Launching a new business has unique challenges, which despite having several mentors, studies and information shared on the topic, can hardly be avoidable. Even still, it’s best to be aware of what lies ahead on the road to entrepreneurial success. Knowledge would allow us to prepare better and brace ourselves for any oncoming impact.
One door is open now but won’t stay that way forever. You’ve got the best team you could imagine now, colleagues and friends who are good at what they do and are practically family to you. The team won’t stay the same, though, as some would decide to leave for varying reasons.
Some could be making life-changing decisions such as getting married and looking for a more stable living. Another might be given a huge offer to work on a different company halfway across the country. People are the biggest source of change, directly and indirectly.
The biggest change and hardest to handle is the passing of the timing for your product or solution. It could be outdated or the market is too saturated and technology needed to provide your competitive edge isn’t available yet. Many established companies were swept away by the times when they failed to catch up.
This doesn’t mean being the first guarantees you of a solid position in the market. In fact, the principle of first-mover advantage has been thrown into speculative light.
Entrepreneurs are no wondering whether this exists at all as many businesses who entered the market later have gained significant growth compared to those who entered first.
Change, as scary as it might seem, isn’t meant to be feared but rather, embraced. Just as a surfer rides the waves, crashes back into the water and rides toward another wave, entrepreneur should ride changes just the same.
It’s a big step for any small business to do and there are those who enter it a bit too boldly. A common mistake among startups is scaling too much too early. They hire several people only to have to let them go later because growth couldn’t catch up with the expenses.
Another crucial factor that people often overlook when acquiring manpower is establishing and maintaining a culture. In the excitement of growing fast, small firms can fall into the trap of focusing solely on the skills and experience of a candidate and not assessing their fit into the company. Some don’t even know how as most don’t have a proper human resources expert in the early stages of the business.
The next problem is keeping these employees. How should new enterprises maintain their human assets? One way is to challenge them by providing them with enough autonomy and sufficient resources for growth. Make sure your team heads to the best conferences in your niche such as tech, marketing, web development, etc.
Also, take nuisances out of the way. Provide them with the right tools so they can work properly. For example, provide them with stable internet connection. You don’t even need to rent an office. Your living room would do.
Is budget on marketing low? Try looking into free accounts for email marketing campaign software and other related tasks. Many startups began in basements, where signal can be a problem. Fundraising and customer service calls are heavily dependent on this so provide your team with quality signal boosters.
3. Being the leader
Being your own boss and heading a team has its many perks such as having more control over your own time. The power to make decisions is also a benefit you don’t get to enjoy often as an employee. However, if you understand the breadth and depth of the role, you would also know it’s not an easy task.
Decision-making results in mental strain over time, even simply within a day’s work. The more decisions you have to make, no matter how simple, uses your brain’s energy.
It could range from whether you should push through with the new feature or what the team should have for lunch. The longer time you spend on thinking before deciding, the greater the toll on your mind.