At 19 years old, I became CEO/President. I was working for a pawn shop making $267/week, dropped out of a community college. Prior to this I worked briefly at Direct Capital, and balboa capital. I had a dream and an idea, but I did not think it would come true, which it has, and now the dream is bigger.
Here’s what I have learned:
Business is a game of trial and error. In the beginning it is a lot more error than anything. Being a power of example is key, but you also need to make sure you are focusing on the growth of the business and doing both is hard. I wanted to be on the phone, all while, training, marketing, hiring, firing, and growing. I did this for 4 years; did we grow at an astronomical pace? Yes.
However, what happened is mind blowing, I saw myself trying to do everything because I was scared that whoever I put in control of tasks wouldn’t do it the way I could. Which is 100% true. No one will do things the way I do because they are not me. But that is not fair to the company, the employees, or I.
The past 2 years we have been focusing on the growth by giving up control and giving the employees a chance to start their “own” company within ours. It has transformed our company, and I learned that there is a ceiling of growth when you are working in the company rather than on the company. When I try to wear all hats, it becomes overwhelming and not efficient.
Most young executives will try to take on too much because they are good at everything. However, a lot of times that is hurting more than helping. Being able to delegate jobs to rising employees will not only help you scale, it will give your employees a sense of security and close to the same passion as you do for your own business. One thing I have learned, no one will want your business to succeed as much as you.
At first it will be uncomfortable, you won’t feel confident in the change. When you start to see the change and you can start working on other projects, the growth will start to materialize and monetize. You need your team to work besides you and not behind you. We all have fear, and insecurities, but put that aside so you can let your company scale and grow the way it should.
At the end of the day are you working in the company or on the company?
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