Another wonderful company spring picnic is in the books! This cherished annual tradition brought our team together for a perfect day of relaxation, delicious food, and meaningful connections outside the office.

Startup companies need more than an idea and ambition to succeed. They need money, experience, and strong leadership to stand even a chance at making a profit. These challenges are so strong that the majority of new businesses fail within the first seven years.

True, it's tough out there for any aspiring entrepreneur. But don't let the odds diminish your desire. Understanding some of the most common challenges of startups can help you get ahead of these difficulties and build a plan – and business – that will survive and thrive in the modern market.

Just what are those common challenges? Let’s take a closer look at each one by one.