Forming a Startup? Saul Mishkin Discusses Potential Challenges and How to Overcome
By: Saul Mishkin
Tags: Saul Mishkin, Fort Lauderdale, Startup, Business, Florida

Forming a Startup? Saul Mishkin Discusses Potential Challenges and How to Overcome Saul Mishkin Jun 8·4 min read

An aspiring entrepreneur is often filled with high hopes about their new venture. Whether their purpose is to create more income, give value to people, or even change the world, business owners can get caught up with idealized dreams of how things will pan out.

However, in the real world, things do not always work out as planned. President and CEO of NEX-XOS Worldwide LLC Saul Mishkin is a testament to overcoming and thriving despite the challenges of being an entrepreneur. More often than not, one’s plans will eventually evolve as one takes the path of entrepreneurship.

What are some common challenges that all business owners face during the initial set-up of their venture, and how can they overcome it all? In this post, Saul Mishkin elaborates on some strategies entrepreneurs can apply.

Lack of Finances and Funding

All businesses have some form of monetary investment. When creating a physical product, you need to pay for raw materials, equipment, tools, and other supplies. When creating digital products, you may need freelancers to help you complete a project or funds to maintain a website.

When trying to move forward, the most common problem that startups have when trying to move forward is the lack of funding and finances. A business that requires a significant investment may need a pool of investors or a sum of self-raised capital, and accomplishing this can be quite challenging.

In some cases, if not enough capital is raised, the business owner may be forced to continuously operate in debt, postpone the launching, or create subpar products and services. None of these results are beneficial to be business owners and their clients. Thus, Saul Mishkin suggests these ways to raise funding for your business.

Easy Ways to Raise Funds

Go for crowdfunding:

Crowdfunding is not limited to people needing money for medical expenses. It can also be used to fund various ventures, including businesses. Crowdfunding platforms are favorable to socially conscious startups. When people understand that your business desires to positively impact the world, the more they are likely to donate money for capital.

Apply for a business loan:

Getting a loan is another step to have sure finances for your business. However, there are some things you need to consider when taking out a loan. For example, some lenders require that your business needs to generate a projected revenue or you must be already operating for a certain period of time. Otherwise, you can compare lenders to see which one fits your needs.

Family and friends:

When starting a venture, family and friends can also be a source of financial support. You can formally or informally present your business plan and invite them to be sponsors or investors for your startup.

Having a couple of ways to fund your startup can help you gain traction as you earn revenue from your startup to keep it going.

Time Management In Operations

Running a business for the first time also means that your operations may look unrefined. You may end up having trouble managing your time, especially if you’re a solo-preneur, or if you only have a few staff to work with.

Time management in operations can be about fixing your priorities. By following the 80/20 principle, you can only focus on 20% of the tasks that produce results for your business. Delegating tasks and outsourcing can also help in managing your time. You can give others the responsibility of doing some repetitive but necessary tasks so you can focus on crucial decision-making.

Overwhelmed By Competition

Startups often begin with much optimism, only to be hit with the reality that competition can sometimes be too fierce. Brands that are well-recognized by others can seem very intimidating.

To avoid being beaten by competition, Saul Mishkin suggests these strategies:

Finding a better unique selling point (USP): Is there a way to develop your products and services by having a better unique selling point (USP)? This is a set of traits that your competitor doesn’t have but is currently a demand for your target audience.

Is there a way to develop your products and services by having a better unique selling point (USP)? This is a set of traits that your competitor doesn’t have but is currently a demand for your target audience. Improving your marketing strategy: Even with a stellar business, nothing will come to fruition without the right marketing strategies. Make sure to implement best practices in traditional and digital marketing for your business.

Even with a stellar business, nothing will come to fruition without the right marketing strategies. Make sure to implement best practices in traditional and digital marketing for your business. Performing target audience research: A research helps gain insight into what your potential consumer needs. You don’t necessarily have to create extravagant changes to beat the competition — by addressing the actual needs of your market; you can better perform and gain an advantage.

Poor Administrative decision-Making

Another common pitfall that is often the root of the smaller problems in startups is poor choices made by the administration. Whether you are the president and CEO of your business, or if this task is delegated to someone else, it is important to find leaders who are well-informed about your industry, have a solid plan for growth, and fully understand the process of how your business is running.

Without leaders who can make wise choices for your business, each small mishap can lead to catastrophic consequences. Common problems resulting from poor decision-making include:

Creating bad products and services that lack demand

Losing revenue from marketing strategies producing no effect

Ineffective leadership style that causes high employee turnover

Screening and evaluating those who perform administrative roles are crucial for your business to survive and thrive.

Startup Challenges? Expecting the Unexpected

The journey to building a startup successfully is all about expecting that challenges will indeed come your way. Staying prepared, having a strategic plan, and knowing how to be flexible will allow you to dodge the blows of startup problems while keeping a steady growth.