Once a business is launched, it will very quickly become apparent to any entrepreneur that there are way too many tasks for one person to competently accomplish (and not enough hours in the day to accomplish these tasks, particularly if you plan to have a life outside of work). So, do you bring on partners, hire employees, forge strategic alliances, or build a board of advisors, and which do you do first? When asked this question, my advice comes in the form of the following question: Regardless of which of these people you bring on first, what exactly is it you’re going to have them do? Another way to frame this question is as follows: What is it that you can’t get done (or don’t want to do), that you need help getting accomplished? And what is the priority in which these tasks need to get accomplished? Before you answer these questions, you may want to ask yourself the following questions: What am I good at, and what do I like to do? Where do I have weaknesses, and what are the tasks that I dread doing? Personality type tests (like Myers-Briggs), can help an entrepreneur discover answers to the last two questions. Discovering the answers to these four basic questions will point you in the right direction of finding the answer to getting the appropriate help needed to build your business.
When counseling entrepreneurs through the self-exploration process, I always stress that it’s more important to know what you don’t know (than to know what you do know). In other words, understanding your weaknesses is more valuable than understanding your strengths. I give this advice, because an entrepreneur is naturally going to excel at the things they like to do (and are good at doing). Where a business suffers, is when the entrepreneur attempts to do things, they’re either not good at or don’t like doing. Once an entrepreneur understands where they’re weak, they can now begin to identify resources who excel in accomplishing these tasks (and bring them into the business, whether it be as a co-founder, employee, strategic alliance partner, or advisor).
At some point in the lifespan of building an entrepreneurial venture, the average entrepreneur is more than likely going to need to raise capital (whether it be debt or equity). At the end of the day, investors only invest in teams that they believe can execute the best business plans they read. It’s therefore imperative that an entrepreneur align themself with the best and brightest (and put them in the appropriate roles in their business). Being able to confidently articulate to investors why people’s skillsets are particularly suited to the critical roles they play in the business, can make the difference between getting funding and not getting funding.
Entrepreneurs also need to understand that their time has value. Wasting time on tasks that an entrepreneur doesn’t enjoy and excel in, is both inefficient and costly to an entrepreneurial venture (thus driving up costs, and reducing company profitability). Focusing both an entrepreneur’s time (and everyone else’s who’s associated with the business) with the tasks that they excel in and are ideally suited for drives costs down (thus increasing company profitability). This is music to an investor’s ears!
If you found this article helpful, please share it with other entrepreneurs in your network. If you have questions about anything in this article, or would like my insight on a question about any aspect of the entrepreneurial process, please connect with me on Facebook (https://www.facebook.com/thinkbigwithgeoffreykent), LinkedIn (https://www.linkedin.com/in/thinkbigwithgeoffreykent/), or Instagram (https://www.instagram.com/thinkbigwithgeoffreykent/). I also believe that 50% of entrepreneurs fail within 5 years, because they lack the resources to properly execute their vision. Leveraging what I’ve learned over a 40+ year successful entrepreneurial career, I’ve developed a methodology to help entrepreneurs build their unique customized strategy for responsibly scaling exponential business growth. To gain access to my 7-week online course, collaborate with like-minded entrepreneurs through the exclusive “Think Big” Facebook group, regularly communicate with me, and gain access to my extensive professional network, connect with me on my course page (www.thinkbigwithgeoffreykent.com/).