Startup Hurdles Every Entrepreneur Needs To Overcome
Startup hurdles every entrepreneur needs to overcome?
Your unique startup will have its own specific challenges. Yet, there are common hurdles which all founders will have to grapple with. You may be comfortable with some of these, but the more mentally prepared and practically equipped you are for the others, the smoother things will go, and more likely you’ll stick with your startup and make it a success.
Here are some of those you need to be ready for…
It’s not just you. Even the most bullish and optimistic entrepreneurs have to wrestle with bouts of doubt. It can be self-doubt or doubt in the business.
As shared with members of Inner Circle, where you are helped from A to Z with everything related to fundraising, this can come right before launch, or when you hit a setback. It is vital to understand that this is completely normal. If you are going to make it as an entrepreneur and business owner you have to learn how to work through these periods, and objectively weigh whether there is really a dead end for this business here, or just something you need to work through and stick with.
Constant Change & Challenge
You may have spent a lot of time on planning and forecasts and modeling. These can be necessary things. Yet, most of these plans are going to change. They will change more than once. You may go through big pivots. You will face nonstop challenges.
In fact, your job as an entrepreneur is really just nonstop problem solving. If you love challenges, solving things on the fly, and thrive in fluid situations this is definitely for you. It’s not unlike traveling the world and trying to figure out how to get by and thrive in a new country, language and culture every few weeks. This is a critical aspect when thinking about the startup hurdles every entrepreneur needs to overcome.
Making Decisions With Limited Information
Entrepreneurship is a risk. It is a risk that no one ever seems to regret taking. Though even the bravest entrepreneurs seem to like to be confident in their decisions and to be able to make well calculated and informed decisions. That’s good common sense.
Yet, in reality you will rarely if ever find you 100% guarantees of making the perfect decision. You won’t always have complete or perfect data. Though you still need to make decisions, and fast. You just have to get comfortable with this, and learn to lean on great advisors and those with the most first hand experience.
Your real number one job as an entrepreneur is to make sure that your company doesn’t run out of money. This is probably the most important out of the startup hurdles every entrepreneur needs to overcome. That can be a more demanding job than you might think. In the early stages of a startup this may take up nearly half of your time.
If this is your first startup, then the fundraising process is probably pretty new to you. There is a lot of misinformation out there too. It requires learning, building relationships with investors, polishing pitch decks and presenting. Then, you have to juggle the money, and make sure someone is making sure ends meet and you are getting the most out of every dollar.
This is another area in which few new entrepreneurs have much experience. It can be even more challenging if you have been used to working in a traditional corporate environment, which can be completely different from an early stage startup culture. Even more so with today’s remote hiring and working environment. This is again an area which many founders say consumes half of their working day. One of the best ways to expedite this can be to hire executives and department heads early, and let them worry about filling out their teams.
Once you hire them, you have to manage them. This has fortunately become much easier in the world of remote and freelance work, where you can hire super talented individuals on demand, and who may have even more experience than you do. Still, you need empathy, and to know how to keep your team focused and motivated and working together.
Delegating & Empowering Teams
One of the things that is hardest for most to master and get over out of the startup hurdles every entrepreneur needs to overcome is to truly delegate and empower their teams to do their best work. If you hire well, instruct them on the mission, values and focus well, then the best thing you can do is to just get out of their way so that they can do their best work. Micromanaging in this setting is only going to be counterproductive.
Growing As Fast As Your Company
If your startup is a success, and you are raising money and hiring and have hit product fit, then things are moving and scaling fast. You can’t be the same green entrepreneur who didn’t know anything about M&A, or managing people, and still be an effective CEO with 1,000 employees, raising $100M on a Series C round. You have to be growing even faster personally and as a leader to stay ahead and be an asset to the company instead of a hurdle. That requires learning, mentors, advice, and being intentional about your growth.
To handle all of these hurdles and continue to execute well, you have to maintain some balance in your life and work. It may sound cliche, but it is true. It is one of the things the successful recommend and even wish they had done more of earlier.
Remember that you are not the business. Your identities are separate. There will be life and probably more companies after this venture. To perform your best on this one, and not to lose precious time with people that you can’t get back, make sure you are finding some balance and still have a life outside of work.
As the founder and CEO you have a lot of control and freedom. You also have a lot of responsibility on many fronts. It’s all on you. You have no one else to blame for anything. You get to take total ownership of all the failures. Then give all the credit for the wins to your team.
Hopefully this post provided some perspective as you are thinking about the startup hurdles every entrepreneur needs to overcome.
Inner Circle is the leading fundraising training. Entrepreneurs around the world are using it to raise millions. By joining Inner Circle you will gain access to:
- Financial modeling training
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- Tools and resources
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- And many more resources…
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