Entrepreneurs are talented people who can typically handle a multitude of different tasks and responsibilities at once.

Everyone has limits, however, and the requirements of running your own business can quickly become overwhelming mentally, emotionally and physically. While talented and passionate entrepreneur may be able to wear many hats while starting a business, as the business grows, it often requires entrepreneurs to take on the humbling task of seeking help -- and it starts by admitting to yourself two things.

1. You can't do everything.

Early in my businesses, I was convinced that I had the talent to run a business with minimal outside help. I had the education, training, experience, and plenty of talented mentors. Why would I hire someone to do something I already knew how to do?

Unfortunately, while I may understand what it takes to run the various parts of the business, there is absolutely no way to serve all of them effectively while also pursuing growth.

More importantly, while I may have had experience and knowledge in various business disciplines, there were certainly others with more experience and understanding who could ultimately serve these functions better.

I remember the first manager I hired. It took some time to get used to handing the reigns of the business over -- like passing a vulnerable, small child over to the arms of an awaiting stranger. This would be tough for anyone, but guess what? The baby survived, and because we had great mechanisms in place and had selected a decent manager, there was very little to worry about.

In the end, you need to understand that while the business continues to grow and mature, you need to stay focused on the vision and strategy execution and trust those in the business to manage it. To distract from these priorities would be cheating yourself, the business and its stakeholders.

2. You don't know everything.

Confidence is a crucial element to entrepreneurship. Without stimulus, however, confidence can quickly turn into a dangerous state of homeostasis.

To create a successful and sustainable business these days requires that you are on top of your business game. Because business changes so rapidly, this requires that you focus on personal continuous improvement, developing habits that encourage self reflection and individual development.

A few years ago, my company partnered with another business that had a fantastic technology product. The family-run business even had a successful appearance on Shark Tank. Because we were so focused on marketing and distribution -- and not staying attuned to the changing innovation -- we completely missed the mobile phone and app technology that seeped in and made our technology obsolete.

Admitting these two truths is never easy for entrepreneurs, especially those who steam ahead on the power of pride. Pride alone, however, will not get you to the finish line. Instead, it requires an honest assessment of your strengths and weaknesses -- and the willingness to act on them.

Published on: Jul 18, 2017
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