Know Your Weaknesses
When you are working on becoming a better person, you are advised to know your weaknesses, work on them, and get stronger in those areas.
This is a great practice for personal growth; however, it does not work this way in business. As a matter of fact, focusing on your weaknesses in business may cost you your business. When it comes to business, the reverse is the case.
In business, the saying goes thus: employ your weaknesses and play on your strengths. Meaning, focusing on your strengths gets you farther faster than trying to build upon your weaknesses.
This is a principle that someone like Richard Branson employs, and he is one of the top names in business in the world today. Yet, he has successfully run a business based on utilizing his strengths and outsourcing his weaknesses.
Trust Others and Build a Team
Most of the time, when entrepreneurs are first starting out, they try to do everything on their own. They want to handle every aspect of their startup on their own and in their own ability. While they may feel the need to save on costs or feel like they can handle everything by working on their weaknesses, in the end, many end up simply wasting their time.
What does a shy, technically inclined, CEO know about sales or human resources? In truth, probably next to nothing, but would they try their hands at it in a bid to reduce costs or seem competent enough? Most of the time new entrepreneurs would.
In the world of business, a CEO or an entrepreneur should know and become comfortable with the idea of outsourcing tasks. This is one of the things that actually help a startup to grow and become successful and not only startups but business generally.
As an entrepreneur, when you choose to outsource or hire in the areas where you are lacking, you are giving your business a fair chance in getting the right and appropriate service that it needs in that area in order to survive, grow and succeed.
Knowing where you are strong and where you are lacking and admitting it is a sign of leadership. It does not mean that you are an incompetent leader; it simply means that you are humble enough to know where you are not strong and strong enough to ask for help.
In business this is key, as your next hire could be just who you need to take your company to the next level.