The small business field is swimming with sharks and crocodiles. Young hungry and fresh talent ready to whip up a storm and change the way we consume and live. Lifestyles change when there is a technology, product and or service that is so captivating, it literally brings humanity forward. That’s the name of the game in the end though, to take giant leaps and see what the future can bring to the present day. At the depths of our triumphs and failures, we’re trying to make life better. We try to understand it and ourselves simultaneously. That’s the essence of business; products and services that make the world spin a little more smoothly. Considering these are the particles of our essence, it’s troubling to some to think of themselves as their own worst enemy. Here you are waking up early, going to sleep late and repeating this cycle and now you have to question whether you’re doing it right. Are you doing your dream justice in the way you behave and the way you go about running your business? Sometimes it’s a noble deed, to voluntarily take a back seat in your very own company.
Source Clydell Kinchen
Getting out of your own way
In your mind, you carried the idea and the ideals of what you wanted to achieve. The techniques and methods that you saw work and collapse around you via other people in similar situations were all stored in your mind. Like a fetus, you gave your business plan time to flesh out, time to expand and grow without forcing it out too early. It was painful labor to finally get everything in motion, the wheels turning, the legal paperwork all signed and sealed to begin trading and selling. Never in any other field of work, has something touched the souls of millions and millions of people as starting your own business has. It’s your child effectively; it’s what you once laid awake at night imagining what it would be like.
Unfortunately, you may have the vision but lack the skills it takes to securely run the business and or improve it. That’s why it’s very sensible to not gamble with success and drop your ego when it comes to a leadership role on the front line. Instead, hire an experienced CEO to run the business from the headquarters. Of course, you’re still the founder and owner, but the major decisions from day to day will be made by you and executed by the CEO. Many large companies have this kind of system as it’s simply more profitable and increases the chance of survival when a leader at ground level who is more suited to covering all bases, runs the show.
From sole to separate
Flash and brash, rivals to your company, are popping out of nowhere as if they were commanded by quantum physics. As long as you’re a small business that is still in its grassroots phase, you’re in a weak position. Your products and services may be great, but your operating styles are greatly hindered as you’re a sole trader. What this means is you take the brunt of any fall. It could be financial such as the debt the business has run up, the value of the guarantees made such as fulfilling warranties and refunds, and the legal obligations that allow the cogs to spin behind the scenes.
If you’re a sole trader, you are personally liable by law for any errors that cause damages whether it be monetary or physical. Separating from you like the person, your business can take on more risk and thus innovate with the shackles released. Receiving company formation service is quite easy nowadays. It’s a common go-to practice that all businesses of any size are urged to take. Essentially, it’s wise to offload the risk onto the business itself rather than keep it on your shoulders. Of course, the total risk is not lifted as with regards to corruption and illegal activity will ultimately cause the law to find your responsible. However, by taking on limited liability, you as the owner will not be held to account to every customer you do business with. The people who will matter are the shareholders as you must generate profit in return for the continued financial support. In a way, it’s like holding a bright-colored cloth in front of a charging bull, so it switches targets to it and avoids splattering you.
Not everyone’s a smooth talker
Pitching is the art of selling to an audience by gaining their trust not necessarily in the product or business, but you personally. Someone who gets up on stage introduces themselves in a manner that isn’t cliche and stereotypical, then forms layers of trust is a very rare specimen indeed. Not everyone has these skills to just communicate with total strangers on a deeper level as if they have been friends for a while. It’s understandable to want to do this yourself as it’s you who by sheer will and determination got the ball rolling to start your business. So if you lack these skills and you know you’re not the best person to being doing a presentation, pitching to an audience full of investors, are you really working toward your aims wholeheartedly?
Too much self-confidence will lead you by the hand into deep waters and ego will plunge your head under. Being your own worst enemy at such a crucial time of trying to garner interest and hopefully prolong and chase your dreams due to investment funds, is self-sabotage of the most tragic kind. It’s very easy to think your passion cannot be matched and maybe that’s true. But there are people who are smooth talkers and have the people skills to convey the emotion and passion you have far better to the audience. Someone in your inner circle in the business, such as manager, executive board member, even a current investor, are great candidates to choose from to give such pitches. Captivating another professional who knows the industry like the back of their hand is what leads to a resonation within them to build their own emotional bridge to your hopes and dreams. If there is someone in your company that can do this, take a back seat and allow them to shine.
The young and hungry will find it difficult to reign in their emotions, and this can cause clouds to form in front of your logical mind. Making mistakes and overshooting or missing your targets will become frequent at the cost of time and money. But experience shows in many ways, and one definite characteristic of being humble, cool and calm is knowing when to butt out for the greater good. Having great one on one skills is fine but when you’re up in front of strangers who are judging you, and you’re against the clock, not being able to sell the glasses off of their own faces could mean crashing and burning. Riding your canoe with pride is one thing, but when it tips over, if you’re unable to become two separate entities, you will drown. Take this concept and apply it to the formation of your company. Limiting liabilities frees you up, diminishing risk and increasing flexibility. Not everyone has the spirit of a wolf inside them, so don’t take having the materials to be a CEO for granted. Being the leader of the pack doesn’t always mean having these three letters in front of your name. Sending your best to maintain things on the ground when you know you’re not capable of spinning multiple plates, can actually save you from going under. No man can float at sea, on his ego.