Would anyone know how to transform an "entrepreneur" into an "entrepreneur manager"?
Fast growing start-ups and small business one day hit the wall of operational issues. It is the day when entrepreneur's ideas, ways ... just cannot hold together all that is going within a company. What to do next? hire a professional manager? Learn about management? Do ... ? Any ideas !!
That is a very interesting question and very insightful. I came across this article that answers you question in part. I hope you find it useful.
There are some fundamentals here. Your job as a successful entrepreneur, running a growing and successful business is to get yourself in the position of working on the business not in it. The more you are involved in day to day the less able you are to take the strategic view. The next point is to have a scaleable business you need a robust business model, class leading processes and committed and knowledgeable employees. Put these in place and you will work your way to being the business leader and not the business employee.
Almost by definition entrepreneurs cannot become managers.
Very often only those entrepreneurs who realise they need to hire the right managers, succeed. But, due to them being an entrepreneur, often hire the wrong type of managers.
Tough one, Hire the operational manager and let the Entrepreneur do what he / she does best. They don't sweat the small stuff.
One option is to hire someone with industry experience that have achieved the level of success you desire, do exploratory interviews, test questions based on policy and procedures, find top 3 you are interested, make a 12 point ranking, hire base on your metrics and give a 6 month or 1 year contract and offer shares, bonuses, unique benefits and get advice, feedback from other industry experts on your decision, candidates, of course that is pretty simple advice and a lot has changed and every industry, country, instance, time phase is different. Too much to explain in 1 paragraph
Jaro: All of the characteristics of an entrepreneur are those you do not want in a manager. Entrepreneurs are risk takers, visionaries, non-conformists, often have a personal definition of success, long term focused, driven to achieve their dream. A manager needs to focus on near term objectives, cost containment, profitability, assuring a stable environment, committed to maximum return on assets employed. Entrepreneurs are rare. Sound managers are more readily available to be added to your team to implement the strategies needed to make your dream come true. Choose carefully and the benefits gained from a skilled manager joining the team will be enormous. A well conceived package need not break the bank. No different than the purchase of a machine-consider the return on investment. Make sure that the objectives are clear and the milestones established for timely measurement of performance against expectations. I have helped many an entrepreneur realize those dreams by keeping our respective roles in focus. Good luck. Gary
We have implemented a "transformation" for a SME by early 2011. The owner and his team fully adopt it and they (even!) improved our approach to full scale after 9 months working step by step. Here the case link:
The Person-Entrepreneurial Leadership Fitness Instrument (PELFI) © questionnaire is a tool an entrepreneur or business owner can use to measure the latent components which make up entrepreneurial leadership fitness in which the higher the fit the higher the likelihood for entrepreneurial leadership success.
This questionnaire will be helpful for:
(1) Nascent entrepreneurs - those who are searching for the business idea or who are involved in business planning,
(2) Existing business owners - those who have officially established their business,
(3) Entrepreneurs - CEOs, executive directors, and presidents currently involved with sustaining and growing their business,
(4) Experienced entrepreneurs - those who have been in business for period of time or have sustained and grown two businesses, and
(5) Serial entrepreneurs - those who have started and sustained three or more businesses as well.
This questionnaire covers…
Entrepreneurial Leadership --->Entrepreneurial Venture Process--->PELFI component:
Uncertainty Absorption --->Searching --->Venture scope
Challenge framing --->Planning--->Performance orientation
Path clearing/underwriting --->Marshaling --->Entrepreneurial savvy
Commitment builder/realism --->Implementing --->Leader-follower orientation
Also concepts of risk-taking, proactiveness, innovation as well as business satisfaction are examined.
At the end of the questionnaire participants are able to request a summary report of their results by entering an email address at the end of the questionnaire. The questionnaire should only take from 5 to 10 minutes to complete. Data will only be reported in summary format and no individual responses will be highlighted in the results of this questionnaire. All responses to the questionnaire are kept confidentially anonymous.
In reviewing some great ideas, here are the ones and approaches which resonate with me.
o An Executive Coach who can help you determine your own strengths, your organization's strengths and who if anyone in the organization is promotable into the operations role and other roles.
o My belief is that The Entrepreneur has to grow into The Executive Leader.
o A Core belief of mine is that to grow the business grow the people.
Finally, as a former Fortune 50 middle manager if you find people with Passion to do the job and bring them in otherwise in reality you could not pay for it and if you could pay for you would NOT be able to afford it.
I specialize in honing the different hats of a business and management is only one of them. It's a lot easier than you may imagine. Certainly not an answer that could be delivered well in a soundbite forum. But to start, describe the entire role of the manager (as in a job desc), starting with the proper title.
Your entire business needs to be summarized from these perspectives:
Management as in daily administration, oversight
Strategic marketing and sales
Guiding and forecasting - maintaining long and short term visions
Production, the daily delivery of services/products and the tactical agendas
Each area has roles. Your question is vague as to what is the role of your manager? Even if you hire outside, you have to know these things before you attract them.
Bottom line, the best way to cultivate and convert these changes internally, is to hire a strategist in the interim, to hasten your development, an expert like me. I have many rates to fit the tailored needs.