You will agree me with me especially if you own business, or are planning to in the near future, be aware of the entrepreneur’s Dilemma.
Here is the scenario; You have this great idea for selling a new product or providing exceptional services. You visualize doing it better than everyone else, and of course you’re going to make great deal of money.
At the beginning, the main aim of the business is to find new customers on one hand and on the other hand to keep the ones you already have. Secondly, to make a fair profit. It should be understood that at the beginning many small business ventures are under-capitalized.
As a result of the above, you find someone wears several hats, mostly in the first year, and puts in long days and nights, with not much time for relaxing. However, It’s an exciting time, putting deals together, meeting potential clients and improving the products line or service.
As a foundation is built, people and systems are put in place to create stability. Slowly the entrepreneur becomes more involved in day-to-day administrative duties. Paperwork increases and what started out as an exciting venture becomes a daily routine with much more time spent putting out files, handling people problems, tax challenges and monthly cash flow.
Does this sound familiar to you? Well you’re not alone.This is very common situation. The dilemma is compounded because many entrepreneurs are controllers. They find it difficult to let go, to allow other people to carry the load. Delegation is not their strength, and of course they are emotionally attached to their business.
After all, they created it, weaned it and nurtured it. They understand every detail and, in their minds, nobody else can do these important everyday tasks as well as they can.
This is the ultimate catch.There more opportunities on the horizon, and bigger deals to close, but you can’t get to them because you’re stuck with day-to-day routine. It’s frustrating. So you think “May be if I work harder and take a time management course, I can handle everything.” This won’t help.
Working harder and long hours will not solve your dilemma. What is the answer? Here it is in one sentence: YOU MUST INVEST MOST OF YOUR TIME EVERY WEEK DOING WHAT YOU DO BEST, AND LET OTHERS DO WHAT THEY DO BEST.
Seth Simon Mwakitalu
Entrepreneurship Consultant and Lifestyle Trainer
Tel: +255 754 441325 or +255 714 051174