| One of the key faults of many entrepreneurs is that | | | | life, just for the sake of your ego? |
| they create a job rather than a business. | | | | If you ultimately want to sell your business then you |
| It all seems to make sense in the beginning. You've | | | | need to take yourself out of the day-to-day running |
| started your business and you do everything from | | | | and create a business that works on its own. You |
| the accounts, to the marketing, to the sales and | | | | need to sack yourself. |
| making coffee. It saves additional costs and you | | | | This will probably require you to employ someone to |
| know the business better than anyone else. As you | | | | run the business for you, which can free you up to |
| grow your business, you may take on extra staff for | | | | do all the other things you wanted to do, including |
| certain tasks and you gradually let go of the areas | | | | expanding the business. This is also the real test of |
| that you're weakest on. But you still like to be | | | | whether you have a business because if you can't |
| involved in everything. | | | | afford to employ someone to run the business and |
| After all, it's your business, your investment, your | | | | pay them a salary then you never really had a |
| baby. What if someone else doesn't take as much | | | | business. All you had done was create paid work for |
| care of it as you would? What if someone else | | | | yourself. It's a classic mistake that many |
| neglects it? So you keep your finger in every pie and | | | | entrepreneurs make, when they don't pay |
| make sure you're consulted on every decision. | | | | themselves a salary and they do most of the work |
| And what does this do to the staff you employ? If | | | | in the business. It means there is no business without |
| they know you're checking everything then it can | | | | them providing their essential services for free or for |
| cause them to become conscientious and make sure | | | | little money. |
| that every thing is ship-shape and proper before it | | | | Now it can be hard to let go and step away from |
| gets to you. However, if they're doing it just to | | | | the business. And it can be risky if you don't have |
| avoid getting caught out by you then it's likely they'll | | | | the right people. You need people who understand |
| stop as soon as they figure you're not looking any | | | | what you want from the business and appreciate |
| more. You need to make sure that your staff | | | | what needs to be done and why. I've seen |
| understand why they need to pay attention to the | | | | multi-million pound businesses fail when the owner |
| details and which details are important. They need to | | | | stepped away and stopped conscientiously checking |
| "get" the business like you do. | | | | everything because the staff below had come to |
| Also, if you're involved in every decision and you | | | | rely on his checking. So they didn't do it when he |
| always have the last say, then your employees may | | | | stopped. This is why it's essential to get good people |
| come to rely on you and stop making their own | | | | that your can trust and educate them in the critical |
| decisions. They become dependent on you and the | | | | elements of the business. |
| business continues to be dependent on you. This | | | | One of the hardest things about stepping away from |
| means that if you're not there then the business | | | | the business is feeling that you're not needed |
| can't function. | | | | anymore. And that's what keeps most people tied in |
| Here's the bad news, if you've created something | | | | for so long. So if you want to create a real business |
| that can't function without you then you've created | | | | that you can sell, here's what you need to do:- |
| a job and not a business. A business is an | | | | 1. Put your ego on the shelf |
| independent entity that can survive on its own. A real | | | | 2. Hire a great team |
| business allows the owner to take three weeks | | | | 3. Teach them the essentials of your business and |
| leave and be confident that the business will continue | | | | motivate them |
| to run without them being there. A job needs you | | | | 4. Sack yourself |
| there all the time otherwise it simply doesn't get | | | | 5. Provide the guidance and input that they need to |
| done. | | | | grow the business and take it to a sale. |
| Although feeling you're indispensable to the business | | | | 6. Smile and relax |
| can be quite an ego boost, do you really want to be | | | | You will need help and guidance to do all this but it's |
| tied into that business for the rest of your (or its) | | | | well worth it for what you can achieve. |