"Don’t expect to be an expert at everything," said Smith. As the Greek philosopher Socrates proved and Smith maintained, trying to be an expert at everything is not only unrealistic but impossible. Smith said, “Business owners should surround themselves with experts and can engage their workforce by trusting those experts to execute the tasks delegated.” In short, organization leaders should engage their employees by listening, learning, and then letting go.
Entrepreneurs should never overlook the importance of the organization’s financial health. Business owners need to set goals and then measure their performance in reaching those goals. It is also important for entrepreneurs to know their company’s gross margin, especially when seeking funding.
Smith closed with a 5-point plan that can be applied to everyday life as well as to any entrepreneurial venture:
1. Think It Through
2. Create a Plan
3. Execute the Plan
4. Invest in Others
5. Invest in Yourself
For more business tips and advice, be sure to attend the INCREASE CDC Community Business Network luncheons. Visit www.increasecdc.org for times and locations.
