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October 7, 2018 Nick Bnns

Important Lessons I Learned While Managing My 6 Figures Business

Leadership and management is the key to success

When I use to work in hospitality, I use to have great managerial skills.

My team was very efficient, pro active and happy to work with me.

The day I had to repeat the history with my e-commerce business, it was a very different story.

And this is also what ruined my business.

Bad recruitment, bad delegation, bad management.

 


Managing someone’s else business is totally different than managing your own

It is less personal.

Being personal in business will very likely ruin you.

That is, having personal attachment to products, marketing techniques, staffs.

Business is business, at the end of the day you are working to make a living.

You need to be able to take all decisions with perspective.

  • Fire a friend (this is why I would suggest not working with friends) lacking of motivation.
  • Hire someone who will tell you you are wrong when you are.

Sometimes, you consider your business as your own baby. By doing so, you might spoil it, biased your point of view. And not take right decisions.

I would suggest you to watch The Founder to have an idea of what I’m talking about.

 


Managing someone’s time is totally different than managing your own

When it is your business you are ready to working countless amount of hours.

At some point, I found myself working up to 20 hours a day.

It is your business and you are getting excited, totally normal.

Nonetheless, it is not healthy at all.

It is usually a good sign you are not delegating enough.

Now, it will be really difficult to get someone to work with the same passion and determination as you are, that’s for sure.

You need to find the right incentive but also reward that person A LOT.

If it is to sell body sharpers, you will find it very difficult. (read my article about body sharpers)

Only someone like Elon Musk and his companies such as Tesla or SpaceX can ask so much of his employees, and even him get a rate of quitters above decency.

Credit

Managing someone’s skills is totally different than managing your own

When you are an entrepreneur or any business owner, you learn every aspect of your business.

This is why you have to work on your panoply of skills.

It is normal, as your business is your baby.

On another hand, you can not expect the person you hire to develop skills they do not have.

You should actually make sure they develop only the skill you hire them for.

A designer should only design, a manager should only manage.

On their side, they feel they are an important key of the business, and the business can not run without them.

On your side, they are replaceable as they are only one piece of your puzzle.

To conclude, delegating can be very tricky.

You need to control your emotions and get perspective.

You need to find the right balance between delegating too much or not delegating enough.

You need to understand the people you are working with and get the best out of them.

Being a great delegator is the ultimate key to a successful entrepreneur.

“If you want to do a few small things right, do them yourself. If you want to do great things and make a big impact, learn to delegate.”
John C. Maxwell

Make sure you start now.

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