From Entrepreneur to Professional
Posted by
Ron Price on Tuesday, June 17, 2008 at 1:56 PM
Categories:
Leadership Development,
Executive Coaching,
Performance
I met with a great company this morning that is growing by leaps and bounds (who says there is a recession going on?) This company was started close to 10 years ago and they will generate revenue in excess of $100 million this year. The key to their success is also the greatest challenge they now face.
In the beginning stages, most companies succeed or fail based on the vision, passion and will-power of an entrepreneur. If they succeed the early years and grow, this same energy that was the key to survival can easily become the greatest limitation to continued growth. The problem: dynamic entrepreneurs can only carry the company so far and eventually the weight of their success begins to wear them out, or build a prison of their own making. The business depends on their decisions, their active involvement, and their motivation to continue its success. The problem is that growth creates more work and demand for decision making, energy and discipline than one person can provide. Initially, entrepreneurs work to solve this by adding “administrative assistants,” even when they give them titles like Vice President or Operations Manager. The title might sound like a decision maker, but the reality is that important decisions are still made by a solo practitioner at the top.
Smart entrepreneurs recognize this challenge and begin re-thinking their leadership role. They nurture others to take responsibility for performance, they learn to identify and develop leadership talent and they begin shifting their focus toward creating future success through wisdom and talents of others. They empower professional managers to build infrastructure, create systems and develop plans, all while avoiding a new set of organizational dangers; complacency, entitlement and bureaucracy.
It is a challenging journey, but many have successfully navigated this transition to a more professional, stable management style while not losing the energy, passion and uniqueness that brought their early success. The company I visited today is struggling with these realities and carefully laying the foundation for the next generation of success.
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