You may be surprised to learn that Richard Branson, the famous and sometimes brash entrepreneur, when speaking about his many companies or successful ventures, rarely mentions “I” and always refers instead to “we.” Why? Because he knows that his success has been due in large part to a team, each of whom brought a certain strength to turn the vision into reality.
There are three essential characteristics of any successful business:
- A Product or Service — You must be able to make or provide a fantastic product or service.
- Marketing — You must have a great story and be able to sell your story to the market.
- Financial Management — You must be a smart money manager and reinvest the cash wisely.
Since each of these skills requires a vastly different mindset, no single person can do all of these with any degree of high expertise.
The most successful businesses have all three of these skills spread among their team. The long-term success and viability of your business depends on these three areas. Therefore, it is vital that you have the best-qualified hires for each skill.
Whether you’re a micro business or a global brand, the success and growth of your venture depends not only on making the correct hire but also on getting out of the way and letting the experts manage what you hired them to do. Both of these skills are critical to the long-term success of your company. One does not work well without the other.
Your company may not be the size of Richard Branson’s companies, but the lessons of hiring the best possible candidates and giving them the necessary space to manage their parts of the business are lessons that apply to all successful enterprises.