This entry is part 9 of 11 in the series Business Pit Stop

CHAPTER EIGHT – CHECK YOUR EGO

Many race teams have very powerful owners and principals. The smart ones know to keep their ego in check and understand that success is more important than always being right, or being the one in the spotlight. They hire the best driver, even if he is more popular or outspoken.

As a business owner or CEO you need to also keep your ego in check.

• Don’t be a know it all. When you don’t know something, or you need help, reach out to the experts. Seek out those within your company or consult with your vendors, suppliers, customers or even competitors. Consider hiring a consultant or expert who would be willing to work with you on a fractional or outsourced basis. Learn how others are solving problems or implementing new technologies.

• It’s important that you network and meet people who can be helpful and valuable to your business. You won’t get better in a vacuum. Industry and professional organizations, networking events and happy hours are pipelines to people who will help you succeed. You might even meet new customers or your next star employee.

• Before you start networking educate yourself on how to engage effectively and positively. Strive to serve others. No one wants to meet another “taker.”

• Build relationships with key trusted vendors before you need them, such as bankers and commercial insurance brokers.

• Eliminate the “entremanure.” Entremanure is when the entrepreneur believes his own crap. Don’t take yourself too seriously all the time. Break out of your bubble and you will gain a fresh perspective. Strive to constantly learn and adapt.

• Just because you believe in the goals and mission doesn’t mean your team will buy into it. Make sure the objectives are based in reality and that everyone understands them. You won’t grow and achieve success if every time you leave the room your people wonder what you’ve been smoking.

• Most employees quit a boss, not the company.

A colorful, well-known or celebrity boss can be a positive thing, but not if it overshadows and prevents success. Don’t let your ego get out of hand to the point where it is more important than growing the business and achieving your goals.

Next up: Chapter Nine – Check Your Problem Solving Skills

Lindsley Medlin

Pitlane Strategies LLC

Copyright © 2018 by Lindsley D. Medlin, Jr.


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