The CEO of Jellyfish.tech Kseniia Goldovska has interviewed 30 CEOs to find out which challenges they face daily and offer the solutions.

1. Challenges
Top CEO
JellyFish.tech

2. Contests
Table of
JellyFish.tech
Who am I and why I've started the research
What I've discovered
Challenge #1: Launching a new product or service
Challenge #2: Turning to the data-centric decision making
Challenge #3: Digital Marketing ROI
Challenge #4: Talent Acquisition
Challenge #5: Cybersecurity
Challenge #6: Building trust with potential clients without the possibility to meet
Challenge #7: Making yourself replaceable by building a management team
Conclusions
About Jellyfish.tech

3. Kseniia
About
My name is Kseniia Goldovska. I'm CEO and Co-Founder of Jellyfish.tech,
Ukraine-based web and mobile development agency.
2020 was definitely a hard year for both individuals and businesses. Upheavals we're
facing are discouraging. What we should do right now is to stick together and motivate
each other to keep going no matter what. This is the main reason I've started this
research. To know your pain, to let you know mine, and to try solving the problems
together.
JellyFish.tech

4. Table
Results
I've analyzed the top challenges I faced in 2020, and make my own list to be estimated
by the other survey participants. Here's what we have:
Moreover, I encouraged the participants to speak about their own "top" problems they
deal with being CEOs. So I can't help including their good points on the list:
Building trust with potential clients without the possibility to meet;
Making yourself replaceable by building a management team.
Each challenge was given from 1 to 10 points, from more important for CEOs (1) to less (10):
Average score Place
Challenge
Fear to launch a new product or service 4.1 1
Digital Marketing ROI
Talent Acquisition
Cybersecurity
5.2
5.6
5.6
3
4
5
Turning to data-centric decision making 4.8 2
JellyFish.tech

5. Challenge
#1
Launching a new product or service
Possible solutions:
The fear to launch a new product or service to a market is perfectly normal, especially
at times of uncertainty. Failing to fulfill customer needs will cost a considerable amount
of money, time, & resources to a company.
Do a thorough discovery stage to make sure you've found a product-market fit.
Simplify as much as you can leaving only the core features.
Don't struggle to make a product perfect, launch an MVP first, then see how it goes.

6. Challenge
#2
Turning to the data-centric decision making
Possible solutions:
Data-driven decision making (DDDM) is a strategy of basing every single decision on
data. This approach reduces the impact of a wrong decision on your business. Although
DDDM is on hype, implementation of this strategy on a regular basis is still one of the
biggest challenges for entrepreneurs.
Define clearly your objectives and the data sources you can use to reach them.
Present & analyze the data, draw conclusions.
Build the workflow around the data, train the employees.
Visualize data in a clear and concise way.
Make a habit of brainstorming with your team to capture as many opinions
as you can.
Continue gathering and re-evaluating the data to improve the accuracy
of your decisions.
Do it on a daily basis!

7. Challenge
#3
Digital Marketing ROI
Possible solutions:
Partly responsible for managing the marketing campaigns, CEOs one of the biggest
concerns is the efficiency of those. First, it's hard to find a good marketing specialist
(hello, talent acquisition, challenge #4). Second, you actually can't know what technique
or action or step will work for your company. So there's always a risk of squandering too
much of a marketing budget.
Realize that more money doesn't mean better marketing.
Always stay in search of new (not obligatory costly) ways to promote
your service/product.
Know your target audience and competitive advantage of your product/ service
really well to discover new marketing channels based on this information.
Become the part of a community to communicate with your customers directly and
provide a better product/ service.

8. Challenge
#4
Talent Acquisition
Possible solutions:
McKinsey Global Institute
The problem of talent shortage and sky high price of the hiring process is one of the
global problems: according to the study, in 2020 companies in
Europe and North America needed 16 to 18 million more educated employees that are
going to be available. And the pandemic did aggravate the problem.
Nurture your prospective workers as you nurture your leads.
Go beyond the LinkedIn messages to attract your ideal candidate.
Make sure you offer value to your employees, as well as they do.
Always stay in search of new (not obligatory costly) ways to promote
your service/product.

9. Challenge
#5
Cybersecurity
Possible solutions:
The issue of cybersecurity evolves in direct proportion to the increase of the use of
technology and the internet on a daily basis. The more complex the online world
becomes, the more complicated is to deal with all types of cyberattacks.
Do backups regularly.
Install anti-phishing software to protect your network systems and sensitive data
of both your company and workers.
Implement two-factor or multi-factor authentication making it harder for hackers
to access the account.
Update your software regularly as application vulnerability is one of the most
common reasons for cyber attacks.
Educate your employees to clearly communicate the impact of cyber-attacks
and talk about the up-to-date ways of its prevention.

10. Challenge
#6
Building trust with potential clients without
the possibility to meet.
Possible solutions:
The measures against the spread of coronavirus made adjustments to the way we do
business. The impossibility to organize face-to-face meetings confused many
entrepreneurs, whose strategy was based on in-person communication.
Hyper-personalization is still a hot trend for 2021. This concept is aimed
at the delivery of only relevant content, product, and service information,
personalized to every user's need.
Record video. Yes, it may seem being too simple but personalized video content
is a powerful way to engage and build relationships even at a distance.

11. Challenge
#7
Making yourself replaceable by building
a management team.
Possible solutions:
The issue of cybersecurity evolves in direct proportion to the increase of the use of
technology and the internet on a daily basis. The more complex the online world
becomes, the more complicated is to deal with all types of cyberattacks.
Be ready to put time & effort into teaching and mentoring your employee.
Don't worry if nothing works, I'm still searching for the ways to replace myself.
Give your deputy the freedom to make decisions and learn from their mistakes
after the traineeship is over.
Make it clear to your successor you trust them but still be ready to support and
answer their questions.

12. Conclusions
One of the respondents mentioned keeping the doom and gloom away from the
positive message the company conveys.
And I totally agree with this point. After going through the challenges of 2020 it's
important for each of us to keep supporting our employees and customers, believing
something good is about to happen.
Even the hardest challenges we face seem to be easier when you're surrounded by the
community. Let's stay connected!
Linkedin
Kseniia
JellyFish.tech

13. Jellyfish.tech
About
Jellyfish.tech is the Ukraine-based web & mobile development agency to guide you
through the full cycle of an application creation, modernization, or adding a new
feature.
Our areas of expertise:
The Jellyfish.tech team helps you do the product discovery &
create MVP in 5 weeks using the winning combination of the technologies to
validate your idea before your rivals do.
Quick MVP creation.
Working on a large software modernization
project (pure JS to Angular) for a few years already, we learnt to manage every
little detail important to deliver the quality and up-to-date product. We create the
new opportunities, applying the recent technologies, which reduces the system
maintenance costs, helps acquire new users and retain the existing customers.
Legacy software modernization.
We know exactly what's happening on the education technology market
and how we can improve users' online learning experience. Jellyfish.tech is
determined to help experts & learners around the world adapt to new learning
conditions based on our digital transformation expertise.
Edtech.
We specialize in the creation of cost-effective marketplaces from the
research & discovery to deploy & support in different domains (education, human
resources, lifestyle, etc.). Connecting customers and service providers on a
user-friendly platform with multiple perks is easy with Jellyfish.tech.
Marketplaces.
JellyFish.tech