If you’ve ever had a baby, you remember the feeling — that no one takes as good care of your child as you do. You may even have been right, but unless you backed off and allowed a babysitter to care for your baby, you would never go out on Saturday nights.
For entrepreneurs, the situation is even more drastic. Entrepreneurs are reluctant to let go of their “babies” — the businesses they founded.
It is rare to find a good entrepreneur who can morph into a good manager. And, by definition, every good entrepreneur builds a business to the point of needing expert management. As a result, the very characteristics that make people good entrepreneurs prevent them from taking the critical step of letting go, so the baby can be properly cared for.
Entrepreneurs must recognize the limitations of their talents and step back — or even out, to allow expert managers to raise their baby to the next level of success.
Lloyd E. Shefsky Founder and Co-Director Center for Family Enterprises Northwestern University Evanston, Ill.