You got an idea.
You took steps to implement that idea.
And now you’re running a business of one or more people. You’re shouldering responsibilities to yourself, staff, family, and banker. Depending upon the type, size, and form of the business, that responsibility could also include suppliers, partners, lenders, and potential shareholders. Yes, you’ve got responsibilities. Money is flowing, and growth is seen, which justifies you working long hours to keep things that way.
After all, if you’re following tradition, you’re in business to make money. We all are – aren’t we? So, the day starts, and before you know it, the day ends. Where has all the time gone? That is the usual question we pose when we look up and realize the sun has set and we’re still at our desk. More so, we probably have one or two more tasks to complete before we feel we can leave that desk.
The strong foundation of a business starts with the creation of three team tiers. The first tier I call the Oversight Team. This team will have deep business knowledge and connections. The second tier I call the Vision Team, and the third tier I call the Execution Team. The Vision Team dreams life into the business. They are centered and contained by the other teams who support the business with structure, which includes strategy and tactics. These strategies and tactics give the business and the Vision Team discipline. They can continue to source inspiration, perculate ideas, explore opportunities, and innovate. The Execution Team knows how to get things done. They are hands-on tacticians, creative, and will have the specialized knowledge required to implement what is needed.
Business school teachings formalize traditional approaches to running a company. Except that entrepreneurs who form ideas and run with those ideas to make money are not necessarily doing so with Harvard Business School in their back pocket. Perhaps some are, but I believe most are hustling, attending some webinars, or listening to podcasts and are winging it to start but have the amazing spirit of figuring it out along the way. Those who are persistent end up with a running business, having some level of cash flow, long working hours, and company responsibilities that do not afford them much “me time” or time to instill sustainable structures. More so, as long as the money flows, many do not or cannot stop to see that they are at risk. That means when unforeseen things arise, like a pandemic, the weak foundations come to light and, as we have seen, many crumble. Shows such as Shark Tank have built their popularity on the very entrepreneurs I’m writing about here.
I champion that entrepreneurial spirit, except for the one reality within it. Family, money, lifestyle, and health are at risk. Money flowing does not mean that risk is managed. You must use the money flowing in to create the necessary sustainability. You must use the money flowing in to give you breathing room for more ideology. You must use the money flowing in to create more flow.