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Learn more about Chamber Circles for Women and Entrepreneurs
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In the opening chapter of The E-Myth Revisited, a nearly 30-year-old book that is still relevant today, author Michael E. Gerber describes “The Entrepreneurial Seizure” or that moment when you decide to go into business for yourself.
Once the idea of entrepreneurship enters your mind it is life changing. Your imagination explodes with dreams of independence and success that will flow from turning your technical skills or passions into a be-your-own-boss enterprise. “Do what you love,” they say, “and you will never work another day in your life.”
This leads to what Gerber calls “The Fatal Assumption” which is that if you are good at the technical work of a business or are passionate about the work you will offer to the marketplace, then it follows that you will understand the business of delivering your goods or services to your customers. In the early days of your business this assumption can appear to be true.
You launch your business filled with entrepreneurial energy, find customers, provide your products or services, build your reputation, and get more customers.
The growth cycle continues. Everyone is happy until one day you discover that your success is crushing you and the fatal assumption is revealed: That the technical skills you have are just one small part a of a complex set of business skills that you need to ensure your success.
For you to succeed as an entrepreneur you need the following four foundational elements:
Usually, a business starts with your product or service idea that has market demand or perceived market potential and perhaps you have competency in one of the other three foundational elements.
But no one is proficient in all four so entrepreneurial energy and grit to succeed will only take you so far. Then the weaknesses in your business structure and practices reveal themselves as your business grows and your entrepreneurial dream begins to crack. It happens to all businesses.
When your business grows to the point where your success is crushing you, you must make a choice to either:
Both options are valid. If you want to be a self-employed technician, where you are in control of your job then option 1 is for you but if your entrepreneurial goals include growth beyond your personal time and talent limitations you must choose option 2.
Option 2 requires the strategic hiring of people with talents that you do not have that will enable you to delegate and entrust parts of your business operations to them.
This may be accounting, sales, HR, communications and/or production personnel and managers. Some of these services may be contracted out and some are better achieved if hired into your company.
These are important strategic decisions that will enable you to grow beyond your previous limitations. As you delegate to competent people your job changes to a true company president.
When you have good people in the right places in your business you can look up from your day-to-day operations and look out into the marketplace for new opportunities. Sales grow, production increases, cash flows better, and employees, customers, and vendors are satisfied.
This sounds easy, but giving up control of parts of your business to other people is a challenging and necessary growth step for small business entrepreneurs. You may want to enlist a business coach who can also help you stick to your growth plan when it gets hard, as it always does.
Remember, at this stage of your business growth what you really need is good people with leadership skills and business management talents that are different and complimentary to yours so that you can set yourself and your business up for success in the next phase of your entrepreneurial journey.
Submitted by Murray Smith, President of Blue Cancoe Consulting
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Brian Rodnick 222 November 28, 2024 |
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Greg Durocher 41 July 28, 2023 |
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Canadian Chamber of Commerce 24 January 29, 2021 |
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Cambridge Chamber 2 March 27, 2020 |
750 Hespeler Road Cambridge, ON N3H 5L8
Phone: 519-622-2221
Fax: 519-622-0177
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