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Entrepreneurs: You’re unemployable in your own company, must define your role

(ENTREPRENEURS) Once you’ve built a successful business, it’s time to reexamine your role and determine where you fit in best.

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In my experience, most entrepreneurs are “accidental entrepreneurs.” They happened to be good at something, or they had a unique one-time opportunity to provide a product or service to the market. Then years later, they wake up one day and realize that they’re running a big business.

As an entrepreneur, one of the unintended consequences of building a business is that you become essentially unemployable within your own organization. After living the life of freedom, flexibility and responsibility of being a business owner, it’s difficult to go back to a “nine-to-five” job. This is why many entrepreneurs don’t enjoy staying with their businesses after they’ve sold to other organizations. Within months, they are frustrated that they’re no longer in control and the new owners are (in their opinion) making poor choices.

I see many situations where entrepreneurs are bad employees in their own organization. In fact, they may be the worst team members in the organization by having inconsistent schedules or poor communication skills and/or by inserting themselves into areas that aren’t useful. They can also have too much freedom and flexibility. And while most entrepreneurs insist on clearly defined roles, expectations and goals for all of their employees, they don’t always take the time to define their own roles, expectations and goals.

So why do entrepreneurs become bad employees?

I believe that it’s because they don’t have someone holding them accountable. Think about it: Who do they report to? They’re the owners. Part of the definition of “owner” is being accountable for everything but not accountable to anyone. Having a board of directors, a peer group or a business coach can provide some accountability for them, but another solution is to clarify their roles in the company and then abide by those definitions.

If you find yourself “unemployable” in your business, it’s time to define your role. It starts with outlining your main focus. Do you concentrate more on day-to-day execution or strategic, long-term decisions? Do you consider yourself an owner-operator or an investor?

Most entrepreneurs start as an owner-operator and put in countless hours of sweat equity doing whatever needs to be done to build the business. But over time they reinvest earnings in the business and hire a management team so they can step back and take on a more strategic role. Sometimes it’s not clear when the entrepreneur makes that transition, which can lead to challenges for the entire team.

Focus: Strategic Overview

If your main role is in dealing with long-term, strategic decisions, then it’s important for you to communicate that to the team. Clearly delegate tactical roles and responsibilities to the leadership team.

I’ve seen many instances where owners do more harm than good by haphazardly injecting themselves into tactical decisions that should be handled by the leadership team. Instead of jumping in when they see something they disagree with, I encourage owners to actively “coach” their leadership team to be better leaders. The approach of micromanaging every decision of others will frustrate everyone and lead to an underperforming organization.

I have one client that decided his role was to build strategic relationships and work on a new service offering. He was confident that his leadership team could handle the day-to-day operations of the business. Over time he discovered that being in the office every day was actually a distraction for him and his team. So, he moved his office out of the building.

To maintain his ownership responsibilities to the company, he scheduled one afternoon a week to physically be in the office. Team members knew they could schedule time with him during that weekly window when he temporarily set up office space in a conference room. Not having a permanent office in the building also sent a message to the team that he was not responsible for day-to-day decisions. Sometimes not having an office in the building is better than the team seeing the owner’s office empty on a regular basis.

Focus: Day-to-Day Execution

If you decide that your role is in the day-to-day execution of the business, then clearly define your role in the same way you would define any other team member role. Are you in charge of marketing? Sales? Finance? Operations? Technology? R&D? Or, some combination of multiple roles? Take the time to outline your responsibilities and communicate them to the team.

Just as you define your role, also define what you are NOT going to do and who is responsible for those areas. After all, sectioning off some tactical work does not abdicate you from long-term decision-making. You must set aside time to make the long-term, strategic decisions of the company.

Being an entrepreneur sounds glamorous to those that haven’t done it, but ultimately, the owner is accountable for everything that happens in their organization. It can be quite sobering. And while some entrepreneurs have a delusional belief that they can do everything in a company, it’s not a path to long-term success.

