I’ve seen it many times. Entrepreneurs that have the skills to start a new company don’t necessarily have the skills to grow that company. That inability eventually kills the company they started. An entrepreneur may not have the business skills needed for the next phase. As a friend said to me recently, “The same perspective and drive that gets things started can blind them to changing situations.”
I’ve been laid off as a result of this problem. So have my friends. It’s happening right now in companies I know: the founders are not necessarily the right people to take the company into the next stages. They hang on anyway (usually because they’ve sunk a lot of time, money and heart into their business).
I’m in awe of people like Mark Zuckerberg. He is remarkable for his ability to start out as a young programmer, and manage to see Facebook to the size it is today – to be the CEO through such incredible growth.
I reached out to Gary Coxe, a Business and Life Strategist to give his perspective on what gets business owners stuck and what to do about it.
ON MY MIND: How does a business owner ruin their own business once they get beyond a certain size? The ‘quirks’, and/or limited beliefs, that they hold on to limit the company’s growth and the success of those involved.
Today’s world of business is so fast moving a 3-year business plan will be obsolete in 3 months. If you don’t move and evolve fast, you’ll be swallowed up and lost in this quick-shifting economy.
With that being said, you need all the odds in your favor if you want to succeed. As a Business and Life Strategist, I constantly see the mistakes people are making that keep their business from growing. One major problem is that business owners often have a mindset and ‘quirks’ that they just won’t let go of. This hurts their business.
Never forget why you’re in business. A business is created for one reason and one reason only – to make a profit. All quirks and egos must be set aside to truly succeed. Here is perhaps the number one ‘quirk’ or limited belief that keeps a business from growing…
You Have to Do Everything Yourself
‘If you want something done right, then do it yourself’. Find me a business owner that thinks this way and I’ll show you business that will never grow to great levels. Thinking like this forces you to wear too many hats, and keeps you from hiring the right people, because you’re always going to micromanage, and never trust they can do a good job on their own.
I recently had a consulting session with a doctor from a popular TV show to help her grow her business. It was obvious in just the first few minutes of our conversation why she’s not meeting her financial goals. First, she thought too small, which kept her from using the latest technology in social media and the internet to grow her business. Secondly, and mostly dangerously, she wasn’t focused on her number one goal as a company owner – that was to be in business to make a profit.
Now, I’ll turn the tables over to you. What limited beliefs and/or quirks are you holding on to that keep your business from exploding? The answers, if you’re bold enough to discover them, might be painful to admit. You might think that you’re right in your justification of why you do what you do, but never forget what you are really doing. You’re hurting yourself, (and those working with you) financially, because it’s more important to you to be stuck in your own thinking than to make a profit and serve more people.
Make an inventory now of what your quirks might be. Get brave and ask someone who works closely with you if you really want the more accurate answers, but encourage them to be honest with you, and don’t punish them for doing so. Now, begin fixing these problems quickly. Focus on the real reason you’re in business and watch things grow, grow, grow!
About Gary Coxe
Gary Coxe is a Business and Life Strategist who serves as an advisor and consultant for business owners, CEOs, and many others.
His work has been seen or featured on The View, Inside Edition, Fox & Friends and regularly appears TV show The Doctors. Coxe is a highly sought out speaker, and author of books such as, “Don’t Let Others Rent Space In Your Head”. If you’re interested in having Gary work directly with you, and receiving a free consultation, go to: GaryCoxe.com/coachmefree and receiving his FREE daily success videos go to http://www.garycoxe.com