Copyright Bonni Carson DiMatteo, Co-Founder Atlantic Consultants
As you recall from our last article, “10 Characteristics of a Successful Entrepreneur”, we discussed the essential traits that set successful entrepreneurs apart when founding a business.
But, what does it take to grow a business? There’s a fork in the road when it comes to starting a business and growing the business. That Ferrari mindset of the entrepreneur has to be fine-tuned and focused in order to grow the business. We call this journey–from being an entrepreneur to becoming a leader –LEADERPRENEURSM.
There is a reason why only 20% of those who start a business actually survive after five years. There’s also a reason why many successful business leaders, those who excel at outpacing their competitors by 22%, have the 7 LEADERPRENEURSM commitments.
For example, years ago we worked with the leader of a tech company who was regularly drawn into the technology of the company, instead of the business. She couldn’t get herself out of the door to meet and develop new opportunities for growth strategies. An Atlantic LEADERPRENEURSM journey begins by overcoming the first challenge: working on the business, not just in the business.
There are several areas we coached her on to enable her to grow the business. The first was hiring, developing, and empowering a strong management team. Letting go of the tactical was deeply embedded in the fear of failure, which is an undercurrent for entrepreneurs. There are no guarantees, but we do know that not letting go of control is one sure way to snuff out the light of the company.
Secondly, we created several strategic growth goals that were dependent on her working on the business: developing a larger line of credit, identifying strategic alliances or potential acquisitions, and looking into more vertical opportunities.
Thirdly, we helped her commit to taking some time out to recharge her batteries. Even Ferrari’s need tune-ups and a battery change. It brought her back reenergized and able to sustain the 20,000-foot perspective needed to take a hard look at the company and work on the business.
Have you ever wished you had a coach or peer or roundtable to serve as a board for your challenges?
If you have been openly focused on the tactical parts of the business or keep getting drawn into the firefighting, it may be time to hit neutral, assess the situation, and restart your engine. Like all high-performing cars, even Ferraris need an engine assessment and diagnostic to see what’s working well and what has to be fixed.
Would you like to take a five-minute growth barometer assessment to see where your strengths, roadblocks, or blind spots might be which may be hindering your journey?
Click here to take our Growth Barometer Assessment. http://atlanticconsultants.com/GrowthBarometer.htm
The first 10 of our assessment respondents will receive the opportunity to receive a free pass to our next Atlantic LEADERPRENEURSM Panel event on April 4th. http://atlanticconsultants.com/Leaderpreneur.html
Tune in next month when we’ll provide tips on each of the key 7 challenges and LEADERPRENEURSM commitments necessary for the Atlantic LEADERPRENEURSM journey! Until then, keep growing your leadership and business!
Bonni Carson DiMatteo, Founder of Atlantic Consultants in Wellesley has been helping entrepreneurs grow their businesses for over 30 years. Through coaching; LEADERPRNEURSM roundtables; leadership training and strategic planning she helps entrepreneurs work ON the business, not just IN the business.
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