Entrepreneurs all have the same illness, Control! Like it or not we walk around thinking the businesses we have are ours and no one should tell us what to do. I am currently sitting in an entrepreneurship class and it has been an interesting experience seeing the resistance to the concepts of corporate governance. Corporate governance means having a board or group of people that will help in the strategy of the business. These facilitators provide checks and balances in the company and help attract investors. Imagine the response when it was realized that these checks and balances would also apply to how we use money in the business. We may complain right left and center about the hardship of running a business but we like being in control. Especially if we proudly carry the title of Founder.
A business is supposed to work for you, right? If you want to take an unplanned holiday on the company then so be it. Sadly, this case only applies if the financial purpose of the business is to sustain or enhance your lifestyle. Only if, you are not planning on selling it or passing it over to others to run and you don’t see it going any further than that. However, if there is a bigger picture we really have to face and deal with our misplaced need to control.
How do you start letting go in order to grow?
You have got to see yourself as separate from the business. “My business and I are one and the same” is a common Kenyan phrase and belief. It is often seen with how we manage money. There are many business owners that do not have a separate bank account. Even those that do, still treat the company account as their own. In our Centonomy classes, several business owners have admitted that they consider company funds to be their emergency fund, holiday money, school fess account and anything that comes up in between. Most entrepreneurs do not pay themselves a salary and therefore just become in disciplined and withdraw business money whenever. If your personal financial life is completely merged with your business, you will not want to give up control. I’ve said this countless times, separate your finances. You have personal needs and financial goals outside the business. The mindset shift here is that the business is being set up to serve needs that are not just about you today but for generations after you.
Start by letting go internally. Many entrepreneurs do carry the fear that nobody else can do what they do. Nobody else can speak to the customer, pitch, talk to the bank as well as they do. It starts with our own teams inside the business. If you speak to the people who work with you, you will realise that they want to do more but don’t have leeway at the moment. Trying to do everything will leave you burnt out and stressed all the time. As the business grows, you tend to load on more responsibilities without realising it. The business then becomes an extension of what you personally can do rather than what the entire vehicle can achieve. Many times we are the one’s holding down the potential of others and over burdening ourselves. You only have so much energy and only so many hours in a day.
You are not the only one that can execute it!
This is really big thinking which this class introduces us to. You may have the vision but it does not necessarily mean that you are the one or only one to execute it. You may not have the skills, energy or simply what it takes for your business to grow to the next level. There are very many successful companies where the founder has stepped away from the CEO role or organised his/her role to accommodate strengths other people. The vision of the business is much more important than holding on to your role in the business and the sense of status or satisfaction it brings you. If your personal view of success is merged with the business you will not want to give up control.
Let go and grow.
Waceke runs programs on Entrepreneurship and Personal Finance Management, registration is currently open and ongoing through our website centonomy.com For more information get in touch with her through waceken@centonomy.com /Facebook-Waceke Nduati /Tweet @cekenduati