Some entrepreneurs make terrible CEOs. It’s a fact, and it’s a fact that you need to deal with when you start and build a business. What does it take to run a company, and are you up to the job? According to Sir Richard Branson, entrepreneurs shouldn’t be CEOs at all.
Branson’s advice to anyone who’s been building a business for three to five years is to hire someone else to run the company and handle all of the day-to-day details and tasks, and he makes a pretty great point. If you’re free to work from home (or wherever you happen to be) with the comfort and knowledge that everything is running smoothly at your company, you won’t be distracted from the big picture. If you don’t have employees and clients coming to you for approval and opinions on every daily decision, you’ll be able to spend your time focusing on building your brand and scaling your business.
Now, I don’t necessarily agree with Mr. Branson one hundred percent. I do think that some entrepreneurs make great CEOs and that they can focus best on growing their companies when they’re in the trenches with their employees and fully engaged with their brands. But not everyone works that way. So how can you tell whether you should be running your company or whether you should find someone to hand the reins to?
IT’S TOO PERSONAL
Do you find yourself taking on tasks that you know you should be delegating to your employees or contractors? Do you keep catching yourself thinking things like the old cliché, “If you want something done right, you have to do it yourself”? Behaving and thinking this way indicates that you take the day-to-day tasks and details of your company too personally.
If you can’t let go of small tasks that really aren’t up to a CEO’s pay grade, then you need to step down from the position and give it to someone who’s not as emotionally attached. This way you can put your love for your brand and your passion for your company to work where it counts—on the big picture and on growing your business.
YOU KEEP HAVING PROBLEMS WITH THE STAFF
Some people just are not cut out to be managers, and that’s okay, but you really need to recognize it and deal with it. Poor management can quickly run a business into the ground, and no amount of resources or capital can save it. Daymond knows this one from experience. He once funded a company that he thought would be worth millions, and poor management left him with a $6 million hole in his wallet.
That $6 million mistake taught Daymond a lot about building a start-up business. You have to be involved in building your brand and your business, but you do not necessarily have to be involved in running every aspect of it…as long as you know that you have someone qualified to do that for you. You can’t micromanage your business to success, but you also can’t just step away and expect it to run itself if you haven’t already put the work in and found the people to make it happen.
Where are you in the process of building your business? Are you ready to step away and let someone else be CEO? Give it some thought. The answer might surprise you.