The downturn in our economy and loss of jobs has spawned many new and diverse small business ventures.
some are going to blossom into spectacular successes. Other will survive, but just barely and many others will fail.
When a business first starts, it concentrates on generating business. It survives on the adrenaline rush that most new businesses experience. Planning and an attempt at managing the enterprise are usually implemented to solve an immediate crisis.
An employee or two may be added, but seldom is an organizational chart developed to clearly show them their area of responsibility, and how it fits into the firm’s overall plan.
With fast growth and initial success, the founder may feel that he is in complete control. After all, the founder brought the new business to its current position.
Now comes the hurt: the founder made things happen, that is the main strength of many entrepreneurs. The truth is that many entrepreneurs are good at making things happen, but not so good at setting a management system in place to provide a solid foundation for continued growth.
The hurt is having to let go of the management hat and allowing someone else with formal management training to take over. It really becomes a “win win” situation. The founder can continue making things happen with the assurance that the management is well taken care of.
Before everything else, getting ready is the key to success.