Biggest Challenges Faced by a Founder and Visionary at To Be Honest Beverage Company
Michelle's biggest challenge as Founder & Visionary of To Be Honest Beverage Company is maintaining focus amidst the many directions a startup can take, describing the process as "a lot of trial and error," requiring risk-taking and constant evaluation of whether opportunities align with the company's long-term vision. This is further complicated by the typical startup hurdles of finding and retaining the right talent, a challenge that will only grow as the company scales.
Executive/Leadership, Overcoming Challenges, Achieving Goals, Problem-Solving, Teamwork
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Michelle Houston
Founder & Visionary
To Be Honest Beverage Company
California Polytechnic State University
None
Philosophy
Consumer Packaged Goods (CPG)
Business Strategy
Pell Grant Recipient, Worked 20+ Hours in School, Transfer Student
Video Highlights
1. Focus and Prioritization: In a startup environment, maintaining focus amidst many directions (marketing, sales, etc.) is crucial. Michelle highlights the need for strategic decision-making, weighing risks and potential returns of various marketing/sales channels and events, using a ‘trial and error’ approach informed by consulting and industry best-practices.
2. Risk Tolerance and Adaptability: Michelle emphasizes the necessity of taking calculated risks and adapting strategies based on outcomes. This iterative approach showcases the dynamic nature of startup life and the importance of learning from both successes and failures.
3. People and Leadership: Building and managing a team is a significant challenge, particularly in a growing company. Michelle notes the difficulties in talent acquisition, team dynamics, and leadership development as areas demanding ongoing attention and effort.
Transcript
What is your biggest challenge in your current role?
As a startup, focus is probably one of the biggest challenges because there are many different directions you can go. This is especially true when it comes to marketing and sales, and not knowing exactly what will be the right channel as we get started as a CPG company.
It can make focus challenging. Should we run paid ads on this platform? Should we go here to do these types of sales? Should we focus on these types of media and public relations? Is this opportunity going to get us the conversion we want? Is this event good for us to participate in? Will we be able to make enough sales to cover the costs of participating?
There are many variables in the startup environment, especially with our style of brand, a CPG company. There are roadmaps, and I do work with consultants and look to the advice of people who have been in the industry. However, a lot of it is trial and error.
I think that's the biggest challenge sometimes because it's a risk. You have to be able to take risks and say, "I'm going to go this direction, I'm going to do it." If it works, great. If it doesn't, also great; I'm going to move forward from there and learn the lesson. So, that focus is something I always have to come back to.
I think again, holding where are we headed and how does this fit into that is important. There are a couple of different companies and CEOs I look to that have scaled and grown companies effectively. They always think with the end in mind. That's a guiding principle for me.
If I have a decision to make or I'm faced with something, like should we participate in this, should we not? I ask, "Thinking about where we want to be and where we're headed, does this help and facilitate that? Will it get us closer to our goal?"
Does it fit with the company we want to be and how we want to exist as a brand and as a business? Over time, as companies grow, people are one of the most challenging things. I know that will continue to be something for us.
This includes someone leaving the company or finding the right talent. I know that will be a bigger challenge. It already presents a slight challenge in working with team members, even just to get going.
However, I'd say focus and people, leadership and development on that front, are some of the most challenging aspects of what I do.