Building a business is much like parenting a child. The moment these entities come into existence, it fills most people with pride and happiness. When the realization of responsibility hits home, those positive feelings may change into fear or worry. Much like raising a child, a business requires guidance and support. The day eventually arrives when a fully grown adult has replaced the bundle of joy and the business reaches maturity. Often this involves letting go along with the mixed and conflicted feelings that accompany a parting of ways.
Early Business Development
Entrepreneurs, like parents, learn along with their offspring as they pass through the stages of development. Early child development is marked by learning things at a rapid pace. Managers make mistakes and experience moments of triumph and progress. Avoiding devastating errors while acquiring lots of knowledge about the market for a product or service depends on thoughtful planning. Many young businesses fail for precisely this reason.
Thriving Through Business Adolescence
At some stage of growth, many businesses require employees to support demands. This could be likened to helping a child acquire the skills necessary to succeed. Maintaining a quality workforce involves creating an atmosphere in which a company’s team thrives. The millennial generation of employees beginning to fill the workforce are creative problem solvers. As noted by Eyal Gutentag managing Millenials requires that “…you see the problem from their perspective.” Successful team management is an exercise in identifying flexible talent, setting clear goals and allowing employees to apply their strengths while challenging their potential.
Achieving Business Maturity
Once a business has reached the stage of sustaining itself the entrepreneur faces several options. These may include the choice between reaching for more growth or maintaining market share while improving quality. Another decision point that arrives is whether to stay with it or set the enterprise free and move to new challenges.
Entrepreneurs calling their young enterprise “my baby” isn’t coincidental. Learning alongside business growth helps managers succeed and prepare for new challenges. Like parenting, seeing a business become self-reliant is a truly gratifying experience.
