A narrower focus can give a wider mileage

From gritty solo entrepreneurs, bright-eyed startup founders running small teams, to seasoned veterans who have scored multiple wins across the world. Our experience over the years dealing with these 3 categories has made me think of the similarities and differences surrounding the way they work their businesses. A common theme that determines their bandwidth for success hinges on two factors - knowing their strengths and advantages, and knowing when their strengths can become weaknesses.

Every business owner we have come across has the following strengths and advantages to complement the desire to be in business in the first place. 

1) Skills, both hard and soft - Breaking down and dissecting the components of the range of hard and soft skills would be a study on its own. It is less of a perfect blend and more of the makeup that allows an individual to suit a role better. Some entrepreneurs we encountered with a strong leaning towards hard skills would fit the role better as a CTO than a CEO, those who know their style and bearings are in a better position to find others to complement them.

2) Industry knowledge - Knowing the landscape of the industry and being able to see the potential future, as well as present limitations and pain points, helps answer the question “what problem does your business solve”. Industry knowledge allows companies to tighten existing processes to offer their clients a superior service. Knowledge across different industries enables some to combine parts that are improbably or not thought of before.

3) Connections - The catchphrase “who you know, not what you know might matter more” comes to play. Some entrepreneurs have built up a network before starting their business in different ways: through incubators and accelerators or actively working in the space in other capacities.

4) Funding - Personal resources? Private investors? A cash injection at the end of a successful startup program run? Some entrepreneurs have access to funding, and businesses with a healthy war chest have options. In an ideal world, businesses will have the resources to explore every option, but that is not often the case - a reminder that if one doesn’t have resources, it pays to be resourceful.

I run through this checklist when there are changes we need to make for the business, initiatives we want to take with partners, or angles that our clients haven’t considered. 

Sometimes in these discussions, the ideas and solutions suggested become obvious as we default into our comfort zones born from our strengths. We become our echo chamber, and reliance tips into the realm of over-reliance when we rely solely on the strengths which have gotten us so far.

We still sometimes see business owners who want to be heavily involved in every aspect of the business and end up without any meaningful progress in any direction.

When founders can identify the strength gaps they have and are willing to let go by trusting the right specialists to do the strategy and execution, We see them jump levels. Clearing their plate didn’t distract them from their focus - it just left fewer distractions to get in the way of what they needed to do.

Where are your gaps in the checklist? What can you let go today for others to focus on so you can build your business for a better tomorrow?