Some entrepreneurs have a team in place prior to fully planning the venture. Others wait until the business plan is complete. Still others wait until the business has launched to bring others on board. Because of this variance, I’ve decided now is as good of time as any to discuss one of your most influential team members, the manager (CEO, COO, whatever name you prefer to use).
Your first question may be, “Why do I need to choose a manager? I’m starting the venture. I will be the manager.” That will be great…if you’re the right person. If you are used to running highly stable companies, you may not be ready to handle the potential growth of a start-up. If you are a serial entrepreneur well versed in start-up management, you may not be well-equipped to handle a business after growth levels out. If you don’t get the right people on the bus, you have no hope for success regardless of the value of your product.
Your next question may be, “If I’m not the manager, will I have to give up my control?” To some extent, if you are not the chief manager of the company; you will have to abdicate some control. But think of it this way, you have identified your strengths. If management isn’t one of them, you have made a good decision ceding control to someone else. You can go on and shine in another part of this business, while maintaining the faith that your baby (company) is in good hands.
Running a successful business is all about finding your strengths. In this case, it’s about identifying the right manager. In other cases, it may be realizing when you need to give up a part of your business; so you can focus on leading, as we can see in the case of the Phoenix Real Estate Guy, a brilliant business man and my uncle.