Lakhasly

Market competition Competition in the market can be one of the most difficult and important challenges that entrepreneurs face when establishing their companies, as the possibility of the existence of alternative products reduces their opportunities in the market, especially if the product/service provided has more than one alternative.Therefore, create a distinct strategic plan, and always remember that the business plan is not just preparing the budget, but it is part of it, and you must enlist the help of consultants and business developers to help your company grow quickly forward.Weak business plan in startup companies The most important first stage in establishing any project is the planning stage, and companies often lack a successful business plan due to various factors such as (not studying the market closely, not planning properly, an error in calculating the cost, inability to plan), setting goals...Therefore, it is necessary to ensure that you choose the best candidates who have the competencies and skills required for the job, and also work to satisfy your employees and keep them happy by implementing a system of rewards and incentives to keep the employee in your company for a long time and avoid the cost of hiring new employees.As is the case with STC Bahrain, which has many competitors, including, for example: Batelco, Zain, and other telecommunications companies that provide the same service and products.Therefore, one of the most important goals that startup companies aspire to is investment rounds, because companies at the beginning of their establishment always need financial support or financing, but before obtaining financing for investment, the company's financial situation must first be evaluated for the purpose of management.Therefore, you must study the market situation and know your competitors well before offering your product/service, by developing a business plan and marketing strategies.You should seek trusted advice from experienced business professionals to develop, sustain and improve the future of the business. and others)..

Market competition
Competition in the market can be one of the most difficult and important challenges that entrepreneurs face when establishing their companies, as the possibility of the existence of alternative products reduces their opportunities in the market, especially if the product/service provided has more than one alternative. As is the case with STC Bahrain, which has many competitors, including, for example: Batelco, Zain, and other telecommunications companies that provide the same service and products. Therefore, you must study the market situation and know your competitors well before offering your product/service, by developing a business plan and marketing strategies. You need to know whether the timing is right or not as sometimes the market is weak, so always be aware of the current market situation and look to the future as there is no margin for error.
Weak business plan in startup companies
The most important first stage in establishing any project is the planning stage, and companies often lack a successful business plan due to various factors such as (not studying the market closely, not planning properly, an error in calculating the cost, inability to plan), setting goals... and others). Therefore, create a distinct strategic plan, and always remember that the business plan is not just preparing the budget, but it is part of it, and you must enlist the help of consultants and business developers to help your company grow quickly forward. To the next stage in the business world.
Difficulty in selecting appropriate employees.
The employee is the company's capital, and not choosing the ideal employee for the job can cause the employee to leave the company in a short time, and the need to hire new employees can increase costs for the company or stop some work and cause many losses later. Despite this, some employers ignore the importance of selecting employees for the company. Some people think that it is easy to rehire new employees from time to time if they are not doing their part at work, but this is not true at all!
Therefore, it is necessary to ensure that you choose the best candidates who have the competencies and skills required for the job, and also work to satisfy your employees and keep them happy by implementing a system of rewards and incentives to keep the employee in your company for a long time and avoid the cost of hiring new employees.
Also, some companies do not have the ability to train employees after hiring, so make sure to attract rare talent for better job performance. You can also use employee training services provided by companies to train your employees in the professional, personal and behavioral skills you need in your company.
Lack of experience in business.
Once the startup is established, the company is in the process of growth, so the company's management needs deep experience in the field of business, and the lack of this experience leads to not making correct management decisions, and thus this affects everyone. Company activities in general. .
You should seek trusted advice from experienced business professionals to develop, sustain and improve the future of the business.
Bad financial situation
Poor financial health is one of the biggest challenges startups face. Therefore, one of the most important goals that startup companies aspire to is investment rounds, because companies at the beginning of their establishment always need financial support or financing, but before obtaining financing for investment, the company’s financial situation must first be evaluated for the purpose of management. Business and developing plans to expand the company's activities.
Use financial advisors and accountants to help you evaluate the company's financial situation and make sound decisions.
Gain customer trust
The customer is one of the most important elements of the company, but it is not easy to gain the customer’s trust, and without your customers you will not be able to sell the product/service, so invest in building real relationships with your customers, knowing their needs and always encouraging your employees to improve customer confidence in the company.
The journey of establishing and expanding your business is a huge challenge. You must be prepared for the obstacles you may face while doing your business. Knowing the most important challenges facing startups helps you design a strategy that allows you to overcome those challenges.