During a conversation it was suggested that I should look at doing a few blogs on business and this is my second attempt, the first being “Status Pending, Venturing into the world of business“.
So this next post is around challenges I’ve encountered over the years within start ups from Scotland to Nova Scotia. Daily challenges will occur in the start up world, some that will challenge your will to continue down the path of self employment bliss and others that will provide a laugh. Outside of the paperwork and other not so exciting challenges I’ve faced, the two that have had the biggest impact would be the winding up of a company and firing a co-founder.
Moving on to the first, the end of a company.
Shutting down or winding up a business is never fun, it is a time where you see everything you put your heart and energy in, end. I wouldn’t rush in and call what happened a failure, take it as a learning experience and apply the lessons learned to the next adventure. Always have to remember as well that the odds are stacked against you out of the gate, look at the many articles around the success rate of start ups, it is low and sits on average around 10%.
Founders, entrepreneurs and business owners need to take stock of the months or years in your start up, you should look at the accomplishments, the clients and people you worked with and most importantly the lessons learned. Carry this forward onto the next start up and work to succeed.
Next up, your team.
This challenge is around the people you will likely lead with. Challenges, differences of opinion and other actions beyond your control will arise. Working through the issues or making changes at the highest level can be difficult, however these are decisions that need to be made. It is never easy to fire a co-founder, no matter the circumstances. In most cases this is not a lone decision but one involving a team, a board and in some cases investors. At the end of the day and in a lot of cases it is a decision made for the better of the business.
Any questions, let me know. Onto the next post. Another work in progress, one without a title.