5 Challenges That Every First-Time Founder Face

Diving into uncharted territory as a first-time business founder can be daunting. There are many things to consider, challenges to face and problems to solve. Coworking space provider Accelerate Places have worked with many founders and have put together a list of the top 5 challenges you’ll face as a first-time founder.

Admin

The life of a founder isn’t all success and glamour – a sizeable chunk of your time will be taken up with admin. From year end taxes and accounts, to chasing up emails and making phone calls, you can quickly find that time runs away from you. Streamline and automate processes where you can by using tools such as Zapier or Streak. You could even considering hiring a virtual assistant to take some of the workload off your hands.

Hiring

Hiring your first team members can be one of the most exciting and daunting aspects of starting your company. One of the best ways to find great people is to ask your network for recommendations, and approach people whose work you admire.

Onboarding the wrong employee can be a costly and time intensive mistake, so be sure to interview multiple people and thoroughly check references before making an offer.

Finances

To raise, bootstrap or take a loan. These are decisions that every founder will need to consider. Plenty of options are out there for funding, some of which will suit your business more than others. Take time to do your homework, know your options, and speak to others who have been in your situation before. There’s no such thing as doing too much research, so make sure to consider all possibilities before diving in.

Learning to sell

Even though your job title is ‘Founder’ or ‘CEO’, you should still be able to sell well. As the founder of your company, you will be regularly meeting people who want to know about your business and may be looking to invest, or become a partner or customer in the future.

Make sure you have your elevator pitch down to pat and can confidently talk about the benefits of your product. You’ll be closing deals in no time!

Failure

Despite all your hard work and best intentions, you may find that not everything goes to plan. This will hopefully be something small and rectifiable, but large setbacks are also a possibility too.

Dealing with rejection and failure is tough, and it takes time to build up resilience to bounce back quickly. Simple techniques can help you manage stress and anxiety around your work. Take 10 minutes out of your day to practise mindfulness, make sure to eat well and exercise regularly. Also, if you’re really feeling the strain, talk to a professional for help and guidance.

Although this is by no means an exhaustive list of the struggles and challenges you’ll face on your entrepreneurial journey, it’s a good place to start! By spending some time to consider what may face you on the road ahead, you’ll be better prepared and more resilient when tackling anything that may be thrown at you.