Quantcast
AlleyWatch Daily Pulse Email   

The Most Common Challenges Facing Entrepreneurs

 

Startups encounter many challenges. However, identifying and understanding those challenges can help to increase the chances of a startup’s success.

A recent infographic by Clarity shows that  the top two struggles for entrepreneurs are slow/lost sales and unpredictable business conditions. Three priorities that startups should have are customer retention, lead nurturing and obtaining credit. With only a 5% increase in customer retention, a company’s profitability can increase by 75%. In regards to lead nurturing, 75% of businesses made only two attempts to contact a lead before the rep gave up.

Finally, it is important to note that 91% of credit denials are the result of banks’ tighter restrictions on lending, and only 17% of denials are because the loan amount was too large

This infographic illustrates the importance of startups overcoming the top three struggles.

startup_struggles

Print Friendly
 

About the author: Meredith Diers

Meredith Diers is a multimedia journalist and currently earning a Master’s degree at The University at Texas at Austin. She has worked as an intern at Texas Monthly and the Denton Record Chronicle as well as a Peace Corps Volunteer in Albania since her graduation from Colorado College in 2009.

You are seconds away from signing up for the hottest list in Silicon Alley!

Don't miss any of the stories shaping entrepreneurship. Sign up today.