An entrepreneur is someone who takes risks, has dreams, and sets goals and works hard to achieve them says Brian Colombana. But what happens when the entrepreneur hires people to help make those dreams come true? Do they still need to take all the risks themselves? The short answer is yes; however that doesn’t mean other team members shouldn’t share in some of the risk.
The Benefits of Collaboration in the Workplace:
- Many entrepreneurs are reluctant to let the people they hire share in the risk of growth due to fears that their business will suffer. The old adage, “too many chefs spoil the broth” rings true during times of rapid growth and change. One way to prevent people from feeling excluded is by sharing information about what’s happening with your business on a regular basis. If you have employees that are passionate about your business, chances are they’ll want to be more involved in it which can lead them to taking even bigger risks.
- When discussing this topic with entrepreneurs over lunch recently, one made the following comment: “I’ve tried letting my team members get involved but they seem afraid of making mistakes.” This statement brought up another point worth mentioning here. Not only do entrepreneurs need to let the people they hire share in some of the risk but also encourage them to speak up more about their ideas, mistakes especially. As an entrepreneur you may be hesitant to open the door for fear of letting things slip through your fingers; however it is more beneficial in most cases to allow candid communication between team members.
- A leader that encourages communication will see his or her employees becoming excited about taking ownership which makes them focus on how they can contribute to company growth rather than focusing on what could potentially go wrong. If your business is growing faster than expected and team members are beginning to feel overwhelmed with work, consider hiring new employees or temporarily assigning tasks until you have time to create a proper workflow system.
- Taking care to build a strong team by hiring people who are passionate, self-motivated and hardworking will allow your business to continue growing says Brian Colombana.
How do I let my team know what’s going on?
Answer: Communicate, communicate, and communicate! Set a goal to meet with your employees at least quarterly to share how the business is doing and any changes that may be occurring. It doesn’t have to be a long meeting – you can even send out updates via email or post it on your company’s blog. If you’d rather not do it yourself, hire a virtual assistant or use a software program like Skype and Google Voice.
How big of a team should I hire before letting employees share in the risk?
Answer: The answer is different for everyone – depending on your industry, product(s) offered and market – however most entrepreneurs would agree that if they’ve been in business for at least a few years and their company has generated some form of revenue, it’s time to start thinking about the growth of your team.
How do I know when it’s time to hire more employees?
Answer: You’ll know it’s time when you are either experiencing burnout or are becoming overwhelmed with work explains Brian Colombana. If this starts happening, consider hiring an assistant to help ease your workload. By taking care of things like scheduling meetings, answering calls and writing emails. This is one way you can continue growing without having to take on any additional risk yourself. By hiring full-time employees that will most likely come with hefty healthcare benefits.
How do I offer my team members some of the risk if I barely have enough money to pay myself?
Answer: It’s possible to give your team members a chance to grow with you. Even if you aren’t ready to hire full-time employees yet. Simply consider reducing your salary and place that amount in a company savings account. Every month until it’s time to hire a full-time employee.
As an entrepreneur, you will be faced with a series of difficult decisions. When it comes to the growth of your business says Brian Colombana. If you’re able to follow some simple guidelines. In order to let the people you hire help share in the risk. Chances are they’ll be more motivated and excited about helping your business grow.
How much risk should entrepreneurs share with their employees? A lot of it.