Business management – Why do startups face management challenges?
A great number of startups fail within the first 5 years and an incredibly common reason behind this is poor management.
Bad management weakens the foundation of a startup, and soon enough, things start collapsing. In fact, most of the other reasons, such as business model failure, product problems, and financial problems arise due to poor management. This implies that if we fix management issues, we will certainly be able to take the stress out of starting up.
In this article, we shall discuss why so many startups face management problems today and how they can avoid these problems.
What’s the real challenge here?
Poor strategy and poor execution are the two main challenges. Startup founders sometimes tend to overestimate themselves and take hasty decisions that lead to disastrous repercussions. These include and may not be limited to:
- Building a product without adequate market research
- Poor and superficial go-to-market strategies
- Building weak teams that do not work well together
- Unrealistic expectations
- Lack of trust
- Lack of mentorship
BIGGEST SOLUTION to management problems – Mentorship
Mentorship deserves its own section because that’s how important it is. A significant number of startups that have successful entrepreneurs as mentors go on to succeed. As a startup manager, it can be very difficult to handle everything without prior experience and guidance. A mentor can help you avoid most of the aforementioned mistakes and lead you in the right direction.
A helping hand and a wise face to turn to is always comforting. Entrepreneurship is no exception.