You’re the one who had the idea.
You’re the one who persuaded the bank. Convinced your wife to put your house on the line.
You’re the one who went in early. Stayed late. Made sacrifices.
You’re the one who took the difficult decisions. Sat down with Bill and explained – as gently as you could – that his future wasn’t with the business.
You’re the one whose energy, drive, commitment – and sometimes your sheer force of will – has taken the company to where it is now.
And now, Sir or Madam, I am telling you to do nothing. Play golf. Have another day at York races. Walk the Pilgrim Way.
“What?” you splutter. “That’s ridiculous advice. I need to be there. Hands-on, constantly fine-tuning the business, ever-present.”
No, you don’t. Let me explain…
Several times over the last few years I’ve had conversations with entrepreneurs along these lines: “I’ve got nothing to do, Ed. Everything’s under control. I could walk out for a day. For a week, a month even. Things would still run smoothly.”
Are the entrepreneurs happy about that? No, they see it as a sign of failure.
But it’s not failure. It’s exactly the opposite: a sign of success.
I’ve written about this before, but if you haven’t built a business you can walk away from then you haven’t built a business. Because one day you’re going to sell the business and if it is entirely dependent on you – if you are the business – then you have nothing to sell.
Entrepreneurs are driven, passionate, committed people. They love working and they love working hard. Secretly, they’re never happier than when they have to set the alarm for 4:30.
But businesses are constantly evolving. No business goes upwards in a straight line. There are always steps and plateaus. And one of those plateaus might suddenly see you with nothing to do. Trust me, it won’t last. Every time an entrepreneur has said, “Ed, I’ve nothing to do,” it’s been followed one, three or six months later by, “Ed, I’ve never been busier.”
In the short term, though, the hiatus can be a real problem for the entrepreneur. They’re conditioned to see doing nothing – not constantly running at 100mph, not being there all the time – as a sign of failure.
They start to feel guilty, start to think they’ve missed something. And sooner or later they start to make changes for the sake of making changes.
Tap ‘entrepreneur doing nothing’ into Google and the search engine doesn’t believe you. By the third listing it has defaulted to the norm: ‘Why nothing less than 100% can ever be enough.’
Once you’ve built your business to a certain size, your job changes. It’s another topic I’ve covered previously – and I’ll be writing about it again next week – but your job is no longer to work in your business, it is to work on your business. Clients and customers still need to see you, but they do not need to see you behind the counter – or whatever you equivalent of a counter is.
Working on your business means a lot more thinking time and a lot less ‘doing’ time. Initially, it can be a difficult transition – but let me repeat: resist the urge to meddle, to look for problems where none exist.
And if you do find yourself with nothing to do, remember it’s not a sign that your business is broken. It is not a reason for you to feel guilty. It’s a sign of success. So enjoy it. Take time off and re-charge your batteries. Spend time with your family. Give something back to your local community. You deserve the break – and don’t worry: you’ll soon be smiling quietly to yourself and re-setting the alarm clock…