Entrepreneurs and the growth of business

The [tag]growth[/tag] certainly puts strains on all aspects of your [tag]business[/tag]. Hiring more staff, expanding the resources necessary to support new customers, managing [tag]cash flow[/tag], building new systems to support your business, and so forth all take time and attention. If you do not get these issues taken care of properly, your business can suffer or even fail.
This is said by Jeff Cornwall in his blog The Entrepreneurial Mind.

I believe these are wellknown issues for [tag]entrepreneurs[/tag] but very few know what to do about them. My advice used to be that the entrepreneurs should listen to advice, either through a good board or even better through an [tag]Advisory Board[/tag] signed up with three qualified persons.

Anyhow there are, according to Jeff Cornwall, some common issues that entrepreneurs wrestle with as their business grows:

Delegation: Your “baby” is now a “teenager” ready for more independence. If you don’t begin to let go, you business may never successfully move into its next stage of development.

“My company just isn’t the same as it used to be”. Be deliberate about the culture you intend and think about how each action you take over time can effect this culture.

“So just what is a CEO supposed to do, anyway?”. It may even feel a bit awkward at some point, but you have to establish what your role will be as the CEO.

The Fear of the Unknown: Moving from hands-on to strategic. As some point in the growth of the business, the entrepreneur begins to move away from the hands-on part of what they company does.

“How come everyone keeps forgetting this is still my company (sometimes, including me)?”. Remember: it is your business!
[tags]coaching [/tags]

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