This video discusses the psychological hurdles and challenges entrepreneurs face, such as self-doubt and constant change, and how to overcome them. It also briefly mentions the importance of securing funding as a primary responsibility of a startup founder.
What this video covers
There are a lot of fires that you need to put out and a lot of things that you’re going to have to overcome, as we were saying earlier. So in today’s video, we’re really going to be breaking down what are going to be some of those hurdles and also how to overcome them. With that being said, let’s get into it.
Doubt: That’s definitely one of the things that you’re going to be encountering, especially when you’re finding really, really tough days. You’re going to question yourself.
Constant change and challenge: This is just part of the journey. You are never going to have a business plan that is completely bulletproof to the market because the market is always changing.
Funding: Your #1 job as the startup founder and CEO is to make sure that there’s always, at all times, money in the bank. Money in the bank that can support the operations, that can support having the lights on, and that can support the continuous growth of the business.
Hiring is another hurdle. Ultimately, here’s the thing: you can’t wait until the last minute. You should not go out and hire without having built any type of network before. Before you even need a position to be filled, you need to be networking. You need to be meeting people, and eventually, when you have an open role, you can look back, see who you’ve been in contact with, and those relationships that you’ve been nurturing.
Managing people: Managing people is a tough one because entrepreneurs are ultimately all over the place; they are wearing different hats. One day, one hat; another day, another hat. Maybe recruiting, marketing, fundraising, whatever that is.
Delegating and empowering teams: Ultimately, here’s the deal. It’s going to be very difficult to grab, master a task, and then delegate it to someone else. You’re going to try to micromanage it; you’re going to make those people be disempowered, and you need to avoid doing that because, ultimately, people are going to leave.
Growing as fast as your company: This is a really big one because here’s the thing. The skillsets that you have, who you are being as a leader, who you’re being as an entrepreneur is going to be different from the early days to when you have 100 employees or 200 employees or 300 employees.
Balance: That’s a really big one because the thing is that sometimes when you’re executing, when it’s your baby, you even forget that there’s a world outside. You even forget, perhaps, about birthdays, about your family, about your friends.
Complete ownership: Here’s the thing. When you’re the founder and the CEO, if things go well or if there are successes, someone else is going to take the credit – one of your employees, one of your colleagues, whatever that is.
