Master of Your Own Universe
Among the big drivers for many first-time entrepreneurs is being in charge.
I’m doing it my way! I’m going to be The (Wo)Man! I’m the master of my own universe!
If you’re a first-time entrepreneur, being in charge raises 2 great BIG issues.
Issue #1. Because you’re a first-time entrepreneur, there are a ton of things you don’t know. This is a major hurdle! Do not let it trip you up. It’s AOK to not know everything, but it is not OK to compensate for it.
How can an entrepreneur overcome his or her weak areas?
Hire people who have the skills and information that you lack.
Utilize advisors who know what you need to learn.
Work with investors and lenders who provide more than money.
If you cannot do first-rate financial modeling, find someone who can.
If you cannot do a realistic assessment of the marketplace, ditto.
Issue #2. Just like you, your company’s employees don’t want a know-it-all boss. Hire an experienced, smart team and empower them. Take a seminar in how to be an effective leader. It’s not a skill that most of us are born with. You want to be much better than the boss you hated, don’t you?