As a recovering perfectionist, one of my biggest challenges has been to let go.
Let go of the things that I can do and let someone else do them.
That habit for most perfectionists comes from an inner attitude or belief that thinks “I can do it better” or as the saying goes “If you want it done right, you gotta do it yourself”.
As an entreprenuer and business owner that can be a crippling trait.
There’s a few key reasons why you would start a business for yourself;
- You set the rules.
- You don’t take orders from anyone.
- You control your capacity for earnings.
- You can make much more money if you’re good at it.
- You can leverage… which gives you freedom. Financially and with your time.
Now the first two are not the best reasons to go into business. There are many people who can’t stand taking orders and not being able to do that often shows up in negative behaviour in other areas of your life.
The next three are worth considering.
#1 Controlling your capacity for earnings.
There are many small business owners who would make more if they worked for somebody else. Sure entreprenuership looks cool and being your own boss has benefits, but many business owners make $60,000 a year.
Here’s the thing. You’re the one in control of your earnings. If you don’t work or are poor with business or aren’t good with money or don’t have a good product/market fit and about another 1000 reasons… you can stay on struggle street forever.
But. And this is a big but. If you have the right skill set and adapt to the market and work hard and hire the right people, you can earn far more than you’d make on wages.
When I first started my career, the guy next to me would tell me over and over again “There’s no money in wages”.
#2 You can make much more money if you’re good at it
If you’re good at running a business, you’re likely going to make a lot of money.
Notice I didn’t say; If you’re going at bookkeeping or architecture or retail sales or as a lawyer or any other skills… because those skills are the skills that you can hire people to do.
Being a good business owner/entreprenuer is not working in the business. It’s working ON the business.
If you ever saw the movie with Russell Crowe called Master and Commander, you’ll recall Russell Crowe’s character, Captain Jack Aubrey. Remember him? Good.
Now try to recall… did you see him hoisting the sails? Did he cook dinner for crew?
What did he do?
He was in command of the ship.
He set the direction… He lead the crew.
That’s the role.
If you’re under the false illusion that having a great set of skills as an employee will translate to a great business owner, you’re mistaken and I recommend you read the book ‘The E-Myth Revisited’ by Michael E Gerber.
#3 You can leverage…
And now we come to the clincher.
Leverage is how you make more money, no matter what you choose to do.
Creating leverage is a simple matter of maths.
Create a 1 to Many relationship.
If there’s one of you, you can only do so much.
Create many of you and how much money can you make?
As a guide, hiring an employee costs you X.
When you sell work to a company, you charge X+OVERHEADS+PROFIT.
So each time you sell a service, your employee gets paid X, you make money to cover OVERHEADS like rent and computer costs and so on and you keep the PROFIT.
Think of a retail shop.
1 Shop keeper selling 1000’s of products. 1 to Many.
So wait, what does this have to do with letting go?
Letting go is the key skill required to growth.
Personal growth and business growth.
Letting go of anger. Letting go of bitterness. Letting go of insecurities. Letting go of the past. All essential for personal growth.
Letting go of total control. Letting go of redundant skills. Letting go of knowing everything. Letting go of perfectionism. All essential for business growth.
Ask yourself… do you need to do that job tomorrow, or can someone else do it for you?
Think about every. single. thing.
Can someone else do that for you?
Let it go.
Be the captain.