March - 2016 - Special issue > CXO Insights
A Short Guide to the Endless Entrepreneurial Journey
Prashant Tandon, Founder, 1mg.com
What are some of the major startup challenges currently prevailing globally?
Globally, we have seen a great phase for startups with a lot of acceptance and growth being clearly seen. The opportunity is immense, costs of starting up are very low, large markets are accessible to all & technology has made talent & tools also accessible to everyone. This has led to its own challenges - scaling up in an intensely competitive environment, with competition coming from all parts of the world, establishing and maintaining leadership are tougher than ever. Also, the valuations are much higher than public markets, and while that is not a bad thing, the fact is that this would lead to many faster cycles of bubble and correction. A challenge is to ensure discipline and invest when capital is available and tighten the belt when capital is scarce. Disciplined focus is critical for entrepreneurs to succeed over the long term. We are seeing too many overnight heroes, followed by overnight massacres. Being resolute and steady is critical.
How can these challenges be overcome?
Focusing on the basics, building business based on first principles and not getting over excited by the sentiment will definitely be helpful in tackling these challenges. Also, very important to build the business for solving a core problem - trying to build a business to raise money is not going to sustain. Entrepreneurs should also be very careful in choosing the right investor/ partner. It will be a rocky ride and you want partners who you can trust to be by your side for the long term, through thick and thin.
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