The Entrepreneurial Journey | Ep 705
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What challenges do entrepreneurs face with control and delegation?
How far away do you get when you relinquish control? Because the thing is, is you relinquish control, but you still take full accountability and responsibility for the results.
How can relinquishing control lead to business growth?
That's what's wild, is that you have to say, I'm going to give this over to you. I'm losing control, and yet I'm still responsible. That'll trip you up.
The wealthiest people in the world see business as a game. This podcast, The Game, is my attempt at documenting the lessons I've learned on my way to building acquisition.com into a billion dollar portfolio. My hope is that you use the lessons to grow your business and maybe someday soon partner with us to get to $100 million and beyond. I hope you share and enjoy.
What's going on, everyone? I want to talk about the entrepreneurial journey as it relates to control. And the reason I think this is so important, and this is probably the biggest reason that people get stuck. All right. And so at the end, so what I'm going to do here is I'm going to explain kind of how control shifts throughout the entrepreneurial journey, where people get stuck. And I'll tell you basically the most valuable rule of thumb that I've learned in scaling our companies. All right. So first thing is. The reason entrepreneurship is so difficult is because it forces you to change who you are, your identity, the values that you supposedly have as you continue to grow. I'm not saying your honesty, etc., those types of values, but the way that you see the world and how you operate.
Because in the very beginning, most of us at some point have to transition from... a lack of control to complete control, right? And what I mean by that is either you, you know, went straight into entrepreneurship where you shifted control from your parents to yourself, right? Or if in many other instances, you started, you had a job, someone else was kind of responsible for your income for the most part because they're paying you, you weren't generating it yourself. And then, And so you're very limited, right? And then you jump to taking complete ownership over all of your outcomes, right? And so you have complete control. The difficult thing is, is that the thing that takes you the first step, that huge leap of saying, I'm going to be completely in control is usually the thing that will stifle most entrepreneurs who are trying to grow, right?
Because If you have complete control and complete ownership, that's great, but there's only one of you, right? And so what that leads to is kind of this buyback. And I think the first time I heard this recently was Dan Martell was talking about buyback principle, and I just liked that terminology. But basically you just continue to buy back your time as you continue to grow the company. And so in the very beginning, most people are buying back support time. So it's just kind of like, you know, lower skilled support tasks that they're doing in their business. So it's like them, and then they've got maybe an assistant, right? And then after that, there might be higher level support or administrative tasks.
So that might be like billing, collections, contracts, all that kind of stuff that might happen in the business. After you have like your kind of support role taken care of. From there, the next level of control that people have to give up is selling, right? No one can sell like me. No one gets it like I get it. People just don't relate to my customers, right? And the issue is control. You're trying to control the whole thing. And the thing is, is that every time you add someone in and you buy back more of your time, you relinquish control, right? And so the thing is, is that every level of entrepreneurship, I'm telling you right now, it is always uncomfortable because the thing that you are now holding onto is the thing that you have to give up.
And this has been one of the hardest things for me. And a lot of part, a lot of this is because we identify with being the thing, right? In the beginning, I'll give you a simple example because we work so many gyms.
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