The One Thing Guaranteed To Fail Your Start Up

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Entrepreneurs are fireballs of energy. When an idea strikes, they get excited and cannot wait to get started on it. You all would remember those sleepless nights where you mentally made note of every nuances of how your business would be run and grown. And when you actually get started, you somehow end up trying to do it all- from marketing to product development to sales. The initial challenges would be fun and with every achievement you start realizing that you were simply born for this. But somewhere down the line, your work ceases to be exciting. Routine starts to kick in. Your energy is drained with daily mundane activities and you are unable to channelize your energy towards your strengths and revenue generating venues. If this is happening to you, it could well be the time to change. Your reluctance to delegate could mean the end of your venture.

Leo Laporte, the founder of TWiT network and host of The Tech Guy and This Week In Tech confesses– “ I tried to do it all by myself.” He explains that after a while, when his venture started to expand, there was a bottleneck situation as every decision used to pass through him. Though reluctant, he realized that and brought in a partner to his business to set the pace right.

Entrepreneurs have the drive to solve problems and innovate. That is what excites them rather than solving the same problem again and again. Richard Branson, the founder of Virgin group used to say that new projects excite him. But once it becomes a routine, he hands it over to his managers and seeks new pastures.

But then why are most entrepreneurs reluctant to delegate or outsource? Why are they obsessed with doing it all on their own?

Out of the numerous reasons for it, two of them are pretty common. First, it could be because you are a start up with a lean budget. When your financial resources are in a constraint, you have no other go than to do it all. This in fact is a precarious situation because now, rather than using your core-competencies to develop your venture and bring in revenues, you are sweating over some hanky-panky job. There is just one word for you- Outsource.

There are a number of freelancers out there vying for some job. And if you try offshore outsourcing, you can get the work done at dearth cheap rates. So, outsource as much as possible. You might have an initial resistance. What if my inside information goes out? What if I do not get the work on time? Well, all your doubts are valid. But if you choose not to outsource, you might exhaust your resources and fall flat in no time. So, weigh your risks and decide!

The second reason is much more complex. It is when you have the obsession to involve in everything that happens in your company and you think that a work simply does not attain perfection unless it has your magical touch. Simply put, you are a control freak and a micro manager. It could be difficult for such people to let go off their authority. But unfortunately, if you want to grow, you have no choice. In such cases, if you do not have much of a financial constraint, hire the best- be it your own employee or a freelancer. And start small. It could be a brochure design or a sales letter. But start delegating and slowly move on to delegate bigger responsibilities. And of course, when you delegate, delegate not just the task, but also the authority and responsibility. Very soon you will realize that you are not just a better entrepreneur, but also a better manager when you start delegating.

Every entrepreneur needs to master the art of delegation. You need to set up an eco system that does not fall apart if you go leave one fine day, for a leader’s role is not to create a herd but an empowered group of followers.

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