Entrepreneurs are ambitious people. When we see a problem, we want to be the one to fix it. But it doesn’t always work. To use a baseball analogy, if you’re trying to cover all the bases by yourself, you’re going to give up a lot of runs. Learning how to delegate and build an effective team around my vision has been one of the most important lessons I’ve learned in my career.
When I tried to do everything myself with my first companies, a lot of things began to slip. I was stressed and didn’t manage my time effectively. The result: both my performance and, more importantly, the company’s performance were affected.
Since those early days, I’ve increasingly relied on delegating responsibilities. Right now I’m in the soft-launch stage for two new companies. I understand that I can’t handle all of the aspects of these companies by myself. That’s why I’ve built teams around me to help launch and grow the new businesses. This way I can focus on the strategy, financing, and marketing aspects of the companies. I’m doing what I enjoy and adding value by focusing on the areas in which I excel.
If an entrepreneur wants to be successful, I believe that person has to delegate to a team. As I mentioned in a previous post about building teams, it all starts with the following question: What skills do I lack?
You have to be honest with yourself and the answer to that question is going to help you identify the roles you must fill. At the very least, I recommend you get a good lawyer, accountant, and banker. These people can help you protect your company, ensure its viability, and finance your idea. You also may realize that you’re lacking other skills instead, such as marketing or sales. Look for professionals who have the skill set you need and have experience and/or connections in your target markets.
If money is tight — and it often is when a business first launches — consider offering some equity for services or barter with others who have skills that you need on your team. If you’re hesitant to hire someone as a fulltime employee, consider an independent contractor relationship. For example, when I was running GetLoaded.com, we required a lot of data-entry so I hired several data-entry people who worked as independent contractors. They could work remotely and I saved money through this arrangement. I explored the role of independent contractors in a post from July and recommend you review it if you want to pursue this approach.
Ultimately, the importance of delegating tasks comes down to helping make your company successful. When you don’t delegate, you waste time and don’t stay focused on your primary responsibilities. This isn’t just an issue for entrepreneurs, either. A recent article in the Harvard Business Review reported on a simple solution for how we can become more productive: delegate tasks. Researchers found that knowledge workers spend 41% of their time on discretionary activities that offer little personal satisfaction and could be handled competently by others.
The message is clear for entrepreneurs and it’s a message I’ve taken to heart. Don’t be afraid to delegate tasks because you can’t do it all yourself.
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