Biggest Challenges Faced by a Founder at The F
Paul, a Founder at The F, identifies two major challenges: the first is learning to "say no" amidst a wealth of opportunities, understanding that effective strategy involves "closing doors" to focus on what's most important for the business; the second challenge involves the constant need to secure revenue and build the business through one-time collaborations, requiring a persistent focus on "where's the next dollar gonna come from?"
Time Management, Prioritization, Revenue Generation, Business Development, Sales Strategies
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Paul Barnhurst
Founder
The F
Brigham Young University
Arizona State University (ASU) - W. P. Carey earned MBA and Master of Science in Information Management
Business Management & Admin
Education
Finance
Scholarship Recipient, Pell Grant Recipient, Took Out Loans, First Generation College Student
Video Highlights
1. Learning to say no and focusing time effectively is a major challenge when starting a business due to numerous opportunities.
2. Continuously securing revenue streams is crucial, especially in non-subscription-based businesses where income isn't recurring.
3. Prioritization and strategic decision-making, including 'closing doors,' are essential for effective business strategy.
Transcript
What is your biggest challenge in your role?
I would say a couple of things. First is learning to say no. I'm the type that thinks I can do everything.
I've often heard strategy is about closing doors. When you start a business, you're going to have more directions and opportunities than you have time. You have to learn where to focus your time and what is most important, so I'd list that as one of the greatest challenges.
The second is continuing to sell and figuring out where the revenue's going to come from and how you continue to build a business. Particularly in mine, that isn't a subscription business, right? Every collaboration, everything I do is generally a kind of a one-time package. So you're always looking forward to say, okay, where's the next dollar going to come from? How do I continue to build this so I have the revenue I need?