What to expect on your entrepreneurial journey
by Startacus Admin
Taking the first steps on your entrepreneurial journey can feel daunting if you’re not sure what to expect. Although every startup story is different, co-working space provider Accelerate Places have highlighted some of the most common challenges you can expect to encounter along the way.
Growing your team
Growing your team is one of the most exciting parts of building a business, giving you the opportunity to hire people who can use their skills and ideas to nurture your business. Once you’ve hired the right people, you’ll need to consider the logistics around your new team - do you need office space? Do you have your payroll set up? How does HR work? Make sure to do your homework on these questions; consult the experts or check out the wealth of resources available online.
Raising funding
As you begin to expand, you may need a cash injection to help you grow your team, scale your product or reach new customers. There are many different funding options for startups - check out a guide to your options here. Raising funding can almost be a full-time job for founders, so make sure your team are prepared to keep the ship afloat with less hands-on input from you.
Stress
It’s universally acknowledged that starting and scaling your own business is a stressful process. Being an entrepreneur takes a lot of hard work (and long hours!) and comes with great highs and lows, so make sure to take care of your mental health along the way.
This could be taking 10 minutes per day to do some meditation, talking with friends about how you’re feeling or meeting with a professional, such as a business coach or counselor.
Developing your personal brand
‘Personal branding’ is one of those phrases bandied about in startup circles, without anyone really knowing what it means. Personal branding is the art of being able to sell yourself - using your knowledge and online presence to help grow your company and become a thought leader in your industry. Find out more about personal branding here.
Embracing change
Although no one can predict exactly how your entrepreneurial journey will play out, it is inevitable that there will be change.
Whether that’s pivoting your product to better fit your customer’s needs, or the changing culture of your company as you fill out your team, you need to be prepared to roll with the punches and embrace change in all it’s forms.
This can be tough at first and takes some practise to get used to. Take small steps, and try to keep in mind the bigger picture, even when things aren’t quite going your way.
These five challenges certainly won’t be the only ones you come across on your entrepreneurial journey, but our advice should help you feel a little more prepared for the road ahead.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
 (1).png)
The UK’s fastest-growing plant-based meat brand, THIS™ set to launch Seedrs campaign to support further innovation, bold marketing and international expansion.
CropSafe, a platform revolutionizing the future of farming, announce that they have raised over $3M in seed funding and have opened U.S. headquarters in Los Angeles.
Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
.jpg)
Career Masterclass has launched a new website to showcase its offerings, as a strategic partner for businesses wanting to bolster D&I policies.
NI Startup? Fancy showcasing your startup at this year's Digital DNA event? We've got up to 10 spaces for NI startups to do just that. Here's the details!
Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
Need a little extra motivation to get your daily step count up? Treekly will help you do your bit for the climate crisis with every step you take...
The lowdown on London-based SaaS startup Adadot and its innovative performance and wellbeing tracking platform for developers.
.jpg)
Henrik Grim, European GM of Capchase shares insights on how founders can navigate these more challenging funding conditions.
Published on: 18th November 2017
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Voicy lands €1.2 million pre-Seed from Global Founders Capital to build the GIPHY for sound 20th May 2022 Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
- Zolar Lands €100 Million Series C On The Back Of Surging Demand For Affordable Green Energy 19th May 2022 Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
- Metro Bank opens call for participants for second Magic Makers programme 17th May 2022 Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
- Storyblok Raises $47M Series B to Make Headless Content Management the New Standard 17th May 2022 Storyblok secures major investment to further accelerate product innovation and growth into the US and Europe.
