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Are You Still Driving or Do You Need to Take a Back Seat?

March 4, 2013

Daily ReadAre You Still Driving or Do You Need to Take a Back Seat?

An entrepreneur’s guidance, energy and enthusiasm are essential to jumpstarting business growth.  An entrepreneur can take a start-up, a collection of products or services, or a fledgling team and create a growing business. But once the business reaches a critical level of sustainability, an entrepreneur can also become an inhibitor to growth.  Here are 3 things to consider when deciding if it’s time to step back from your company:

1. Separate your ego from the business. Stop thinking about your own reputation and happiness as tied to the business. Be willing to let the business live or die, shrink or grow, and focus or expand based on financial and strategic decisions, rather than your own biases.

2. Take a long vacation. Test the business’s independence by taking yourself off the grid for at least two months. Allow the business to adapt to your absence and see how it thrives without you.

3.  Build it to sell.  Whether your intent is to sell the business or not, in order to position the business for growth, you must make it attractive to an outside party. If you refuse to consider a future sale, you will inherently guide the business toward your personal goals rather than the goals of the business.

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