Of course there’s more than one lesson that all entrepreneurs need to learn, but the one that will make the most impact? That’s what we’ve outlined below.
It can be tempting, as an entrepreneur, especially in the early stages of your business, to think that you are pretty much the most capable person you have ever met. And no doubt you are – especially when it comes to this one special product or brand that you are launching to the world.
Too much To Do
But where does that leave you? In a very difficult, constrained situation, where you are unable to hand over power or control to anyone, have far too many items on your To Do List and can’t cope with the amount of attention that is needed to sustain your business from day to day – never mind trying to see the bigger picture and decide where you want it to go. Doesn’t sound like a very fun place to be, does it?
The art of delegation
So what’s the answer? It’s so simple you already know it: delegation. And not just the boring tasks (although those should be the first to go, because they not only suck up time but sap your energy). No, the goal is to choose an excellent team from the start, and to promote from within. That doesn’t just mean giving new job titles, but new responsibilities: essentially handing over chunks of work that you don’t have to worry about any more. The only way to do this is to hire people that you implicitly trust and whom you can ensure will stay with you for an acceptable length of time. How to do this? Hire slowly and carefully, and pay people what they’re worth. If you can’t pay them what they’re worth, hold off on hiring them till you can, or negotiate flexible hours and profit share.
Self-sustainable business
The benefits of delegation go far beyond simply freeing up your time – they allow your business to become self-sustainable. It’s the oldest question in the entrepreneurial book: do you have a business, or a job? If you can remove yourself from the equation and everything still runs smoothly, you have a business. If the daily running relies on your presence, you have a job.
Still unconvinced? Take it from Mr. Entrepeneur himself, Richard Branson: "As much as you need a strong personality to build a business from scratch, you also must understand the art of delegation."
Do you know how to delegate, or is it still a skill to put on your To Do List?