If you are an entrepreneur, then you have invested time, effort, and money into your business. If your business is successful, then you know that success does not come easy and was most probably the result of hard work and countless hours. So, it is very unlikely you would sabotage that hard work in any way.
Working with many start-ups, I often find that businesses start failing when owners unwittingly sabotage their own entity – only realising it when it’s too late.
When I first embarked on my entrepreneurial journey some years ago, I was one of those types; I wish someone had stopped me back then, before some of my promising small businesses went down the drain.
Here’s hoping the tips below will spare your business any unnecessary drama and stop the damage before it’s too late:
1. You are not necessarily the smartest person in your business
You may be the brightest spark in the room – after all you were able to visualise and build your business – however, your role is not to constantly prove you know everything, or to centralise the decision process. As the leader of your business, your role is to help your team to excel in their roles. A good leader listens to their team members, learns from them and helps them grow the company. If you don’t delegate, you will end up doing all the heavy lifting yourself, creating a culture of dependent team members in the process.
Looking back, when I was in university and assigned group projects, I voluntarily took the lead to ensure all the work was done. While I was confident things were done my way, and were “perfect” in my eyes, I ended up taking on all the load. While my team members earned high grades, they did not really know how the project had been put together.
The same thing applies to business. What happens to your business if all the decisions are centralised and you fall sick or have to take urgent leave? This is how promising businesses fall behind – something I have seen many times. You have to take charge, that’s for sure, but let your team members assume ownership as well.