I find as a business owner, it is important that you know your role; are a leader? Remember: it’s your idea, your vision, and your company. So be a leader and tell your story your vision and share it with everyone. So often I find entrepreneurs get stuck in management. They feel they need to do everything themselves, and it’s the hardest habit or temptation to break away from. Follow these four tips and lead – don’t manage.
Entrepreneurs are not managers. You do not want to be both, and you cannot be both if you want your business to succeed.
So many people get this all confused, and it’s a fundamental problem when starting, growing, and running a business. Entrepreneurs create change; managers make sure the change happens. It is impossible to do both well.
As a leader, your focus is to create a vision. Know the end game, and share that vision with your team, investors, bankers and even your customers. But don’t attempt to put it into practice yourself. Managers are specialists, and leaders are generalists – we’re not wired for details. Everyone has made the mistake.
If you are honest about your own strengths and weaknesses you can recruit people, with skill sets you don’t have, to pick up the details and run with your idea.
The other part of your time should be spent finding good people to manage operations. Managers make your life easy. You give them the plan; they make it happen.
Management and leadership are both important. In fact, they go hand in hand, but they are two separate functions, carried out by different people. In a business, there should be one leader, many managers, and a healthy team. Managers will work 24/7 for you if they believe in and trust you. No, we don’t fly to the moon alone. We need help. Without loyal troops, leaders would be incapable of realising their visions.
Managers implement systems. They execute and try to improve efficiency in service and production. Good managers get the most out of people and processes. Managers make your life easy. You give them the plan; they make it happen. Entrepreneurs design. Managers build.
As a leader, you need to be good at finding the right people to do the job. Know what the picture is meant to look like and where you want to get to, but don’t sweat the detail. That’s not your job as a leader.
Once you’ve created your dream team, have regular meetings with your managers to make sure they are doing their jobs. You need to keep sharing the vision with your management team, and you must stay aware of what is happening in the team – both good and bad. As a leader you need to keep your managers motivated to do the nitty gritty work so that you can remain focused on the global view.
I’m a seasoned start-up entrepreneur and property financier who built built businesses worth over 200 million. Since 1992, I helped start a bank credit department, founded a mortgage company, and built the largest single-branded real estate company across five countries in Central Europe. I also developed a portfolio of shopping centers and hypermarkets in Eastern Europe, constructing over two million square feet of retail space.
Today I am involved in the entrepreneur community, trying to share what I’ve learned and I serve as a mentor for startups.
I have authored a new business startup report called “How To Start A Business”. This shows you how to find, enter and profit immediately from a high demand market with virtually no competition… what I call a Blue-Sky Market!
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Blue-Sky Markets are all around us. You just have to know where to look and have the courage to do things a little different.
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