Too many small business owners do everything in their company instead of leveraging their staff. In a sense, their business owns them more than they own it!
On the Small Business Radio Show, I talked to Mike Michalowicz about how entrepreneurs can get their businesses to run without them doing everything. He currently leads two new multi-million-dollar ventures, as he tests his latest business research for his books. He is a former small business columnist for The Wall Street Journal and business makeover specialist on MSNBC. Mike is a popular main stage keynote speaker on innovative entrepreneurial topics; and is the author of “Get Different”, “Fix This Next”, “Profit First”, “Surge”, “The Pumpkin Plan” and “The Toilet Paper Entrepreneur”. Simon Sinek said about Mike that “if there was ever a patron saint for entrepreneurs, he would be a top contender.” He has just released a revised version of “Clockwork, Revised and Expanded: Design Your Business to Run”.
Mike says too many business owners make the business all about them; “only 14% of the population will ever attempt to start a company. It takes a lot of courage since success is so low. But then these owners start thinking, if I can start a business, then I can do everything in it. You might be able to do everything, but not everything well. You need to have the courage to give responsibilities to other people.”
He adds that unfortunately in business, we only recognize action; “people talk about hustle and grind. We don’t reward thought enough, only action. This paradigm needs to change to value thinking before taking action.”
Mike also insists we should stop call ourselves entrepreneurs and instead think of ourselves as shareholders; “a shareholder means someone that gets profit from the business, and who gives strategic advice to the company. But then the team does a lot of the work to operate the business. That’s you! Even if you are alone in your company, you do have a team around you- clients and vendors. To hire your first person, it should be a personal assistant so you can learn how to delegate. “
Pinpointing the critical function your business must master is the best way to avoid mediocrity. Mike explains that “you need to identify the Queen Bee Role (QBR) by prioritizing the most important task. In business, what one thing do need to do that most defines your company. What are you basing your reputation on?”
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