How to Solve the Biggest Challenge For Your Online Startup Business

on September 14th, 2009 by Ameet Royce - No Comments

climb-help Every startup business, online or off, has challenges – that’s just the way it is. But it doesn’t always have to be a bad thing. Struggles and obstacles are essentially growing pains that help new companies build character and establish themselves over time. Without these challenges, a business would not have the motivation to grow and move forward and a business that isn’t moving forward might as well be dead – especially in the fast-moving online world.

So what are some of the most common challenges startup companies and entrepreneurs face? Here are a few that come to mind…

Raising enough capital to support the venture (e.g. how much do you think you’d need to develop the next Google killer? How will you get a hold of that money?).
Utilizing the right technology to effectively implement an idea (e.g. using WordPress as your site’s content management system vs building out your own custom one).
Managing employees – getting the most out of them while creating a positive work experience (e.g. pay might be lower at a certain company, but employees get other perks like casual dress code, discounts, flex time, etc to make the job more attractive).
Cutting costs while maintaining high quality (e.g. outsourcing tasks like customer service to countries with lower costs of living).
Developing fresh marketing strategies to beat out the competition (e.g. how to rank higher than competitors in Google for popular industry search keywords).

The Biggest Challenge Startups Must Face

While these are all important challenges that many startups must face, I think there’s an even bigger one that eclipses them all. It’s something that entrepreneurs really need to figure out if they want to be successful. What am I talking about? Finding passion – both in yourself (as an entrepreneur) and in others (your partners).

If you think about it, most other challenges in business can be resolved with some sort of clear cut solution. Don’t have enough funding? Find investors who will back your ideas and business plan. Don’t know how to effectively market your business online? Learn the ropes yourself or hire an advertising agency to run your campaigns for you. Don’t have passion for the goals of your project? Now, that’s a little bit harder. There’s really not much you can do other than to get out while you can. The chances of success without passion are slim to none.

Passion isn’t the only thing you need to make it big, but it has to be the foundation of every startup. As an entrepreneur, it’s what will drive you to wake up every morning and build your business, even when you’re not making any money. It’s what will motivate you to diligently tackle all of the other challenges your startup is dealing with – and enjoy the process.

Finding passion is definitely a HUGE challenge in itself, and unfortunately it’s not something that’s easily solved. After all, passion isn’t something you can manufacture or outsource. It comes innately from a unique entrepreneur.

My Example of Passion in Business

Let me give you an example from my own experiences running a network of websites. With the abounding business opportunities online, it’s always difficult for me to decide which industries and niches to go after. Do I build sites around big money topics that I care nothing about in hopes of big profit? Or do I build sites around topics that I actually know and care about? It’s definitely a struggle, but it’s my belief that passion wins out every time. Even though niches like pharma, weight loss, and travel have larger overall profit potential compared to other niches, an entrepreneur can break this mold and make more money for himself in a smaller niche if he loves his topic.

It’s the reason why I created a drum forum, Internet marketing blog, iPhone blog, and personal finance site. These topics are a big part of my life and I’m passionate about them. Similarly, do you think Andy Liu of BuddyTV loves watching TV series? You bet. Do you think DK of Purpose Inc (a seasoned chiropractor) loves helping people and giving them massages? Of course. He’s always doing it at all of the conferences.

My point is that finding passion is the mother of all challenges for startups. As long as you have passion, other challenges will be easier to deal with. Most importantly, it’ll foster a more rewarding experience.

2 Crucial Steps in Finding Passion for Your Business

Here are some ways to solve the “passion problem” for your startup.

1. First of all, be sure to only pursue projects that you’re truly passionate about and have an interest in. Don’t start a business solely based on it’s profit potential or popularity. Fads come and go, but you want something that will last, firmly rooted in your interests.

Here’s a quick test you can use. Ask yourself what would you do even if you weren’t paid for it. That’s the niche you want to pursue (as long as it has some commercial viability of course).

2. Surround yourself with the right people who share your passions and goals. This includes investors, partners, and even employees. Your team is much more important than your business idea, which can easily change over time. Execution is really what matters and for that you need positive influences around you who are equally passionate as you are, if not more.

Where do you find these people? Start a blog in your industry of choice and attend conferences and meetups (like ThinkTank for Internet marketing and business). Networking is key.

If you’re dealing with a lot of different obstacles with your startup and it all just seems hopeless, there could be a larger challenge at hand. Are you passionate about the topics and goals your business revolves around? It could mean the difference between success and failure.

This article is my entry into the The Startup Challenge contest, hosted by Andy Liu on his blog Inspired Startup and by DK of Purpose Inc. DK is doing an awesome thing and will provide an El Salvadorian student one year of computer training through the non-profit Future Hope for every entry. Check it out.