Biggest Challenges Faced By A Founder In A Small Company
Jon's biggest challenges as a founder stem from the relative isolation of their niche business, lamenting a lack of connection with peers facing similar issues: "I haven't been able to connect with too many people who are doing something similar." Further compounding this is the constant prioritization required in a small company where "everyone has to wear a lot of hats," demanding careful allocation of limited time and resources to achieve optimal business growth.
Entrepreneurship, Small Business Management, Prioritization, Networking, Overcoming Challenges
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Jon Grishpul
Founder, Partner
GreatBuildz, Maxable
Cal Poly - SLO
n/a
Business Management & Admin, Marketing
Architecture, Construction & Design
Entrepreneurship and Business Owner
Pell Grant Recipient, Took Out Loans, Worked 20+ Hours in School, Greek Life Member, First Generation College Student
Video Highlights
1. Building a business in a less tech-focused industry presents unique challenges in networking and finding mentors.
2. The difficulties of wearing many hats in a small company necessitate careful prioritization and efficient time management.
3. The constant need to make crucial decisions with limited resources and information highlights the importance of strategic thinking and risk assessment in entrepreneurship
Transcript
What is your biggest challenge in your current role?
I probably think of one or two major challenges. One is partially that there aren't many people in my position, or I haven't connected with many. I built a business, but it's not a very glamorous one.
We don't have a shiny app, and we don't sell products on shelves. So it's not like, "Oh, I have a cool startup." I'm not an influencer.
I started a company in an older industry. Also, just in entrepreneurship in general, I haven't been able to connect with many people doing something similar to me. My business partner is in a different life stage and has different experiences.
It's difficult to some degree, feeling like I'm the only one. Aside from Reddit, I don't have an outlet to ask, "What do you think about this?" or "How are you addressing these issues in your industry and work?"
That's one challenge. Another major challenge is tied into many of the other things we've discussed. It's the fact that when you're part of a company with fewer than five or ten employees, everyone has to wear many hats.
It's difficult to know and prioritize which hat to wear when, which project is more important, what needs to be done now, and the right way to do it. We also need to consider how to do this without spending too much time testing.
There's just so much unknown, and there are only so many hours in the day. It's really important to do your best to try and make the right choices with your time and your business.
Figuring out your guiding light and the path to follow every year, month, week, or even day is a significant challenge. What I choose to do after this call has to be for the greater good of my business. I have to decide what's most important.