We all know that it takes a lot of time and effort to start a new business and build it into a successful one. Some of us will make it to this point and finally confront the next challenge: how can I keep growing my business without being totally consumed by it? Most people won’t like the answer, because it means getting other people involved and losing the sole-proprietorship control.
Photo by Law_keven via Flickr
Many people will not be able to make this transition because they are afraid to lose control. After all, it’s inconceivable that anyone could do as good a job as you — the person who started it all. More importantly, this is your baby and it’s intolerable that you’d have to share “your precious” with anyone else; especially people who haven’t sweat and toil all these years. It would be devastating if your business meets its doom by someone else’s hands.
It is confusing and scary at this stage — and I don’t blame you! Letting go of your business is a scary thing to do. But consider the potential benefits:
You can only do so much by yourself, and it isn’t possible for your business to reach its potential if you have to do everything. There are many examples of garage entrepreneurs who became famous — one of the most recognizable being Bill Hewlett and Dave Packard. If Bill and Dave didn’t make this critical transition, where would Hewlett-Packard be?
Here’s a question I want you to think about: Would you prefer a 100% ownership in a $100,000 company or a 50% ownership in a $1 million company?
If you are one of the lucky few, your business will grow to the point where it’s overwhelming for you to manage alone. By giving up some control, you’re recouping a very valuable commodity called time. Time that you can use for whatever you want:
Are you at this difficult stage of your entrepreneurial journey? If so, congratulation. Now…are you ready to let go?