We’ve all heard of business owners who have become obsessed with their own success and let it go to their heads. But, have you considered that you might be among them? I know, that’s not a comfortable thought or an easy pill to swallow. When looking for business growth tips, humility in business is one of the best ones. Humor me here for a minute, and let’s look at one of the main business mistakes to avoid: an uncontrollable ego.
Keep the What; Ditch the Who
It’s been said, “It’s not who’s right; it’s what’s right.” And while there’s some doubt around who this quote can be attributed to, it’s one of my favorite concepts. All too often, as founders and executives, we want our ideas to be the ones that get attention. If you come up with an idea for a new product, it’s natural you want it to be hailed as impressive. This is human nature. But for those at the top, it’s even worse. We built our companies, so we figure we alone must know what’s best for them.
But that’s where we’re wrong. We get too caught up in wanting to be right, and wanting to be the one who comes up with the game-winning play (and makes the actual touchdown, if we can swing that too) without realizing we’re not always right. And in our efforts to be, we lose sight of what will actually take our company to its fullest potential.
For example, let’s say you love your current business model. You run a brick-and-mortar health supplement store, and offer some products via ecommerce, too. You’ve been growing steadily, and you like having a physical storefront. But, your CFO recently came to you with financial projections. She calculated that selling the physical building and switching your business model to ecommerce-only and subscription-based can increase revenue threefold. Will you set your ego aside and go with what appears to be best for your business? Or white-knuckle the business model you started with, refusing to let someone else steer the future of your company?
The Credit High
Similar to the point above is the battle for credit. If you’re in a partnership, especially one in which all parties share equal portions of the company, it’s all too easy to want to posture. You want to feel like the head honcho, so you puff out your chest and try to make sure your name comes first on every public-facing document. But when you think about it, who cares? If your business is successful, that means you are, too. It doesn’t matter if anyone – or everyone – knows your name. That’s all ego.
This credit-seeking also extends to company structure. For example, maybe you started out as the CEO of the business you founded. Now that it’s grown exponentially, it’s clear you’re in over your head and you need a seasoned CEO to take the helm. Ouch, I know. But if this is the right move for the company and its success, does it really make a difference if you’re not the figurehead? Your first focus should be doing well by your family, partners, team members, customers, and vendors. Your own ego should always take a backseat, or all the aforementioned parties (and you) will endure the consequences.
Let me end with one final thought… of course you should be proud of what you’ve built, and proud of your part in it. But having healthy pride is not the same as wearing ego-driven blinders. Humility in business will take you far; all the further the sooner you embrace it. So, what do you think? Time to let your company shine more than yourself? I’d love to hear how you plan to do so. Drop me a line here.
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