot more money than you comes and steals your idea? Be ready for failure without losing your optimism. Keep your head up no matter what, and welcome all kinds of challenges for your new startup with open arms.
There’s a world of marketing out there, where the key to becoming a successful entrepreneur is all about hiring people that know more than you. Hiring smarter people than you expand your knowledge, helps you learn, and develop your current skill set.
Steve Brown, Guest Blogger. Datadial.
For further tips and information, you can take a look at our Ultimate Guide to People Management Skills and our People Management Skills YouTube Channel. Also, check out our award-winning blog to see more People Management Skills Tips and HR Management Tips.