The problems you will face as a Startup Founder
By: Alexander Lim
Tags: Singapore Startup, Founder Stories, Founders, Founder Advice, Founder Insights

The problems you will face as a Startup Founder

Photo by Andrea Piacquadio from Pexels

I will list down some of the most common issues and how you should handle them. I have shared my personal experience and advice on these topics.

Selecting Co-founders

Co-founders should be selected based on their skills and abilities rather than because of their relationship with each other or personal relationship with the founders themselves. However, it is still important that co-founders get along well with each other so that they can work together easily without any conflict between themselves or the founders themselves.

Hiring Employees

Hiring employees is an important aspect of running a business because it provides you with extra support and resources to achieve your goal. However, it is also very important to hire people who can work in sync with your idea and values.

Hiring freelancers for your Startup

Sometimes it is very difficult to find good people in the market who are interested in what you do and can meet the exact requirements of your company. In such cases, hiring freelancers can be a good option as it will give you an opportunity to work with someone who is an expert in a particular field of your choice.

Motivating employees

It is important to motivate your employees if you want to build a successful Startup Company. Motivating employees is not easy because everyone has different needs and requirements.

Marketing your Startup

Marketing your company properly is one of the most important tasks for any Startup Company to achieve success.

Conducting business negotiations with your employees

Negotiating with employees is something which a Startup Company has to handle quite often.

Firing an employee

Firing an employee from your Startup Company may be necessary sometimes. However, it is important that you do it properly so that there are no ill feelings between the company and the employee.

Handling Competition

It is natural to have competition when you are starting up a business. Your competitors may be established companies as well as startups which are trying to achieve the same goal as you.

Legal issues for a Startup Company

Legal issues are one of the biggest challenges for any company whether it is a Startup Company or an established business. It is important that you take the right steps to avoid legal complications with the help of a professional lawyer who will guide you through this process.

How to determine the price of your products or services

Overpricing or underpricing your products or services can be detrimental for your company .

Taking care of taxes for your business

Taking care of taxes is something which you should consider even if you are a startup company. Overlooking taxes may cause serious issues in the future and can lead to financial loss.

Legal documents for your Startup Company

Having legal documents is an essential part of any business.

Still keen on being a Startup Founder? It’s no easy feat. Over the next few days, I will be writing about my experience and the tips for other Startup Founders to understand themselves better, and to overcome the challenges that they face.

Stay tuned for the next post.

About the Author

I am the Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.

You can connect with me on Linkedin (https://www.linkedin.com/in/alexanderlhk) and let me know that you are a reader of my Medium posts in your invitation message.