So, can you start up and then run a business all by yourself? I suppose it is theoretically possible for you to be the inventor/builder, the marketer, and the financial manager for a really small business. Possible yes. Working with the assumption that you would occasionally like to have some time away from your business for yourself, to spend time with family and friends, and take a vacation as well, AND that you can fulfil the requirements of all the roles to a high standard, then for anything other than a really small business, you probably can’t. Where do your skills lie, what are you good at, what do enjoy doing, and what needs to be done? Where are the gaps between what you can do and what needs to be done? What do you need help with? It is an enduring myth of the self-made man that the likes of Bill Gates of Microsoft and Steve Jobs of Apple did it by themselves. It simply isn’t possible, and it simply isn’t true. They instead surrounded themselves with a team. Not only people to discuss things with, but people with the skills, time, energy, and network that they themselves didn’t possess. Ernesto Sirolli is famous for helping entrepreneurs; follow this link to his website and this link to a TED Talk of his. Ernesto and his institute have helped hundreds of entrepreneurs to be successful. At the core of their success is the metaphorical three-legged stool or what he also calls the Trinity of Management:
- Product/Service: Someone must have the technical skills to design or invent the product and/or service. That person then must build or arrange to have built their invention and be capable of receiving and responding to feedback from customers through the marketing person.
- Marketing: The marketing person takes the product/service out to prospects, tries to sell it, and solicits feedback. This person takes the feedback back to the inventor for product and service enhancements.
- Financial Management: No business can survive without money. Money is to business as blood and air are for us. The financial person ensures that there is a pool of funds available and that the money-go-around circulatory system pays salaries, pays bills, ensures the business gets paid, and arranges for re-financing when required.