Personal challenges include the financial burden causing emotional stress, tying personal value to your company’s value, the perfection paradox, where we had to be quick on our feet. Reactive is the best way to describe it, we didn’t have time for the perfect plan, and we simply dived in and took few risks. By taking action and letting go of our need to always be perfect, we had the chance to swing for the fences.
Overworking ourselves was another big challenge to control. We worked exceptionally long hours, which led to burnout. Constantly on the run, we end up over- or under-eating, which can have negative consequences on your personal health and performance. We did not have the time to sleep or exercise as often or as long as we’d like. To overcome these challenges, we started exercising each day and schedule time to get a good nights sleep. In the excitement of starting a new venture, we ignored the feeling that the person we are about to pick does not have the managerial competence for the next step, and thus some new recruits lacked execution skills or had weaker strategic thinking.
Internally we were faced by challenges around money and resources, the company culture and getting right employees and work force in place in the given timeframe so that business is not impacted. Our internal culture consists of the values, attitudes, and priorities that our employees should live by. The biggest challenge was to make new recruits understand the cultures and values behind the business.
Lack of business income affects the number of people we can hire, the quality of our offers, and the amount of advertising we can buy. To overcome these challenges, we heavily invested into this
business before turning a revenue, with the idea to grow and expand the business. We tried to be on foot and engage with as many potential customers as we can in short span of time. We stuck to our company values and ethos whilst doing so, creating value for our customers. Most importantly, we put people before profit and raise a positive brand awareness to make a real difference in the business community.
The biggest external factors were the suppliers and the government policy which had a huge impact on our costs. With limited availability of venue and event suppliers, we couldn’t buy anywhere, and our negotiating room was limited. The effect of COVID-19 on the economy and event driven business was also one of the biggest external challenges we faced. We managed to handle this by changing our approach from physical events to virtual events and conduct monthly meetings over zoom and address customer needs via video conference.
Finding the right partner and building relationships with local businesses was another challenge, but we are always open to new ideas and new points of view with an ability to connect with partners and customers in our markets. We took a careful considered approach to new ideas, implementing those that fit with our customers business goals and discarding those that don’t address this challenge