5 Questions for Entrepreneurs with Growing Businesses

Entrepreneurs open businesses because they are good at what they do. They have an idea, a skill, a product, or a service that is excellent and they build on that. Founding a new business, however, is a very different proposition than leading an increasingly-complex business. Entrepreneur-business owners often find themselves struggling and frustrated at the very moment their companies are growing well.

The specific reasons for this are many and varied. For example, a business owner might have been comfortable leading a team of five, but not understand how to lead a team of fifty. They might not be able to stay on top of complicated supply chains. They may not have the time or expertise to manage the IT needs of the company. It all boils down to this: the business has outgrown their ability to know everything and do everything.

5 Questions for Greater Clarity

If this describes where you are as an entrepreneur-business owner, then something has to change or you and your business will suffer. The change may involve your role, your responsibilities, or both. To determine what needs to change, you need clarity around five key questions.

The first question is “What do I do well?” Obviously, as the founder of the business, you are great at “making widgets” – that is, the product or service your business offers. But beyond that, what do you do well within the business? Are you a skilled salesperson? Phenomenal at problem-solving? A financial wizard? An excellent communicator? A terrific team-builder?

The second question is the opposite of the first: “What do I not do well?” You may need to put your ego on hold to answer this question honestly. Perhaps you do not excel at handling IT- or HR-related issues or some other functional task. Maybe you overlook opportunities or ignore obstacles. It is possible that you avoid collaboration because you feel too pressed for time to make the space for discussion and dialogue.

Third, ask yourself, “What do I most want to be doing in the business?” Recognizing that there are limitations – limitations in your abilities, in your knowledge, in your time, and in your energy – what do you most want to be doing? What do you enjoy and find fulfillment in? Perhaps you would simply like to make widgets. Or you might want to step away from making widgets completely so you can focus your attention on growing your business. You could prefer to concentrate on certain aspects of the business while letting go of others.

The fourth question draws upon your answers to the first three. It is, “Where do I bring the greatest value to the business?” The intersection of what you do well and what you want to do most will give you a good idea of where you deliver the greatest value. You and your business will thrive when you apply your time and energy to where your expertise and your passion come together.

The final question is the action step: “What changes do I need to make?” Up until now, you have been trying to “do it all,” which is an impossible weight to carry. Based on your answer to the previous question, decide what needs to change. It may be as straightforward as delegating some of your responsibilities to other team members. It could be as radical as stepping down as president of your company.

Tips for Achieving Clarity

To get clarity around these five questions, it is helpful to:

• Get away from the office. It is next to impossible to answer these five questions when interrupted by emails, text messages, phone calls, meetings, and the demands of the average work day. Instead, go where you have time and space to think without distractions.

• Ask others for feedback. Ask your leadership team, your peers (such as other business owners), and your family and friends for their input and insights into these questions. You will have to emphasize that you want people to be open and honest, especially to those who work for you, since people are often hesitant to give “constructive criticism.”

• Be patient and persevere. Clarity is not achieved in a single hour or a single day. You will need time to think through things on your own, gather feedback from others, process the information privately, and discuss it as a leadership team in order to decide what and where changes need to be made.

Also, remember not to take things personally. Acknowledging to yourself or hearing from people that you can’t do it all and that you are better at certain things than others isn’t easy, but don’t take it as an insult or injury to your ego. Having limitations is part of being human.

Freedom through Clarity

When you gain clarity about your optimal role and responsibilities within your company and act upon those insights, you will experience tremendous freedom. The burden of having to know everything and do everything will roll off your shoulders. You will be able to celebrate the achievement that your business has outgrown you, rather than feeling crushed by its size and complexity. You will be positioned to pour your time and energy into what excites you the most and drives the maximum value for your company. Above all, you and your leadership team will be positioned to attain and sustain even greater success as a business.