Everybody says they want an “entrepreneurial company.” Not me. I want to own a corporation full of the most intelligent minds in my field, united in the goal of bettering the lives of not just our clients and ourselves, but also the lives of those we touch.
At some point or another, entrepreneurial companies must become corporate or the disorganization and confusion amongst the employees in the company eventually leads to its downfall.
At one point in my career, I thought that if our company consistently had “think tanks” where everyone discussed other businesses we can go in, etc. it would be more conducive to our success.
Instead, a company needs to figure out one thing: how they can best serve the client in a way that no other in the industry can? For many entrepreneurs including myself this is a rough but necessary transition. You have to live through it if you want your company to be organized and running on all cylinders.
How Is This Achieved?
To take one’s company past “boutique” and position it to be a real player, the entrepreneur must set up certain processes so the company can run while he or she takes a few weeks off or pursues a hobby, etc.
These include, but are not limited to:
– Money and Quality Control. All entrepreneurs need to know the output of their employees and, to their best ability, the profit per hour they make on each account compared to the costs associated with closing those deals in the manner that the clientele is accustomed to.
– Branding and General Marketing. All marketing needs to be in place. Branding happens through repetition, however that repetition must be positive. I used to change my company’s marketing over and over again until I it got right.
Now that I have it in place, I can begin to focus on the company’s more long-term goals and the best ways to implement them.
– Solid Training. To get successfully to the next level, the entrepreneur has to implement a firm training program for new employees. I will be the first and probably not the last to tell you that this is as boring as it sounds, but as the CEO of a company, I can’t be as hands-on as the mangers.
For a company to be successful, there must be a hierarchy and therefore a buffer between the new employees and the ownership.
My Thoughts on This Process
Now that I have gone through a lot of the above, my best advice for the aspiring entrepreneur is to embrace the struggle and conflict it takes to set this all up. Once the struggle dies down a little bit, you’ll sort of miss the struggle….
…. But not all that much.