June 6, 2017
Startup founders have a lot to worry about when it comes to running their businesses. From hiring quality employees to acquiring capital, an entrepreneurial to-do list is never complete. To make matters more complicated, changing trends and innovative technologies have made predicting the future of business downright impossible. And in this hectic startup ecosystem, there’s one thing founders are focusing on more than anything else: acquiring new customers.
According to the recent Startup Founder Report from Consero Group, 82 percent of startup founders believe that acquiring new customers is their top priority, more than growing revenue and investing in technology infrastructure, as you can see below.
While acquiring customers is a top priority for startup founders in 2017, it’s not the only thing they’re thinking about in regards to their business. According to the report, cash flow concerns was notably at the top of the list of challenges, with 72 percent of entrepreneurs worried about it. For scale, the next closest concern was personal finance, at only 43 percent.
“While cash challenges are not uncommon for young businesses, it was surprising to see that the vast majority of startup founders seem to be strapped for cash this year,” said Paul Mandell, CEO of Consero. “Moreover, with over 40 percent of startup founders under significant personal financial stress, entrepreneurs should look to balance their own finances, so that they can focus more on tackling their main business priorities.”
Startup founders are so worried about their current financial situation that, according to the report, 47 percent wish they had more experience in finance and accounting before launching their business, a lesson budding entrepreneurs should take note of right now. At least this kind of stress is par for the course, as 97 percent of startup founders believed that entrepreneurship was harder or as hard as they expected. The real question is, who the hell is that 3 percent?!
All for One
Understanding what startup founders are up to is a great way to facilitate economic growth while supporting other entrepreneurs. The insights available in reports like this one are invaluable to budding business owners, and there’s no telling what they can learn from each other.
“The mission of the report is to provide practical insight into the experience of founding and growing a startup business,” said Mandell in an interview with Tech.Co. “Entrepreneurs have a great deal to learn from each other, and our hope is that those who read the report find some useful insight, as well as valuable benchmarking data, that they can leverage as they work to grow their own startups.”
If you’re interested in learning more about the startup world, Startup Acceleration powered by Consero is where you need to go. You’ll have the chance to rub shoulders with the nation’s most innovative startup founders for two days of insight and inspiration. You’ll be able to network and learn from some of the best, while trying out proven strategies to help your company grow.
You can request an invitation here. The event takes place from July 23rd to July 25th in Newport Beach, California.
Read more about startup trends here on Tech.Co
This article was brought to you in partnership with the Consero Group.
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