June 20168Challenges are dime a dozen when you have a start-up. Everything from constantly try-ing to get the first few customers to managing the speed versus perfec-tion challenge and finally meander-ing through start-up organisational nuances; there are no established so-lutions to the problems. Yet consid-ering that an entrepreneur has built a compelling value proposition, here is a list of few key challenges for a start-up and probable solutions to overcome them.1. Team Composition & Dynamics Not-seldom have I stated that an incredibly common problem and the biggest challenge for any business or a start-up involves people ­attracting, motivating & retaining the right set of people. In addition to being weak in strategy and usually poor at execution, the danger I fear the most that arises from having a brittle team is the ripple effect. Poor management will build a weak team below them, resultantly entire set-upis fragile and faulty execution is rampant. An interesting take away from my experience and as an avid mentor to start-ups is that to overcome the `people challenge', hire those who believe in your mission, look beyond the obvious CVs, and hire those whose motivation level is not directly proportional only to the compensation. Have a diverse set of people to invite discussion and not just concurrence. It is a myth that higher paying resources perform the best; if your people work on this philosophy, then my recommendation is always reiteration. Don't be afraid to let go!2. Access to Funds/Revenues/Profit MarginsDepending upon what kind of a start-up you are, there is no better solace in trying to find the right source of funds or revenues which often will come from a customer paying you for it. Though different businesses work differently, the source of funds, quality of the investor and key operating metrics for the first 12 months and the next 12 months are very important. Indian start-up ecosystem is replete with funds Start-up Challenges & Ways to Overcome ThemBy Rajesh Razdan, Founder & CEO, mCarbonHeadquartered in Noida, mCarbon provides cutting-edge telecom services that use consumption analytics and usage patterns to enhance usage, revenue and superior customer experience.In My Opinion
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