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4 Steps To Overcoming Hurdles As A StartUp Founder



4 Steps To Overcoming Hurdles As A StartUp Founder

As an aspiring founder, taking the leap to start your own company can seem like the greatest hurdle but there are many more hurdles of varying heights that will follow.

Some of the hurdles you will face will include:

  • How to structure your company for asset protection and tax minimization
  • Who to hire and how to fire the people that help you along the way, from employees to family and advisors
  • How to reduce your cost of customer acquisition to maximize the funds you’ve invested
  • How to structure equity agreements with VC’s so you’re partnering with the right people and can maintain your own position within your company
  • How to form and dissolve partnerships that don’t work out
  • How to handle the embarrassment that comes from failing publicly

The list goes on, and while the hurdles you face may seem difficult at the time they are the very hurdles that are preparing you to be able to handle and navigate the many more hurdles to come as you and your startup become more successful.

Until then, here are 5 Steps to overcoming the hurdles you face.

1. Assess

When you’re faced with a challenge, it’s important to assess the obstacle. I like to use the 10 by 10 method i.e. How will this affect me in 10 hours, 10 days, 10 months and 10 years.

Obstacles can seem life-changing at the time but when you look at them over the long term they can become a lot less life-altering.

2. Strategize

The best way to move past a problem is to solve it. If you’re unsure of the solution, write down all the possible solutions and what you think would be the outcome for each.

If you’re not sure where to start just write something and you’ll often find the solution will come to you.

In time, this will become automatic and you’ll be able to problem solve quickly. When you’re looking for a solution remember the 10 by 10 method in point 1.

3. Ask For Help

Don’t be concerned about asking for help. The more successful you become, the more you will realize that the wisest and most successful people ask for help and they surround themselves with people that complement their skill set.

Finding some trusted friends, colleagues or advisors will help you evaluate your strategic direction once you’ve decided on it – it’s also why all successful companies have a board to evaluate the strategic direction of the CEO by adding in their thoughts and experiences.

4. Keep Going

The most important step is to keep going.

Challenges are the very things that grow you as a person, entrepreneur, and CEO. Start to look at challenges as adventures that keep the journey interesting and give you the opportunity to level up to the CEO you want to be.

Like going to the gym, if you don’t challenge yourself you don’t get stronger. If you make a mistake at the gym you may injure yourself but you survive it, recover from it and become better at your craft because of it. This works the same for overcoming hurdles in business.

As a final note, it often won’t matter if you make a mistake or if the solution you chose is the wrong one.

We can only be wise in hindsight when we have seen the outcome of our choices. So whatever decision you make, it will be the right one at the time.

If you worry about the opinions of others, don’t. People will forget your mistakes and your comeback will be more impressive. Don’t let ego hold you back from moving forward.

Steph is an entrepreneur and international investor along with being regarded as Australia's Youngest Property Tycoon. Having featured in over 60 media articles across 4 continents, spoken at national events and co-authored 3 books, Steph is now the founder of Evarvest - a resource for investors to learn how to invest and scale their wealth globally. Steph is also an investor and advisor in the startup space and has had 2 startups of her own prior to Evarvest.