UK vs US: Challenges Every Startup Entrepreneur Faces

UK vs US CHALLENGES EVERY STARTUP ENTREPRENEUR FACES Starting a business can be exhilarating and wildly fulfilling. However, it can be quite complicated, and may challenge you in ways you had not imagined. The challenges startups face are different in every country and every city all over the world. But we've pitted the top challenges that startup entrepreneurs face in the UK compared to startup entrepreneurs in the US. UK • Pitching is different in each city, and London in particular • Reaching out to experienced entrepreneurs is difficult without a local connection 米 • UK is hive of activity = lots of competition in the tech startup field 米 • Finding or creating a mentorship is a must to gain insight into pitching specifically in UK market • Protecting Intellectual Property with a patent (IP is a vehicle for delivering value to business) II ..... US • Making a name in a market dominated by big players • Larger tech companies in Silicon Valley pay higher salaries than a local startup can afford *** USA ** • Copy-cat startups develop entire product lines and services based on popular tech trends USA *** *** • Sustainable growth not dependent on just 1 or 2 marketing channels, but at least more than 3 • Balancing time between family, day job, and startup development 79% 74% of small business failures cited “starting out with too little money" for the business downfall of high-growth Internet startups fail due to premature scaling LEARN TO FAIL 3 If you fail at reaching a goal, don't let this sap your drive to keep pushing harder. QUALITY OVER QUANTITY CHALLENGES EVERY STARTUP FACES Startups need to hire people that can juggle multiple tasks and workloads of several departments DON'T BUILD THE PRODUCT BEFORE THE SALES FUNNEL Many startups focus their efforts entirely on product delivery instead of slowly building a sales funnel. The most difficult thing about building a business is getting people to convert. thInk design Sources: G+/+LOGODESIGNGURUCORP f /LOGODESIGNGURU http://smallbusiness.chron.com/start-up-business-problems-653.html in /COMPANY/LOGODESIGNGURU @LOGODESIGNGURU http://www.businessnewsdaily.com/6265-tech-startup-challenges.html *.....