Whether you are in the startup stage or the growth stage, you will face challenges. They may look different, but the feeling is somewhat the same.
The challenges may get bigger: When you’re a startup, your rent may be zero or $100 or $300. In growth mode, your rent might have risen to $1,000 or $10,000. When you are at a smaller level, the ability to manage it and get by is much easier and faster than when in a larger scale.
Here is an example:
In the startup stage — it’s only you — and the business goes down, or you need to move in with someone or sleep on a sofa, that is manageable for a day or a week. But if you are in a stage where you have structure — employees, family — it is a big challenge to ask everyone in the company to sleep on a sofa or give up lunch in order for you to continue your business.
As you continue to start or grow the business, think about making sure you understand the challenges you face and how to overcome them.
There are several things to consider:
Be sure that you have the right people at the right time supporting your growth.
Create a reasonable budget and find a way to stay within it.
Find advisors or mentors that have experienced the same challenges you are facing.
While it’s easy to read a textbook on the best way to do it, the reality is always different. And understanding how to navigate those waters in real time only comes from someone who has experience dealing with it. That doesn’t guarantee your survival — it just guarantees a better insight.
BEFORE YOU GO
We see our blogs as opportunities for dialogue. Please share your thoughts as comments.
- What challenges are you currently facing in your business?
- What plans do you have to ensure your business continues moving forward?
- What mentors, advisors, or other resources have you utilized to support your business?
Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures.