For years now I have been studying and analyzing successful businesses to try to understand what the basis of their successes really is. My hope has always been to try to discover the foundation or the root of success so that I can both apply them as well as pass them on to others.
In my twenty year analysis of both businesses and entrepreneurs, I have discovered that all successful businesses require three minds to succeed. You must have someone to CREATE the work, someone to GET the work and someone to DO the work. Furthermore, it is important that these three pillars be done in this order. Sometimes people will build something (DO the work) and then try to sell it only to find out there is no market for the product or service. Here, at our company, Teresa, who loves to sell, has many times sold a product that has not been fully developed and tested because she has faith in our ability to create an excellent product later. Although I love the confidence that she has in our staff’s ability, I personally hate that kind of pressure. She, however, knows that fear is a great motivator for me and she uses it to our advantage.
Most people who start and run small businesses and start ups begin by trying to wear all three hats out of necessity. This is one of the reasons that most small businesses fail. It is impossible to focus all of your energy on all three pillars. It is also impossible to be great at all three. Everyone will have a greater nature talent in one of these three areas. Especially in a start, all three hats require 100% full dedication. One person simply is not capable of giving 100% in all three areas at once.
CREATE the work! This means not only developing the product, but also developing the system and tools to produce the product, the packaging and the distribution.
GET the work! In other words, selling! Most people hate to sell. This pillar includes setting up marketing campaigns, creating advertisements, structuring offers, actually selling, taking the orders, scheduling and finally delivering the work.
DO the work. This is actually producing the product. It can be writing the book, milling the metal or cooking the steak. Someone has to produce the product that goes out the door.
As I said, one of the biggest mistakes that entrepreneurs make is trying to wear all three hats. It is imperative that you discover which of these three pillars is your forte and focus on that and find a way to let someone else focus on their area of expertise or passion. If you love to sculpt statues or build furniture (DO) then find an agent or distributor to take on the role of getting the work and distributing it.
If you love to sell and market (GET) perhaps you should farm out the design and manufacturing of your product. You may want to focus on being a distributor of similar products before developing your own.
If you love to invent and develop (CREATE) systems and products, then find an independent sales representative or wholesaler to take over the task of selling and outsource the making of the product.
I have always been one of those people who want to do it all and it is hard for me to delegate. If you want to be successful you MUST get past this. This is one of about a half a dozen things that are holding you back!
