Relinquishing Control - by Ravi Patel

 

"Don't let go too soon and don't hang on too long." - Mitch Albom. Quite useful advice for Entrepreneurs.

 

It is always a delicate balance as to when an Entrepreneur needs to let go and delegate responsibility of his/her business to someone else. If one leaves too early, the Mission and Vision might remain unaccomplished. On the other hand, hanging on too long might jeopardize long-term success.

 

Leaving the business to pursue other ventures is all dependent on to whom the Entrepreneur is relinquishing control. If the Entrepreneur has built up a strong leadership team and a solid foundation to accomplish the Mission, delegating responsibility to run the business to a competent CEO is prudent. However, if the leadership team and the new CEO are not seasoned and well-developed, the Entrepreneur risks a lot by leaving too soon.

 

Hanging on too long can be an issue also. If the business has grown beyond the capability of the Entrepreneur to successfully run it, it might be damaging to hang on to power. A new CEO is then necessary. Alternatively, if the Entrepreneur has recruited a solid leadership team and a likely CEO and trained them, hanging on will be demotivating to the capable successor CEO and the team as they cannot show off their potential.

 

If the Entrepreneur runs the business on his/her own without a secondary leadership team and wants to continue doing so, he/she does not face the question of leaving too early or hanging on. But is that continued retention of control achieving the Mission and Vision of the business?

 

 

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