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INNERCHEF AND ITS CHALLENGES, ENTREPRENEURSHIP PROJECT, STARTUP INTRODUCTION
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important to cope-up with external factors and still provides the best services possible. Therefore, manpower remains a big challenge for a food tech start-up. Wavering Profit Margins Even after setting up a company and associating it with some good restaurants does not offer any profits. Hence, constant business development is required to see the face of good margins. Due to high competition in the food industry, many companies have a propensity to work on low margins and compromise with quality to earn more profits. So competing with pricing and still maintaining the quality is a big challenge. Technology It’s a tech world, everything is based on technology. But still, a major part of the population, especially the middle-age segment either clueless about technological trends or don’t have internet connection in their smartphones. It’s worth mentioning that, some of them don’t know how to order food online and use traditional mediums of ordering food or dependent on other family members. Hence, educating people and integrating with mobile apps/websites is another major challenge. Discounts and Offers This is not a challenge exactly, but this thing plays a crucial role. An entrepreneur wants to avoid it, but they have to bow down to the demand. Discounts are and will always get quick attention from customers, but they are not a profitable scene for startups. As long as you offer discounts, people order, but the moment you will stop giving discounts, they will leave you and move towards your competitor. Hence, working on low-profit margins and still offering discounts is tough. These are some of the challenges that every start-up face or go through, especially in the initial years. Those who can manage and tackle these aforementioned challenges can sustain in this ever-changing tech industry.
