Being one myself, I naturally read a lot of things about being an entrepreneur. A notion that floats around the entrepreneurial world is "letting go of the vine". The story I read from the book Traction, (geared towards large companies) goes like this. A man is climbing, when suddenly he falls. He grabs onto a vine that saves him from falling to his death. The book goes on to discuss how he had to let go of the vine. The idea is that as a growing entrepreneur, there are times when you have to let go of the vine which is symbolic of control. It is the same idea as "burn the boat". Even though I understand the concept of this idea, I believe you should build a bridge, not burn the boat. Nor let go of the vine.
Letting Up, Not Go
In my opinion, there are entrepreneurs and micro-entrepreneurs. My definition of a micro-entrepreneur is someone with 10 employees or fewer who is not on the fast track to 150 employees, then 500 employees, etc. In my opinion, entrepreneurs bigger than this fall into a more “classic corporate model”, which I do not think has a place in the micro-entrepreneur's world. How do micro-entrepreneurs grow without letting go?
Relax Your Grip
I, for one, do not want to micromanage every single aspect of my company, nor do I have time to do so. The idea is to loosen your grip. A great analogy is holding on to the steering wheel of your car as tight as you can. More than likely your hands will hurt when you release your hold. However, if you loosen your grip a little, the car will do its thing, and your hands will not hurt.
Delegation is Key
In my opinion, delegating is the key to relaxing your grip on the "steering wheel" of your business. I like the concept of delegate to elevate. I believe in letting team members add their own flavor while making sure that your business is still going in the direction you intend. You need to be able to trust those who work for you. In my experience, I find implementing a system to keep an eye on staff is effective. I do this by holding weekly meetings where I check on things such as Key Performance Indicators (KPIs). Other remedies I have found effective include:
Thoroughly training people. Do not take the training wheels off until you are confident that they are in sync with your vision.
Create checklists/standard operating systems that explain in detail not just the desired outcomes but how you want things done.
Do not let excuses slide. Call staff out on their excuses for not meeting expectations.
I've seen all too often where entrepreneurs hire a new team member and then send them on their way only later to discover that the direction the team member is taking a project is not what the entrepreneur had in mind.
Remember That This is Your Company
Loosening your grip is easier said than done and that is normal! I compare this to parenting. Say you are teaching your children how to get dressed. One morning they come out and say they have gotten dressed all by themselves. The only issue is that they have their shirt on inside out and their socks do not match. You still congratulate them even though there is room for improvement. You then help them on what they can improve on and do regular checks to make sure everything is on track. The bottom line is that you want your team members to be themselves but to always keep in mind that this company has a purpose, promise, and mission. I believe that you always want to keep an eye on it by letting up on the vine but not letting go.