The inability to delegate is one of the biggest problem of founders
Fire yourself before it’s too late.
As founders or co-founders, you will often find yourself doing everything for your company because you started it. Right from managing operations to marketing to coding. But as business scales, do not forget to fire yourself because it is not your job to continue doing that for a longer period of time. You need to immediately find a specialist who would do it better than you so that you don’t end up investing time and energy in this instead of concentrating on the real business cycle.
If you want to get things done, hire a specialist than a generalist.
Don’t expect them to play all the roles that you played because what they do best is in their specialized area only. If you are able to find people from founder’s mentality to come on board, then don’t miss out. Bringing such people on board at an early stage of the business will set your business ready for the upcoming dynamic situations. Therefore, find these critical ones first, then keep delegating others.
For entrepreneurs, the definition of failure keeps differing. During the initial stages, someone might fail to get the initial set of customers or they might not be able to achieve a product market fit. Someone who is not able to transition from a particular state (of mind and business) to the other, thinks he has failed.
But that is not true. It is very situational.
If you see large corporates, many a times CEO’s are changed. That does not mean they have failed. It only means, for the current situation the company is in, it wants something other than what the CEO can deliver. In future when situations change, they come back.
Hence, in startups too, it can be with respect to anything, right from scaling to the momentum or even marketing or technical aspects. Compared to Silicon Valley and Israel, India has a slower pace of innovation. The reason could be the social stigma associated with failures in India, which is comparatively high. Unless and until, many people try, fail and re-try, driving of larger innovations wouldn’t be possible.
Being a founder is a lonely journey, especially if you do not have a co-founder.
One needs to deal with market change, competition, customers, regulatory change, etc. One cannot have all the answers figured out and hence what is required is time and perseverance.
A founder tends to take all on self and resists sharing stories of things that could not happen.
We run a cryptocurrency exchange by the name BIT BNS. The dynamics of our sector are such that we have faced regulatory guideline changes by RBI several times. It certainly prohibits the exchange dealings, but eventually, we find the other way around it.
There are hundreds of entrepreneurs on the same journey as yours. Few things could be different, but there is a lot to learn from each other. But unless one comes out and speaks about their journey, the path taken and the mistakes committed, a mutual benefit wouldn’t be possible.
Experience Contributed By :
Mr Gaurav Dahake
He is a Serial entrepreneur. CEO of Buyhatke and presently running 2 ventures successfully .
He is an Alumni of IIT Kharagpur.