Letting go of control of something you’ve built is scary. Here are seven resources that can help shed some light and ease some fears.
1. Rich Versus King: The Entrepreneur’s Dilemma
More specifically, researchers look at how a person’s motivation for financial gain can directly conflict with his or her desire for control. As the paper’s author Noam Wasserman says, “The entrepreneur will have to choose between attracting the resources that will help build a valuable company, in the process giving up a lot of equity and decision-making control, or else retain equity and control while not being able to build as valuable a company.”
2. How to Work ON Your Business–Not Just In It
There is no cookie-cutter recipe for entrepreneurship. There is no standard design for entrepreneurs. The earlier that founding leaders realize this, the better positioned a company can be for growth.
3. If, Why and How Founders Should Hire a “Professional” CEO
In 2007, LinkedIn co-founder Reid Hoffman made a tough decision. Similarly to Strauss at Awe.sm, Hoffman stepped down as CEO and hired a professional chief executive to take his place. Six years later, in 2013, he scribed this 3,000-word post. It’s a detailed self-examination of how he arrived at this decision, why, and his role within the company from that point on.
4. Why Hiring a COO Was the Best Thing I Did for My Business
Replacing yourself isn’t always the answer. If you want to maintain the vision as CEO but need help with the nuts and bolts of managing a growing company, hiring a COO can be an option.
5. Second in Command: The Misunderstood Role of the Chief Operating Officer
So, you’re thinking you might need to hire a COO. But what the heck should they be responsible for, anyway?
6. Want to Grow Your Business? Get Out of the Way
As crowdSPRING co-founder Ross Kimbarovsky notes in this article, the very idea of giving away control can be frightening. Some founders “believe they are the only ones who can do the job right. Many think there’s not enough time to properly train another person.” The gradual process assured they’d both be ready for the change when the time was right.
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