Many entrepreneurs are motivated to begin the company formation process, by the thrill of seeing their beloved concept turn into a resounding success. But what about when that happens? Regardless of what the media would like us to believe, most entrepreneurs do not welcome the thought of spending all their time on a golf course, while some hired Director decides the fate of their business dream. Indeed, relinquishing control and delegating responsibility can be an extremely difficult thing for a business owner to do. And yet it is vital that they do so if they wish to establish a long term role in a quickly evolving company. In the first part of these posts on this topic, we review the problems many entrepreneurs who formed a successful company face when their business begins to grow beyond their leadership skills.
Regardless of whether you are a small hairdressing firm or multi-national conglomerate, when other people begin to exert their power in the decision making process of your business it is clear that conflict will – at some level – occur. Rest assured you are not alone; some of the most successful companies in the history of British entrepreneurship have experienced difficulties when they are forced to recognise that the company they have worked hard to form has evolved past their strategic and management skills. And though business is business and it is understandable that many business owners decide to sell up and move on – what do you do if you wish to maintain your role? How do you relinquish control without giving up power? In tomorrow’s post we consider some examples of how various business owners have done just that and give you some practical advice on how you can do the same with your company.