Starting a business requires more than being an expert in one field. Founders often juggle many roles as they grow, learning on the fly. It’s a unique experience that can leave individuals feeling isolated and overwhelmed, so we asked local CEO’s to share their best advice for emerging business leaders on the road to success.
- What do wish you knew when you first started out?
- That I needed a mentor, needed to ask more questions and really watch what other entrepreneurs did and learn from them.
- How do you avoid burnout?
- Schedule time with family and friends, and turn off your phone.
- How do you build a support system, especially if your spouse/family can’t relate?
- There are lots of great business groups that you can join. Look for industry and non-industry groups.
- Should you work with family/friends?
- Depends. My sons are my business partners. I told them that they had to work for someone else after college graduation for at least 3 years before we would even talk about working together. We had a 3 day interview process once they were ready to move forward. It was not easy and some of the discussions were difficult—but it was absolutely necessary. You need to preserve that family relationship and at the same time realize that you have a business to run. We have several retreats during the year that sometimes include their spouses. Having an agenda and keeping the discussions positive but honest is key.
- How do you decide what/when to delegate?
- First, you need to know what you do really well. Then, surround yourself with people who do things well that you do not do well. Delegate to them.
What book would you recommend for startups? Thinking Fast and Slow by Daniel Kahnemann.
Connect with Shabri G. Moore, CERTIFIED FINANCIAL PLANNER™Professional and Accredited Investment Fiduciary™Designee at 301.631.1207 or 301.631.1209
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