The Entrepreneurial Ego

You have to be brave to become an entrepreneur. You decide to take on the monumental task of building a business, yourself, from the ground up. It’s so much work, so many hours of your time, but the sense of accomplishment, when that idea starts to grow into something solid, is irreplaceable.

The confidence you get once you’ve become a successful entrepreneur is well-earned, but you have to be careful. Don’t lay down too deeply in your own laurels. An entrepreneur whose ego gets too big can actually become a detriment to the growth of their own business.

Keep your entrepreneurial ego in check, and watch your business thrive.

?Build solid teams

It’s easy to continue doing everything yourself as an entrepreneur right? After all, that’s how you started out. It’s what’s brought you all your initial success. But, it’s not how you should end up.

Hopefully, this new business you’ve just begun or have been developing for only a short while, is starting to grow. When it gets to the point where you have to pick continued growth over doing it all yourself, pick the growth.

To manage this wonderful success, you’ve got to now start hiring people. According to Forbes, one of the common mistakes entrepreneurs make occurs during their first dozen hires. In the rush to expand, they hire risky or mediocre people. It’s okay to be picky, but there’s definitely a right and wrong way to build a team to help you manage your business.

As you start offering people jobs remember….

They’re not just here to make you look good.

It’s partially true, since employees are working for you, but you need to put in some effort to get to know them too. Treating your employees like they’re more than just their role in the company makes for happier workers. Find out a little about them beyond the job, and pay attention to what they’re telling you. You may even find a hidden skill you can use to better your own business.

People are coming to work for you for more than a paycheck.

Yes, the money is often the best part of any job, but it’s not the only thing that makes somebody want to work for you. Instead of throwing all your available cash into payroll, consider what else you can do for your employees. Maybe you trade in higher salaries for better healthcare coverage. Maybe you set aside funds to offer incentives and bonuses. It could all be as simple as setting aside time, instead of cash, in all your team meetings to complement each employee on a recent achievement in front of the entire group. Regardless, stepping away from the bottom line, which is obviously occupying a lot of your time as an entrepreneur, can do wonders.

Offer your employees transparency.

This is your business, but now you have employees who are a part of it. You need to keep them in the loop regarding your vision and your plans. This not only helps put everyone on the same page in relation to the company’s mission and values, but it ensures the work everyone does contributes to the big picture. Don’t fall into the trap of thinking that, because you’re the boss, you need to keep all the big plans to yourself. Allow your employees to play their full role by giving them enough information for the entire company to succeed.

Delegate

It’s such a simple task, but one that many people, at all levels of management, find hard to do.

Delegate.

I know there’s a voice in your head, right now, saying, “Why should I ask someone else to do that, when I can do it faster myself?” The answer is time. There’s only a finite amount of it, and you do not have the time to do it all. That’s the whole reason you’ve hired a team in the first place.

It’s understandable that you’re protective over your company, but you must remember that you’ve built your solid team because they’re capable of handling these tasks too. Not sharing the load is another roadblock to growth.

There are very few instances where you can’t delegate a task. If you have the time to train an employee who has the appropriate skillset for the task, let them do it. They can always come to you to check their work in the beginning and ask you questions. You don’t have to give up complete control, but you also don’t have to be the one to dot every ‘I’ and cross every ’t’. You’ve got other things to do.

If you approach delegating as an opportunity to effectively teach someone else about your business, you’ll get something out of the experience too. Coach them through the process and communicate clearly and regularly until you feel like you’ve successfully handed off the task. It’s an accomplishment in its own right.

Do what’s best for your business

These elements come together to enable you do so what’s best for your business. What may have started off as being all about you will grow. It’s what happens for every successful entrepreneur. You need to want to let others join you for the ride in a way that makes them feel valued and needed.

Even if you have to put your ego in check now and again, you’re still the most vital part of your business. As you bring in new employees, continue to serve as an approachable and accessible resource. Before you know it, you’ll all be working together to take your business to the next level and jumpstart even more growth.

Should you find this transition challenging, don’t be afraid to ask for help. Taking on a knowledgeable and experienced consultant can make a big difference. The support I provide when it comes to leadership, attitude, and even work ethic all work together to take your business in its most positive direction. I want to see you succeed, and am ready to share my experience and knowledge with you. Contact me today to learn more.