Entrepreneur’s Insights: Their Greatest Challenges (and how to tackle them)
Here at KISSPatent, we’re fortune to hear entrepreneur’s points of view from all over the world. We sit down and talk to them everyday about their struggles. It may not surprise you, but there are common themes that we repeatedly hear about from individuals who are “in the trenches,” running their businesses — and common themes from those who are starting their own businesses.
In this article, we’ll shine a lens on the most common challenges among entrepreneurs. If you’re short on time, and would like to give us your input, we encourage you to take our quick, 3-minute survey HERE. Let us know your thoughts!
Problem 1: Lack of partners and quality talent
One of the biggest, if not the biggest challenge is finding partners you want to build your business with. These aren’t only co-founders — they can include your first employees as well. It’s hard to find amazing partners to make serious strategy decisions with — but finding the best talent to keep your business afloat can be even harder.
It can be extremely frustrating if your business is not in a central hub for the startup scene — or if you have very little funding to begin with, and can’t pay top dollar for the talent you need.
One of the most common solutions to this issue (at least for us in the tech world) is to utilize remote workers. This will allow you to open your talent pool up to the world. While working online is definitely not the same as working with co-workers in person, it can have some serious benefits. And most importantly, you won’t be limited in terms of your talent pool.
Fun fact: At KISSPatent, we operate as a remote team — and it’s been working great for us!
Problem 2: Lack of funding and $$
We’ve all heard of an entrepreneur who has an idea (or is pre-MVP). You know — the person who is constantly trying to pitch any VC within 1000 miles. Sadly, most of these people won’t succeed.
Obtaining funding is extremely difficult, and contingent upon many factors (some out of your control). As a new business, the odds are against you: investors want to put their money in safe bets — in businesses with solid foundations.
And it’s the eternal catch-22: without funding, generating more revenue is even harder.
Many entrepreneurs start small because of these funding challegnes, but the rise of independent developers and micro-startups are helping to pave the way for the little guys.
Problem 3: Lack of Solid Innovation
It’s good news when a startup is accepted into a top incubator. It means that the startup has been recognized for its potential — but it also means that it’s very likely that the core business of the idea will change in a few months.
And of course, there’s the innovation dilemma: once a product is launched, companies should always continue innovating. But, due to lack of time, focus on ongoing operations, lack of funds, lack of talent, or a combination of these factors, most startups stop innovating.
There is also the concern over stolen innovations — where your competitor steals your core business model, and gains a competitive advantage over you.
THE SOLUTION to most patent problems?
Get a patent!
Yes, you’ve read that correctly. Obtaining a patent or any type of intellectual property solution can help you solve these core issues we mentioned above. A patent can help you get more funding, which will give you access to cash, which will then give you access to a wider talent pool and put you on the path towards growth. When you’re growing, you’ll be able to have a robust team to put you in the “constant innovation” mindset.
In case you’re wondering how exactly a patent can be a catalyst for so many business stages, it’s vital to remember that patents aren’t just a piece of paper — they’re tangible assets that get recorded on your balance sheet. As an asset, patents can be sold, franchised, or used — therefore investors are interested in business that have patents.
We want to know your thoughts! What are your main issues as an entrepreneur? Can a patent help you solve them? If you have 3 minutes, please fill out our survey! We’ll publish all of the results publicly, so stay tuned.
At KISSPatent, we help entrepreneurs and innovators to monetize their ideas. We put the power of patent protection for your unique idea in your hands. We help startups increase their valuation, keep from getting blocked, and protect their ideas and their communities. Contact us to get started here.
Visit our Learning Hub to learn more about how intellectual properties can contribute to your startup’s success.
Share your struggle with us and take our 3-minutes survey here!
