5 Harsh Realities About Starting a Business Today — And What to Do About Them From hiring to delegating to the art of life/work balance, how to organize a business for success and avoid the most frequent pitfalls.
By Mike Kappel •
Key Takeaways
- Finding the right employees is crucial for success.
- Be prepared for unexpected events.
- Assess the benefits and risks before choosing a source of funding.
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Starting and growing a business is tougher today than ever before. You have to hire, manage and process payroll and are likely in charge of keeping the books and staying updated on tax laws. You might also have to deal with (and bounce back from) supply chain issues and the occasional emergency amid ample economic uncertainty. Operating an enterprise, therefore, is not for the faint of heart. Whether you are a principal in an existing one or are thinking of taking the leap, it's wise to consider the most pressing challenges you'll be up against.
1. Hiring and managing
Finding employees — and ensuring that they're the right ones — is, of course, vital. The average hiring process lasts three to six weeks, and if you don't have a dedicated HR professional (or team) doing this work, it'll be necessary to put other responsibilities on hold to do so.
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