Sunday, November 17

Challenges to think about if you’re thinking of launching a start-up

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TECHNOLOGY has made it much easier for young people to become entrepreneurs and launch their own start-ups.

With better access to funding, we have also seen an increasing number of local start-ups in recent years.

However, even with plenty of tech at their disposal, with thousands of start-ups launched globally every day, only a few manage to find success.

So, if you’re a young entrepreneur, you may want to think about some of these tech-related challenges as you plan your start-up launch.

 

Cyber security

In the age of digital technology, the rate of cybercrimes has been increasing over the years and start-ups that have an active online presence will face online security threats.

So, to safeguard your all-important online data such as confidential information, employee records, and banking information, consider investing in a strong security system.

 

Keeping up with new tech

Continuously keeping up to date with the latest technology is perhaps the biggest tech-related challenge for start-ups.

Start-ups need to invest in upgrading the tech for their business as this is extremely important to stay relevant in their industry, increase productivity, and at the same time control their costs.

Hence, every start-up needs to make sure the tech they invest in is going to address both their short-term and long-term business needs.

 

Maintenance costs

Another tech-related challenge to consider, which is closely related to the previous point, is the cost to maintain the technology that’s vital for your start-up.

For instance, you might need to invest in certain software, which could be pricey, especially if it’s recently been updated.

In some cases, you may have little to no choice in the matter but in other cases you might have to forego upgrading to the latest and greatest version of the software in the market in order to keep within your budget.

 

Securing the talent

Obtaining the right tech for your start-up is just the beginning; to execute your plans, you will need the right talent.

Given the rapid changes in tech, identifying and attracting the right talent is one of the biggest challenges for most start-ups.

Experienced or trained talents are hard to come by, especially in the tech sector, where larger companies usually snap up the best and brightest.

As such, while you hunt for the best talent to strengthen your company, you will need to consider upgrading yourself and your employees through continuous training and education.

This is a weekly column by SarawakYES! – an initiative driven by Faradale Media-M Sdn Bhd and supported by Angkatan Zaman Mansang (Azam) Sarawak – to provide advice and stories on the topics of education and careers to support Sarawakians seeking to achieve their dreams. Join us on Facebook, Twitter, Instagram and YouTube.