Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company.

One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out this critical piece of analysis, you should begin to try to surround yourself with others who you delegate the things you aren’t good at and you don’t like to do.

Here a few tips to consider when trying to figure out what your role is as the owner of a start up.

    1. Your PassionWith the thousands of successful business owners I have known and worked with over the years, the very best of entrepreneurs are the ones who define their role by their passion.  If you are excited about what you are doing every day, the people you hire that work for you will feel that energy through the organization until it becomes infectious.
    2. Your Skills- You have had both formal schooling as well as informal training through odd jobs over your life.   Think about the courses in school that you excelled at the most and why you did very well in those classes.  Think about the jobs where you wanted to work overtime because you loved what you were doing and you were successful in the tasks that were given to you.  It is important that you maximize your strengths.
    3. Your Vision- Your role within your new entrepreneurial venture should always be focused around the bulls eye of your company.  If you had a target to shoot at with a bulls eye in the middle, what words or goals would be written on that bulls eye?  It is important that your energy gets focused on the things that drive the vision of where you want to be in 1, 3, or 5 years.

This is part three of a ten part series on entrepreneurship.   Many owners try to be a jack of all trades and sink the ship on their new company by not focusing on what matters most.  Know your role!

Entrepreneur SeriesLesson 1 – Being Undercapitalized , Lesson 2 – Incorrectly Pricing Your Product Or Service

Written by:
Ted Jenkin

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About the author  ⁄ Ted Jenkin @ Your Smart Money Moves

Ted Jenkin @ Your Smart Money Moves

Hey!

My friends and family all think I’m a workaholic, but I say I’m just a guy that loves to help people do better in life.

My mother is still the only one that calls me by my real name Theodore Michael, my wife calls me Teddy, but for the rest of you it is just plain old Ted.

Ever since I was a little kid, I always loved money and being an entrepreneur. In fact, I still have cassette tapes of me talking to my grandmother at the age of five and my mother tells me all the time how much I played with money as a kid...

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Ted Jenkin is a frequent guest columnist for the Wall Street Journal and Headline News Weekend Express. He is the co-CEO of oXYGen Financial. You can follow him on LinkedIn @ www.linkedin.com/in/theceoadvisor or on Twitter @tedjenkin.

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9 Comments

  • July 2, 2011

    I agree. We need to stick to what we know and let others do things that they have a talent for. Too many times we wear ourselves thin, trying to do everything. The best advice I ever heard was focus on the task that brings in money.

  • June 28, 2013

    As much as entrepreneurs we get attached to our business, we definitely need to delegate more. It can’t be stressed enough. I think to an extent we should think of the business and how it would run without us doing every other thing. It also allows us to focus on the bigger picture!

  • Ted Jenkin @ Your Smart Money Moves
    June 29, 2013

    So true. How do you remove yourself from the equation? I’ve always asked myself, if I were gone for a month could the business still run? Thanks for the note.

  • June 30, 2013

    This makes sense. The people I trust the most are those who are willing to admit they don’t have all the answers. If you run a business you have to be willing to admit your shortcomings. I think this self reflection is a key to success in any business.

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