Those that I have discussed my business with often respond with “Wow, it must be great to be your own boss.”
Though that is an upside of running your own business, do not be fooled by the glitz and glamour; there is a TON of responsibility both personally and, of course, legally. To address the stress that leaders face, let’s take a walk down Corporate Law Lane. Corporate law will vary country to country, though most will adhere to the director’s or officer’s fiduciary duties. Basically, these leaders must always work in the best interest of the company (over their own) and all actions are done so in loyalty to the company and in good faith.
Knowing the responsibilities that are associated with leading a business, we can begin to understand why, at times, it seems like executives are tightly-wound and stuck in their ways. Maybe because they kind of are. The responsibility and accountability factor has ingrained the need to proceed with caution on every decision, regardless of how miniscule or insignificant it may seem.
So, why is letting go so hard? In my experiences with leaders and entrepreneurs, many executives share the intrinsic motivation to create and develop an enterprise with high-quality offerings and processes in their respective field. The allure of joining a company that is decently established and offers a secure income and benefits pales in comparison to the nearly uncontrollable calling to establish an entity that serves the community and the market.
As a person who has worked and collaborated with executives and now is an executive in my own enterprise, let me be frank with you. If the bulk of your “work hours” (and the extra hours we all put in) are spent training people one-on-one or being the one to solve low-value activities, that is not sustainable. I know what you are thinking. Low-value activities? Trust me, I get the idea that everything that goes on under the literal or hypothetical roof of your business is of value to leadership. I am with you. I would add that true leadership consists of equipping your organization with the necessary tools to stand on its own two feet. Equipping your business for long-term success and succession is of the utmost importance.
“Equipping your business for long-term success and succession is of the utmost importance.”
Crafting a heritage is wildly important to us — so much so that it is in our company name. Part of leaving a lasting heritage is knowing when to let go and trusting everything will be done in good faith for the organization. Let’s put your voice on paper by creating quality documentation for your internal teams that provide guidelines and set the standards for the business, while leaving the conversation open for creativity and innovation.
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