In the beginning, most of us are entrepreneurs who get excited, come up with ideas, move at ridiculous speeds, and break and fix things. It's a lot of fun because you literally make something out of nothing.
You will always need this personality type, as this is what forces you to innovate and ensure your next project is the best one yet. But, if you wear this entrepreneurial hat across all your business at all times, you have an issue because your finances, operations, and customer service require a different version of you.
As an investor, you must look into the finances and projections, and understand where you are now and in the future. You need to understand your cash flow and remove emotional decision-making from the table, so you make the "right" decisions that help you to continue your growth month-on-month. This is when you bring order into your business and lay the foundations for exponential growth.
When you transition into becoming a business owner, you create the processes, systems, and operations so your business can run without you. At this stage, most entrepreneurs have a mix of emotions because they like the idea of growing their business and regaining freedom and time, but they don't like the idea of letting go. But, let go you must. You must delegate. You must outsource. And you must not micro-manage.
As a CEO, you are the visionary who leads everyone else. You no longer do all the work, but everything depends on you managing and leading everyone else who does. The problem here is, leadership doesn't come naturally to most people. When you create a business out of nothing, you don't do so with a vision of leading an empire. It's you and a small team as you turn up each day to hustle, but you must reach a point where this is no longer the case, because few seven-figure businesses are built by hustling and breaking things.
Read the full article >