There is the need to fully understand your business. That as much as your business is up and running and you are at the center of it, your financial and operations decisions dedicated to its success may be very harmful.
Waithaka Gatumia, Programs and Communications Manager at Centonomy; a financial literacy institution, put it in black and blue.
Speaking in Women Entrepreneurship and Innovation Summit 2018, held in the Boma Hotel, Waithaka demystified, the hard truth that most entrepreneurs struggle with. Letting go.
According to Waithaka, the only way to grow your business is if you let go. Such critical and tough decision come with good tidings and heavy returns as the positives outdo the negative.
Waithaka shed more light on the need to let go, clearly opening entrepreneurs’ eyes to the other side of the coin that they refuse to consider as a viable option for their enterprises.
What you should let go and the benefits that accrue from this big risk your business is taking in faith.
1. Letting go of the past.
The market dynamics are really changing. Technology is synergizing with the digital space transforming and replacing old-fashioned product and service packages. Times are really dynamic, people are becoming more diverse and outgoing, embracing and identifying new trends in the market. The only way your business remains relevant is if you stop doing what you have been doing in the past and do it differently aligned with the market trends.
2. Let go of responsibilities.
You cannot be the alpha and omega in the business. Running all the business operations by yourself may be convenient for the moment, but with time it wears you down and makes you redundant. With letting go of responsibilities, you become more accountable by not stealing from the business. Employing a second and third party brings in ideas and creativity expanding your business.
3. Increasing capacity.
Working with a team if experts increase your capacity in terms of productivity. If you are one man standing behind a camera, the maximum number of events you can cover is one, but if you are a team of three-four guys, you can cover much more events and generate more revenues. Drop that attitude of no one can do it like me and bear in mind that anyone can do it like you probably much better than you can.
4. Let go of fear.
Differentiate between fear and danger so that you can make wiser choices. Stop trying to control the unseen with a force that is holding you back from realizing your potential. As a business person, you cannot be held back by fear. Let go of the fear to grow.