Stress from challenges will always be a part of building a business. Startup culture is hardly glamorous contrary to what others are saying. It’s a ton of hard work, sacrifice, patience, and everything that is needed to put up a business. Sometimes, it’s at the expense of something else. It’s a business, and that’s how businesses are built.
One of the challenges that startups encounter is the lack of resources. Funds are always an issue but there are VCs and government support to work on. In Wellington, New Zealand, the business environment is friendly with support from the community, and as they say, “help is never far away”. But startups who are not currently well-established need a boost every now and then.
In a report by Fortune, 90% of startups fail for various reason. Out of the 90%, 29% of respondents or the second highest reason say they ran out of cash. But aside from cash, there are other problems that they need to find a solution to.
In truth, funds will always be an issue, so it should be expected and it can be rectified. The more troubling issues are that of market fit, operational efficiencies, effective marketing, burn-out, talent and so on. In addition, some of the most important aspects are the business issues that no one seems to want to handle.
Failure is but a part of the business culture, but it hurts, nonetheless. While others pick themselves up and go through the motions again, some just don’t and develop a fear that is hard to overcome.
Access to Resources
There are some countries which offer support to entrepreneurs who have the potential. While this is well and good, the government cannot supply everything, and it certainly cannot sustain. Sustainability is yet another challenge, so access to resources not just on the get-go but along the way is a huge help.
Today, internet access is a non-negotiable need for all businesses. It’s a part of operations that should always be a priority, because, how else can employees and customers connect with each other if this is missing. We live in a connected life; internet connection is a basic need.
Considering this, the best internet connection has to be a smart move. It’s not just a connection anymore, but the best value that money can provide. New Zealand is gung-ho about fibre connectivity with cheap fibre broadband deals available for mass consumers. Not only that, there’s a national broadband in the works.
ADSL is still in the market but fibre seems to be the most appropriate for business operations. The proliferation of video is a major reason why this could be so. Be it for marketing or internal collaboration, video is the most preferred medium.
Video takes a toll on data connection but gives the best experience. One would think startups cannot afford a fibre connection for business operations but that isn’t the case. Fibre, in the long run, becomes the cheapest because of efficiency compared to other connection types.
Other than video, cloud migration is a strategy that helps lower operational cost. But without a reliable and efficient connection, it just becomes an afterthought. Operations-wise, access to better resources make up for other challenges that need immediate solutions.
Founders can focus on sustainability, among other things. Funds can disappear in seconds. Startups need to have options that are good for the scarce money that they worked so hard to get from sources such as VC or government support. It’s an operational choice, altogether.