Written by: Jenn Drakes, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
You got an idea.
You took steps to implement that idea.
And now you’re running a business of one or more people. You’re shouldering responsibilities to yourself, staff, family, and banker. Depending upon the type, size, and form of the business, that responsibility could also include suppliers, partners, lenders, and potential shareholders. Yes, you’ve got responsibilities. Money is flowing, and growth is seen, which justifies you working long hours to keep things that way.
After all, if you’re following tradition, you’re in business to make money. We all are – aren’t we? So, the day starts, and before you know it, the day ends. Where has all the time gone? That is the usual question we pose when we look up and realize the sun has set and we’re still at our desk. More so, we probably have one or two more tasks to complete before we feel we can leave that desk.
Many business owners and entrepreneurs will be able to relate to the above. Yet, the above is not necessarily a good situation. Sure, the business is making money, and it seems to have growth capability, but what is the foundation those things are occurring upon? Lots of water flowing against some shorelines creates floods. Money flowing into a business does not mean fertile circumstances for the longevity of that business. Working long hours is also an indicator of probable inefficiency at play.
The strong foundation of a business starts with the creation of three team tiers. The first tier I call the Oversight Team. This team will have deep business knowledge and connections. The second tier I call the Vision Team, and the third tier I call the Execution Team. The Vision Team dreams life into the business. They are centered and contained by the other teams who support the business with structure, which includes strategy and tactics. These strategies and tactics give the business and the Vision Team discipline. They can continue to source inspiration, perculate ideas, explore opportunities, and innovate. The Execution Team knows how to get things done. They are hands-on tacticians, creative, and will have the specialized knowledge required to implement what is needed.
Business school teachings formalize traditional approaches to running a company. Except that entrepreneurs who form ideas and run with those ideas to make money are not necessarily doing so with Harvard Business School in their back pocket. Perhaps some are, but I believe most are hustling, attending some webinars, or listening to podcasts and are winging it to start but have the amazing spirit of figuring it out along the way. Those who are persistent end up with a running business, having some level of cash flow, long working hours, and company responsibilities that do not afford them much “me time” or time to instill sustainable structures. More so, as long as the money flows, many do not or cannot stop to see that they are at risk. That means when unforeseen things arise, like a pandemic, the weak foundations come to light and, as we have seen, many crumble. Shows such as Shark Tank have built their popularity on the very entrepreneurs I’m writing about here.
I champion that entrepreneurial spirit, except for the one reality within it. Family, money, lifestyle, and health are at risk. Money flowing does not mean that risk is managed. You must use the money flowing in to create the necessary sustainability. You must use the money flowing in to give you breathing room for more ideology. You must use the money flowing in to create more flow.
In future articles, I will break down each team, but for now, it’s important to understand that the business owner usually fits best in the Vision Team. That team should be supplemented by others who support the original idea and can further expand it. Remember, the Vision Team births ideas and works with both the Oversight and Execution teams to bring the ideas to life.
Studies reinforce that not having the right team is one of the top 3 reasons businesses close, especially startups. Traditional business teachings tell us when forming our teams to have an accountant, a lawyer, and a banker. On the internet, we see more added to the list like an insurance advisor. All the above is absolute, but there is yet another to add. Every business should seek out having an advocate, a coach/mentor as part of their core team. Now, these professionals have specialties, so finding the right one is no different from finding the right accountant, yet it must be done. Perhaps more than one is needed.
Advocates/coaches/mentors like myself take an interest in what you do and how you do it, and we are truly able to accelerate your business. Why? Because unlike you, we don’t have the emotional ties, and we don’t have your responsibilities. So, we can forensically and objectively look at your intentions and correlate those with your operations to holistically see gaps and issues. We are experts at problem-solving, streamlining, and creating efficiencies. We are also experts at formulating strategies with associated tactics. Our reach is also such that we can make meaningful and impactful connections at critical trigger points, and we come armed with growth mindsets to advise, guide, and lead. More importantly, we save you money and time, and we do so by making you more money.
For sure, the business is doing good when money is flowing in, but here is the thing, you did not go into business to do good business. You are doing the long hours, you are hustling, you are making the sacrifices to do big business, and big business means doing better. Doing better means having a sustainable team structure for longevity, and it means being able to weather big storms. It means working smarter, and it means nourishing the initial vision to become the holistic life-blood of the enterprise you build. Here is the even greater reality: you are not building a business, you are building a life. So, as a Life Advocate and Accelerator, I am fully qualified to advise and encourage you to stop thinking small, and go big.
Jenn Drakes, Executive Contributor Brainz Magazine Jenn is a mom, serial entrepreneur, and life advocate who hosts the podcast Arrays of Living. She is also creator and co-host of the Get Awesome show, author of the book Aladdin Carpets — change your perspective, change your life. In addition to Brainz Magazine, she is a Featured Author on Plumose.co for her poetry and stories and Contributing Author on Boss Ladies Mindset. Jenn is a hidden gem in a desert of gems, and her personality and presence forever change everyone who discovers her. Over the years in working with youths and young adults, she was crowned The Original Goddess to acknowledge the shared feeling that "Jenn is wise beyond her years. I find her to be almost an "old soul" type of spirit." Her voice and writings are powerful, impactful, and life-changing because they trigger thought and promote tantalizing, intelligent conversations. Today, she uses that wisdom to shatter glass ceilings and power up the purpose she believes everyone holds within. It is a belief that is foundationally based on all of us being born with a gift and a responsibility to use and share that gift to achieve sustainable happiness. Her mission is to improve how people feel about themselves and empower their sense of self-worth to achieve more personally and professionally than they imagined.
