The startup business landscape is one of the most thriving sectors nowadays. In Australia, recent statistics reveal that the startup ecosystem is booming: over $1.5 billion was raised by VC funds in the last two years, growing faster than in Europe of the U.S. with over 65% annual growth rate between 2016 and 2017.
With the right market, strategies, and people to execute those strategies, running a startup business can deliver significant ROI. Unlike average businesses, a startup has high growth potential and can achieve valuations of $100,000 or more. Aside from high returns, venturing into the startup industry will also provide you with more control over your time, as well as the ability to succeed according to your own merits.
However, despite the big payouts, flexibility, and time freedom that it can offer, running a startup business walk in the park. Along the way, you will face hurdles that can be very difficult to overcome, and it relies on you whether these challenges will make your business stronger or break your confidence to continue on your journey.
Regardless if you are just new in the startup business scene or not, it is imperative that you are familiar with the challenges you will be facing along the road in order to plan for them or better equip yourself with necessary skills to effectively address them. To give you more insights, here are the key takeaways of the infographic below from OVA Virtual, which discusses the most common challenges facing startup business owners today, as well as some actionable strategies to overcome them.
- Cash flow management
- Lack of structure
- Hiring the right employees
- Focus and time management
To learn more about these struggles and the ways you can overcome them, check out the full infographic below.