I have been on my entrepreneurship journey for almost 3 years now and I learn new things about myself every day.
I have always been a “hard worker”. For the sake of this blog and my need to always provide context, we’ll define a hard worker as someone that puts in more than what is required when completing a task.
When my parents would ask me to clean my room, I’d not only clean it, I’d rearrange all the furniture, switch up the decor, and turn it into a new safe space. When my teachers would ask me to complete a worksheet, I’d not only complete it, I’d work on extra credit, do my homework, and then help my friends since they were probably still working on it. Some may see that as doing the most but that was really my bare minimum. It wasn’t forced, it was second nature to me. It was part of my identity.
Now I’m learning that I do not have the desire I once had to do hard work, let alone any work. Why can’t I do soft work? Like, work that does not consist of me doing much yet still reaps the same benefit. And this was when I truly understood the difference between ownership and management in business.
An owner is someone that owns a company. If you start a dry cleaning business today, you own it. A manager is someone that manages a company that they may or may not own. That dry cleaning business you just started may be managed by you and/or your spouse.
The more I dive into this entrepreneurship journey, the more I realize I want to be more on the ownership side and less on the management. I have great business ideas, I love developing business strategies, I love seeing my ideas and strategies come to life but at what expense. I have been experiencing burnout because I’m trying to do it all and I’m sick of it.
To combat this, I decided to separate ownership and management in the businesses I currently have, and moving forward, the same strategy will be in place with future business ventures. I gave my business partner full management responsibilities of our short-term rental and 360 photo booth businesses back in January. Life has been much better since I stepped back and now only receive updates on what’s going on. I love that for me.
The biggest benefit from this shift has been the ability to focus on other things that matter to me. Those two businesses required so much hands-on activity and I no longer want to be that hands-on with my businesses. I just want to check in and receive updates.
For those of you that may be interested in separating ownership and management in business, here are a few benefits you may want to consider
This whole concept of generational wealth means you want your business endeavors to be passed down for generations. However, it’s borderline impossible to do that by yourself. You need a team to keep the race going. Look at Amazon. Jeff Bezos is only a 10% owner of a company he founded and today, it has over 1.6 million employees. When he passes away, Amazon will continue to keep the race going because he was able to separate ownership from management.
When you truly understand that there is no way for you to do all things, let alone do all things well, you realize you need to bring in other people with diverse skills to sustain your business. Looking back at the Amazon example, their first job ad back in 1994 was for code developers that could work “in about one-third the time that most competent people think possible.” Bezos knew he didn’t have that skill but needed someone with that skill to take the company to the next level.
I know you’re probably thinking, how can owning a business be peaceful? Well, it all falls back on the idea that we cannot do everything ourselves. Once you forfeit control to others that are more capable of managing the day-to-day operations of your business, the stress of doing it on your own diminishes greatly so you can now focus on more important things —like, maybe your mental health.
Nonetheless, I say all of this to say, you need to take a step back from your business, assess where you are and where you want to be, then adjust accordingly.
If you need assistance with how to actually do this, let’s set up a time to chop it up. I am always open and willing to help others get their business on the right track.
Until Next Time,