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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

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.