3 Challenges to becoming a Successful Entrepreneur
Challenge 1; Hire Right & Build World Class teams
Hiring employees can be a nerve-wracking experience for any startup. Even if you have investor money behind you, wasting time and money on a bad hire not only slows you down but dilutes your ability to be the long term CEO in their eyes. Tech start-ups in particular suffer from the hire fast mentality. So what is the key to smart hiring? Hire a team not an individual. As the CEO if you don’t have experience building successful teams of multi-disciplined people; get help. Impact Coaches+Advisors act as a sounding board and a partner in the process challenging the Entrepreneur to define the team they want to build for the future and develop their own leadership skills along the way.
Challenge #2; Adapting to Constant change
The Solution: Anticipatory Change Unexpected change can cause a myriad of problems for the Entrepreneur. Rapid changes in technology, more so than in any other industry, can really throw a startup off-kilter. There’s a lot of pressure to move quickly and beat the competition to a solution The Entrepreneur only has their own personal experience to pull from when the unexpected occurs. Oh sure once the problem is identified you can always find sources to discuss options; but by then it’s too late. Anticipatory change is the key to get ahead of the unexpected. So how do you grow a business, build a team and keep the investors on your side? Becoming more aware of self and the environment are key to anticipating change. So how much awareness do you need? Heck, how much do you already have? Impact Coaching+Advising has a team of certified analysts for scientifically assessing your dimensional balance, emotional quotient, acumen, motivators and behaviors. Knowing what you don’t know is the key to Anticipatory Change and at Impact we make sure you’re prepared
Challenge #3: Don’t be Stuck in the Present
The Solution: Future Vision Many a start-up ends up in a “zombie state”. The idea is already dead, the employee has mentally quit, and your BOD is ready to replace you. Yet the Entrepreneur finds themselves stuck, like a zombie, grunting and groaning, going in circles, eating their own until somebody cuts off their head. Unlike Entrepreneurs, large companies are not worried if one of their projects never gets completed. But in a start-up, not completing something means you leave the door open in your life, and that’s worse than failing.” Finishing what you start is a good rule of thumb for many situations in life, but it’s especially true as a tech startup. If it seems like you’re going to fail, allow yourself to do just that. The Solution is operating with Future Vision. More than an idea, innovation or invention Future Vision is about designing your future outcome in advance. Sitting on top of a mountain in the future and looking back on your start-up today a stalled or failed project takes on perspective. Is it moving toward or veering away from my Future Vision. Certified Professional Coaches+Advisors have been trained on the frameworks required for an Entrepreneur to acquire Future Vision.