The Challenge Of Owning Everything

If you find yourself owning everything in your business, you’re doing it wrong.

In 2009, Gilded Knight started as an idea on my hard drive and simmered in my mind for eleven years. When I decided to take a leap of faith and start the company in 2020, it required a significant amount of effort to establish it from scratch. While transforming the idea into a functioning company has required hard work, it doesn’t eliminate the need to delegate, collaborate and prioritize self-care. Many aspiring and early-stage entrepreneurs cherish the dream of achieving business success independently, but it’s nearly impossible to handle all responsibilities alone and “own everything.” As a founder, I’ve felt a strong urge to be transparent about my entrepreneurial journey and share the valuable lessons I’m learning along the way.

Numerous studies conducted over the years consistently demonstrate that founders and entrepreneurs alike experience poorer mental and physical health compared to their 9-5 counterparts. In essence, running a company can lead to a hero complex that assumes that one can handle every aspect of the business, but that’s not entirely true, and it is certainly not healthy. I have found that while I can figure things out to some extent, I’m not the best at tasks like bookkeeping, accounting, or contract writing. While it is entirely possible to do, it is not beneficial in the long run. The ability to be truthful about where you need help, what you can do, and what you can’t is critical.

The ability to be truthful about where you need help, what you can do, and what you can’t is critical.

Founders often believe they can handle everything and end up working excessively long hours. We become our own harshest boss, thinking we can do it all without delegating. However, this approach never proves successful. It’s crucial for us to regularly assess ourselves and acknowledge the need for support. Let’s be honest, we aren’t excellent at everything. Achieving a balance between work and maintaining mental well-being is achievable, although not necessarily effortless. To ease this journey, it is important to dedicate some time to reflect on the major stressors faced by leaders and develop strategies to address them effectively.

The quality of your day determines the success of your organization. The most limiting realm of entrepreneurship is when you are trading time for money. Time is finite. There are only 24 hours in a day and, at some point, you must sleep. So in order to manage things effectively, it’s important to move with intention. Establishing efficient systems is crucial for building an effective business. The aim is to create systems that can function independently, and operate independently of human capital. The effectiveness of these systems relies on the talent you incorporate into them, and the way in which the talent is nurtured.

The goal of my first full year of operation of Gilded Knight was to replace my full-time income. Although the goal was hit and exceeded, it came at a cost. In the fourth quarter of that year, I realized that I had worked all the time, for a full year, more than matched my salary – but without a team, no PTO, more stress, and significantly less sleep. At that moment, I had to ask myself, “How can I change this?” and “How can I continue to pursue the company’s mission and vision with different lifestyle outcomes?” After making the necessary changes, both as a leader and personally, I find myself in a much healthier state. Furthermore, the company is thriving as well. As I look at the forecast for this year, that revenue will double. The primary changes I implemented were:

Delegation:

I changed the capacity and improved the efficiency of Gilded Knight by focusing on the revenue-generating activities where I excel and provide value. This involved farming legal work to a third-party lawyer, hiring a CPA for accounting tasks, bringing on a virtual assistant, appointing a chief of staff, and recruiting a director. When considering your tasks and responsibilities, it’s vital to ask yourself what unique value you bring and what you’re best at. There are many other functions and business interests that require attention, but may not be your area of expertise. Founders must find the right people to handle such tasks. Gilded Knight’s ability to execute on behalf of its clients has grown exponentially by virtue of the talent that exists in our recently hired chief of staff and director. Both of these hires operate as my right and left hand when meeting our clients needs, and it has significantly shifted the way in which we deliver impact. It is proof that delegating responsibilities leads to accelerated growth in a real way, really fast.

Collaboration:

I also established the Extended Family – a boutique of small to mid-size businesses and independent practitioners that provide a range of skills and talent to our clients. When Gilded Knight works on a project, we look to our Extended Family to assess the ideal talent to leverage in our network, and the best path forward. By aligning visions and working together, it increases the ability to gain momentum, leverage collective efforts, bridge skill gaps, enhance scalability, attract more clients, and boost revenue.

Prioritize self-care:

To facilitate growth, it’s important to establish partnerships and expand business development pipelines. Creating efficient systems and funnels is crucial. Consider the capacity of your team and how to effectively deliver on new business opportunities. Relying solely on yourself is unsustainable, as it can lead to burnout. By seeking to increase the number of clients and ensuring a balanced workload, you can avoid overwhelming yourself and maintain a sustainable business. This year, I tripled my client base and significantly improved my lifestyle.

In my late twenties and early thirties, I was at a place where I was able to exert tremendous effort and time into my work. However, fast forward to today, and the sheer brute force approach does not work for me anymore. It’s like a handyman whose only tool is a hammer…to them, every problem looks like a nail. It was time for a change. Now, it’s important for me to use different tools. Working smarter instead of harder, promoting collaborative work instead of compartmentalization, and taking time to recharge instead of sprinting towards burnout. I wanted to embark on a fulfilling business venture that wouldn’t jeopardize my well-being. I did not want to create a business that kills me. Although it may sound morbid, that’s how I felt.

Am I there yet? Not entirely. There are around a dozen people who contribute to the functioning of Gilded Knight. Regardless of the size of their role, their contributions are valuable in moving this venture forward. Some business experts say that true business ownership requires full-time employees and relying solely on contractors is limiting . Arguably, it’s not one versus the other. There is a way to construct your team and add capacity in a way that is true to the stage of growth that a business is currently operating in.

Balancing multiple roles and responsibilities can be both rewarding and demanding, but it’s important to not “own everything.” More often than not, how successful you are as a leader is staring you in the face when you look in the mirror. It is important to be crystal clear on the sort of role, impact, and influence you desire to have on your organization. Once you understand that, act accordingly. Managing strategy, marketing, sales, service, and operations alone can be overwhelming, even for passionate and capable individuals. Keep in mind that your work is fueled by your passion, purpose, and desire to make a positive impact. Therefore, it’s crucial to be compassionate towards yourself: delegate, collaborate, prioritize self-care. Embrace forgiveness for mistakes, take necessary breaks, and enjoy learning along throughout the entrepreneurial journey.