According to the U.S. Small Business Administration (SBA), the nation’s number of small businesses has grown 49 percent since 1982. This means more and more people are leaving the traditional workforce to create their own companies. Instead of carrying out someone else’s goals, they’re turning their visions into a working entity.
But in order to fulfill this dream, the SBA advises aspiring owners to create a clear business plan that includes:
- A compelling story about your business;
- Specific objectives and goals with general parameters to guide the organization;
- Logic and discipline; and
- Regular updates.
Still, succeeding as a small business requires more than just a general plan. Michael E. Gerber, author of The E-Myth Revisited, believes 3 active roles must be integrated into the small business for it to work:
- A Visionary: This person must establish the business’ goals.
- A Manager: This leader is in charge of enforcing logic and discipline rules.
- A Technician: This worker must perform the skill of the business.
While it’s always smart to examine the components that make a small business function well in the ideal world, the reality may be far different. For example, as the business owner, you might easily feel more frustrated than you ever did as an employee. This could be because you’re now forced into the roles of Manager and Visionary, but you’re unqualified for either job.
Gerber identifies this conflict as something that happens when a business founder is really a technician at heart and doesn’t have an entrepreneur’s outlook. That can be a terrible problem and may lead to major conflicts deriving from one, simple thing: ignorance. When you’re in an essential position that is beyond your normal capacity, your business could seriously suffer.
As a commercial attorney, I’ve seen this troubling cycle happen over and over again to business owners with the best of intentions. But there is hope for reversing these unwise abdication practices. The “cure” is to create a competent, professional support system and then delegate work without giving up the responsibility of running your company.
You can’t do everything to operate this business. That’s why hiring talented people to carry out your vision is key. But don’t disappear. You still need to be involved in all aspects of your business to help it thrive. With an open mind and a willingness to trust good employees, you’re on your way to success.