1) Building a talented and motivated team
For all the attention that startup founders get, the quality of work done – especially in the early stages – is largely determined by the team behind them. Not only do these first employees have to be talented enough to churn out top-notch work, more often than not they also need to juggle more than one task at a time.
2) Getting initial validation and traction
The perpetual challenge for all startup founders is, “how do I get customers to use my product or service?” Unless you’re fresh out of a prestigious program like YCombinator or 500 Startups, no one will believe in a new product that has no proven track record, explains Goh Chee Hau, founder of on-demand delivery service The Lorry.
3) Executing fast
There is a startling number of startups out in the world today. Fast Company estimates that, in the US alone, more than 500,000 new businesses sprout up every month. Almost every industry is crowded with upstarts looking to carve out a niche for themselves.
At the growth stage
1) Hiring and retaining talent
Now that product-market fit has been established, startups need to focus on empowering specialized roles to drive certain metrics. For these positions, only the best-in-class talents will do, but every other founder surveyed in this study said that it is far easier said than done.
2) Bringing on a good management team
In the same vein, most entrepreneurs found that as the startup scaled, they no longer had the capacity to look after everything. A good management team and processes go hand-in-hand.
3) Putting stable and efficient processes in place
It’s not enough to have a group of brilliant individuals. In order for a company’s products or services to remain excellent, good processes must be established – notably when company size is swelling in numbers.