Source | INC42 : By Ashutosh Garg
Building a new company is a huge challenge. An entrepreneur has a very lonely job at the top with very limited people one can turn to for help or advice. Yet, every entrepreneur faces very similar challenges that need to understood and addressed in our own unique ways. It is important to be a “learning” entrepreneur so that 24 hours in your day are optimally utilised for the benefit of your people and your business.
In this article, I am highlighting 12 of the challenges that I have faced while building my company.
No Task Can Be Too Large Or Too Small For You
As the founder, you have to adapt, accept, adjust, create, innovate, motivate and deliver. You need to function as the Chief Executive Officer on the one hand and the Chief Janitor on the other. Therefore, no task can be too large or too small for you. In the early days of funding my company, I have cleaned office and store floors while preparing for a board meeting or an investor meeting.
Sharing information about what is going on in your startup will help in bringing a level of awareness and hence the commitment to the business plan. However, sharing information should be done on a “need to know” principle. Therefore, sharing the detailed financials of the company with the junior most employee may not necessarily be a very wise decision.
Adjust Your Management Style
As you build your startup, your small team of colleagues will expand and the people closest to you will start to feel insecure of the new entrants because you will not be able to spend as much time your old colleagues as you used to. At the same time, your new colleagues will want more and more of your time so that they can deliver what they have committed to achieve.