All entrepreneurs have to decide what their role should be in their organization – even if it means that they’re contributing to their “unemployable” status.

Certified Petra Coach Rob Simons draws upon his 25 years of experience as an entrepreneur, brand expert and business coach. Rob founded PixelWorks Corporation in 1993 to serve the interactive advertising industry and in 1996 he founded Toolbox Studios, Inc., one of the most respected branded content marketing firms in Texas. Rob sold Toolbox Studios in 2015 to focus exclusively on business coaching, which includes certification as a Gazelles International Four Decisions™ coach. An active member of the Entrepreneurs’ Organization (EO), Rob is currently a “Master” EO Strategy Summit Facilitator and an EO Accelerator Instructor. In 2007, the San Antonio Business Journal named him one of San Antonio’s “40 Under 40.”

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1 Comment

1 Comment

  1. Emma West

    January 3, 2018 at 4:19 am

    Im not sure I would classify my self as an entrepreneur per say but having run my own business I can certainly relate to the points you have raised. Starting and running a business from the ground up requires one to wear many hats and be work all sorts of hours. These traits are all necessary but unfortunately don’t always translate well in a larger organization.

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Business Entrepreneur

This startup makes managing remote internships easier for all

(BUSINESS ENTREPRENEUR) Internships during COVID are tough to manage for many employers, but Symba aims to present a unique solution.

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Internships could be becoming easier to facilitate remotely, wherever you are.

Internships are among the innumerable practices disrupted by the COVID-19 pandemic. Some might argue that the loss of the corporate version of hazing that defines many internships is not something to be mourned. But the fact remains that internships are crucial for both employers and employees. Fortunately, a company called Symba might have a solution: Remote internships.

It’s a simple, intuitive solution for the times. That’s why big-name industries like Robinhood and Genentech are turning to Symba for help in constructing their own digital internship platforms.

Symba is, in and of itself, akin to any employee management system. Prospective employees sign into their Symba account via the landing page of the company for whom they are interning, after which point they are able to review their workload for the day. They can also see communications, feedback, other profiles, group projects, and more; they can even access onboarding resources and tutorials for the company in case they get lost along the way.

The key difference between Symba and other management tools—such as Slack—is that Symba was built from the ground up to facilitate actionable experience for interns at little to no detriment to the company in question. This means that interns have a consistent onboarding, collaborative, and working experience across the board—regardless of which company they’re representing at the time.

Symba even has a five-star ranking system that allows employers to create and quantify areas of proficiency at their discretion. For example, if an intern’s roles include following up with clients via email or scheduling meetings, an employer could quickly create categories for these tasks and rate the intern’s work on the aforementioned scale. Interns are also able to ask for feedback if they aren’t receiving it.

While Symba doesn’t facilitate communications between interns, it does include Slack integration for the purposes of collaboration and correspondence as needed.

On the managerial side, employers can do everything from the previously mentioned rating to delegating tasks and reviewing reports. All data is saved in Symba’s interface so that employers have equal access to information that might inspire a hiring.

While it’s possible that Symba will struggle to maintain relevance during non-internship months, the fact remains that it is an exceptionally viable solution to an otherwise finicky problem during these trying times—and some employers may even find it viable enough to continue using it post-pandemic.

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Business Entrepreneur

Zen, please: Demand for mental health services surges during pandemic

(BUSINESS ENTREPRENEUR) 2020 has been an exceptionally hard year for many on a mental front. How has COVID-19 changed the mental health landscape?

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Man leaning against tree, affected by mental health.

As the pandemic stretches on, it continues to affect everything from jobs to plastic bags, but one major shift has come with mental health. According to the National Council for Mental Health, while demand for mental health services is up 52%, the capacity of mental health organizations have actually diminished. So…what does this mean?

