Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Tina and Max P., Founders at 99to1percent:
What does your company do?
We blog about progress, prosperity, upward mobility, frugality, saving, investing, becoming debt free, achieving financial independence and early retirement.
We started off very poor, but have been able to turn things around and reach the top 1%. It’s very taboo to talk about money offline, but online people are more comfortable. For example, we share our salaries, net worth, even our resumes. Knowledge is power and this type of transparency and openness helps our readers achieve their career and financial goals.
What is your role? What do you enjoy most about your role?
Tina is the main writer and also takes care of marketing, social media, outreach and outsourcing. Max is co-writer and chief editor. He also takes care of IT and special projects. We enjoy blogging because we are working for ourselves at our own schedule. And even though it can be a lot of work, you get to work from anywhere. For example, last month we went on a 10-day road trip, and we were still able to blog on the road. The blogging and personal finance community has also been extremely welcoming and fun.
What are the biggest challenges in your business right now?
The biggest challenge is that we have so many projects we want to tackle, and it’s hard finding the time to manage it all. We have hundreds of things we want to do and achieve, and a lot of things we need to learn and master. Fortunately, there’s so much learning material available online, we just have to find the time to go through it. The other challenge is that blogging forces you to network and deal with strangers and that’s not something we were used to. It’s forcing us to get out of our comfort zone, and we are actually surprisingly enjoying it.
If you could go back in time, what business advice would you give to a younger version of yourself?
We would say don’t be afraid of starting your own business and taking risks. It’s ok to try and fail, but it’s not ok to fail to try. Jot down all business ideas that come across your mind, research them, and start the business if the research shows it’s economically viable. Also make sure you start early before having kids, because it gets harder once you have a family time-wise. It gets harder to find that perfect balance.