[wdm_image_effects effect=”effectc1″ animation=”zoomIn” shape=”no_shape” color=”#000″ social=”” title=”.” description=”.” id=”3116″ show=”hover” counter=”0″ size=”medium”\/]<\/p>\n
I guarantee that there comes a time when growing businesses outgrow the original span of control of the entrepreneur.\u00a0 It is a critical period, and is a test of the entrepreneur\u2019s desire and ability to delegate.<\/p>\n
And I found from experience \u2013 after investing in many other entrepreneurial businesses over the years \u2013 that this stage typically occurs first at about twenty employees or $3 million in net revenues (or gross profit) for most any kind of company.\u00a0\u00a0 In future weeks, we will dissect this $3 million-dollar phenomenon separately.<\/p>\n
But for now, let me digress to the story of my first hiring decision for my first company, years ago.\u00a0 Way back then, I was managing a small and growing phonograph record manufacturing business (yes, back in original hay day of vinyl records) using independent contractors for both content and production.\u00a0 I built this business through my high school and college years. Soon after graduating from college, I was making a good living and enjoying growth and freedom managing the enterprise.<\/p>\n
It occurred to me that I had come to a fork in my career.\u00a0 I could continue with the status quo, making a good living, or I could reinvest much of my profit into my first hire, an assistant that would free me from the day-to-day management tasks, allowing me to recruit more business (content) and build a real enterprise.\u00a0 This was a tough decision at that time.\u00a0 Comfort, or risk-it-all?<\/p>\n
[Email readers, continue here…]<\/span><\/em> On a Friday evening, I got into my car and drove from my office in the Los Angeles area all the way from Los Angeles to Ensenada, Mexico, checking into a remote beach hotel.\u00a0 Early the next morning I found a large rock at the shoreline, climbed it, and sat there for hours contemplating my future. Hire for growth, or grow slowly and comfortably?\u00a0 Well, the decision was what you expected.<\/p>\n I did hire my first employee, leveraging her organizational skills to grow quickly enough to continue hiring as growth accelerated.\u00a0 The company reached over fifty employees at the point where I sold my interest and moved into the computer programming business at what turned out to be just the right time.\u00a0 But I\u2019ll not forget the overwhelming weight of that early decision, compared to the many much more expensive decisions made in subsequent years.\u00a0 I was for the first-time dependent upon the work of others.\u00a0 And I had made a successful hiring decision, lucky for me.<\/p>\n As years passed, more hiring insights became clear as I made mistakes and had successes, and watched other entrepreneurs struggle with similar choices and opportunities.\u00a0 Let me share some of those insights during the coming weeks as we focus upon \u201cdepending upon others.\u201d Stay tuned, please.<\/p>\n","protected":false},"excerpt":{"rendered":" [wdm_image_effects effect=”effectc1″ animation=”zoomIn” shape=”no_shape” color=”#000″ social=”” title=”.” description=”.” id=”3116″ show=”hover” counter=”0″ size=”medium”\/] I guarantee that there comes a time when growing businesses outgrow the original span of control of the entrepreneur.\u00a0 It is a critical period, and is a test … Continue reading