Mental health startups get a boost

From tele-health to mindfulness apps, venture capital investments for mental health startups have already surpassed what was earned in 2019. And it makes sense; as more people are isolated for long stretches of time, there has become a greater demand for digital mental wellness services.

With COVID-19 predicted to spike again in the coming months, combined with shorter spans of daylight and less welcoming weather, the desire for these sorts of businesses isn’t likely to fade. If you have an idea for a neat app or website to help with mental well-being in some way, now is prime time to release it.

Companies increase mental health options

As the pandemic rages on, many companies have started to partner with mental health solutions for their employees. For instance, Starbucks has started offering free therapy sessions to employees through the mental wellness provider Lyra, and Zoom began to offer mental health seminars.

Of course, while smaller companies might not have the means to provide specific therapy, many companies have gotten creative with how they’re looking out for employees’ mental and emotional well-being. From providing virtual meditation sessions, to increasing self-managed leave, to connecting employees through book clubs or happy hours, there are a variety of ways that any company can help employees manage their psyche during these difficult times.

Resources are more accessible

Although therapy and similar apps do cost money (many apps include a monthly fee for the services provided), there are plenty of low cost alternatives available for those having a hard time. For example, many sites are offering free trials to services. There are also plenty of free or low-cost apps available to help you do anything from track your moods to manage your breathing. Or check out YouTube for videos to help with yoga or meditation.

While these resources are not a replacement for medication or talk therapy, they can help mediate some of the increased strain on our mental state that many of us are feeling right now.

In case of an emergency, there is also the National Suicide Prevention Lifeline, which is available by phone call or chat 24 hours a day. If you or someone you know is struggling, please don’t hesitate to reach out.

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Business Entrepreneur

What entrepreneurs should know about new federal regulation leadership

(BUSINESS ENTREPRENEUR) New appointments indicate that federal regulation is about to change. Here’s what entrepreneurs be prepared for in the coming months.

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Entrepreneurs reading over documents, which will be impacted by new leadership in federal regulation.

The Consumer Financial Protection Bureau underwent some leadership updates as of January, and Rohit Chopra—a commissioner at the Federal Trade Commission—is currently in line for the director slot. Gary Gensler, formerly a banker, was also nominated to become the next chair of the SEC. These two will spearhead the current administration’s federal regulation efforts, making their introduction pivotal to entrepreneurs across the board.

This pick makes a strong opening statement for the administration’s regulatory tone, with a clear emphasis on what some call “protecting unsophisticated investors” in the coming years. Between Chopra focusing on reprioritizing the protection and safety of consumers via CFPB reform and Gensler tightening back up SEC regulations in the wake of the prior administration’s regulatory stance, entrepreneurs can expect some substantial changes.

Those changes will stretch to include anything from fundraising to the way corporations advertise and distribute things like credit services and student loans.

Additionally, the new regulatory team will address the way that large corporations—specifically Facebook—operate regarding privacy and other sensitive issues attributed to social media. Chopra has a personal record of criticizing the FTC for their perceptibly lenient actions against Facebook, so it seems reasonable to expect that his position will involve increasing regulations for how Facebook—and similar companies—advertise and treat consumers.

And that attitude isn’t restricted to social media giants. A very clear focus of this regulatory team is preventing corporations from taking advantage of consumers, be that via predatory loans, unclear terms of use, or even manipulative advertising.

Obviously, there’s a lot to address whenever a new team enters the federal landscape, and it can take some time for the ramifications of such a transition to become clear. However, entrepreneurs across the board can expect stricter advertising guidelines and the potential for tightened restrictions on web-based outreach—something that, when paired with Google’s phasing out of third-party cookies, could make for a tough environment.

Business owners can also probably expect more regulatory scrutiny regarding things like fundraising and day-to-day operations. While it can be difficult to plan for the exact kind of scrutiny these corporations will face, now would be a good time for those owners to speak with their HR departments to ensure that all of the necessary documents are in order to expedite any forthcoming demands.

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