Many company founders face a daily set of decisions and dilemmas that threaten their business’s success. Different entrepreneurs are motivated by different things. For some, it’s financial gain, while for others, it’s prestige or autonomy. If you want to become a successful entrepreneur you first need to establish what motivates you, what makes you tick. Below is a list of tips that will help navigate entrepreneurship:

• When you start a business, human capital is key – make sure you recruit the right talent to shore up your weaknesses. Just as important as human capital is social capital. Your social capital is the social and professional network you bring to your business as a founder – the more connections you have the easier it will be to build your business.

• Future founders that stay too long at corporate companies become too specialised in their skills and knowledge, as a founder you need a diverse set of skills to succeed.

• You will need financial capital to succeed.

• Division of labour can help founders establish their own distinct roles and responsibilities – accountability should be crystal clear.

• If you have co-founders in your start-up, split equity when you know each other’s skills and, very importantly, establish the actual commitment to the start-up.

• Your hiring decisions should be based on your goals for your start-up. Hiring friends and family is easy but it can also be risky – it might be tough to talk about performance or remuneration.

• Your first employees should be generalist – comfortable wearing multiple hats and flexible to adapt to the shifting priorities of a start-up.

Final thoughts…

An entrepreneur is put to the test at the early stages of his/her start-up – to overcome these challenges an entrepreneur requires both, motivation and skill. To overcome start-up dilemmas, an entrepreneur should contemplate capital needs, business’s organisation and decision making.