BCA

Business Counsel Associates
Subscribe

Breaking the ‘Self-Made’ Myth That Destroys Business

May 07, 2012 By: azjogger Category: Financial, Management, Operations

By Yemi Akinsiwaju

You may have heard someone being described as a self-made millionaire or a  self-made success story.

Let us just start by debunking that myth straight away. There is no such  thing as a self-made millionaire or a self-made anything!!!

Every person who has succeeded in any endeavour in life has had the help,  directly or indirectly from a plethora of people. Indeed, success is the  ultimate team sport.

It is important to address this ‘self-made’ myth because it is one of the  most destructive influences affecting many small business owners. Why? Because  it forces your business to remain small, longer than it should, due to you  trying to do everything by yourself. And it could even lead to the outright  destruction of your business.

Let us explore the network of formal and informal partnerships that you need  to cultivate effectively in order for your business to thrive.

Support Team

Whether working with you directly as employees or serving as a virtual team  operating in another time-zone, five thousand miles across the globe, you need  to develop the skills to work with, harness the efforts of, and motivate a range  of people who will help you deliver the results you want.

The first step however is to recognize your need for a support team and not  try to undertake all tasks, simply because you want to save money as a small  business. Frugality is essential, only up to the point where it begins to  diminish the output and productivity of your business. At such a point,  investing in the right support team is not really an option but a critical  necessity.

Statistically, over 95 percent of registered businesses in the UK (and many  other developed economies) fail within the first five years and most of them are  one-man bands. I wonder how many of them failed simply because the business  owner suffered burn-out, trying to do everything himself and could not carry on  when the pressure became too much and he lost his vision.

The challenge often is that many business owners start their businesses based  on a specific expertise they have and generally feel that other people could not  undertake the same tasks to the same degree of competence or excellence that  they would themselves.

That may be true but in the words of John D Rockefeller, I would rather have  one percent of the efforts of a hundred people than one hundred percent of the  efforts of one person, even if that one person is me.

The key is to select the team properly and guide them to the high level of  competence you require for your specific business.

Customers / Clients

Many small business owners do not have a clear strategic understanding that a  customer is a valued partner in your success, not just someone you sell goods or  services to.

When a customer pays you a certain amount of money for your goods or  services, she is in effect investing a certain portion of her life into her  relationship with you.

Let’s look at it this way; say that a customer walks into your premises and  buys your widget for £250 (British pounds) and she actually takes home £1000  (British pounds) per month (4 weeks) from her job. In essence, one week out of  her working month which could be 40 hours or more of her life have just been  placed in your hands.

For such a level of trust, it is critical to treat your customers with a high  level of respect represented by great quality of your products / services and  excellence in customer service.

They (the customers) are part of those who help to ‘make’ you.

Mentors / Business Coaches

Humility is acknowledging the support of the myriad people who have invested  some part of their lives in you, no matter how small.

All truly successful people have had a mentor or coach at a point in their  lives that served as the bridge over which they crossed from the land called  average into the land called success.

Richard Branson, the legendary billionaire had his Freddie Laker; Susan  Boyle, the musical sensation had her voice coach, Fred O’Neil and Myles Munroe,  the global leadership statesman had his Oral Roberts.

Whom do you have as your mentor and / or business coach?

I urge you not to fall into the trap of trying to fly solo in building your  business. Develop a different mentality that cherishes and cultivates great  quality partnerships and this will leverage your business to a whole new level  of success.

Yemi Akinsiwaju is a Business Growth & Leadership Development Consultant  helping major organisations in the U.K successfully improve their business  results.

He is also an international speaker, a coach, mentor and business strategist  to SMEs and a published author of the highly acclaimed personal development  classic, Scorecard: Achieving Success and Balance in A Turbulent World.

He can be contacted via: http://www.DaySpringConsult.com

Article Source: http://EzineArticles.com/?expert=Yemi_Akinsiwaju

 

Leave a Reply