Ony Do What You Are Great At

by Johnny Palmer
 
I am asked everyday (literally everyday) for business advice. While some questions are specifically regarding a certain business situation, for the most part it’s generally questions like “What should I focus on as an Entrepreneur?” The best practical advice that I can give to an entrepreneur is summed up in the following sentence: “Focus on performing all business activities that you are great at and hire the best available talent to perform all other functions.” Too often, we as entrepreneurs attempt to be “Jacks or Jackies of all trades” and more often than not we fail miserably because of this.
 
I’ll share with you a great example of how this philosophy benefits me when I’m working on any given project. Personally, I feel that one of my greatest strengths is my vision and ability to think big and focus on the end result of whatever project that I am undertaking. Likewise, one of my greatest weaknesses is my lack of interest in performing the day-to-day tasks that are required to complete the project. Therefore, I hire the best available talent to ensure that the project is completed on time, under budget and exactly as I originally envisioned it.
 
Most entrepreneurs find it difficult to give up control of even the most mundane tasks. The results are a terrible waste of time and money. A good rule that I have learned to live by is to never perform a function that has a monetary value that is less than your hourly rate. For example, if you earn (or want to earn) $100,000 per year you should not perform any tasks that have a monetary value of less than $50 per hour. For example, you should pay someone to process orders (a $10 per hour function) while your time is spent performing a function that will generate you at least $50 per hour.
 
Begin to put this tidbit of advice to work in your business and monitor the results…I’m sure that you will be pleasantly surprised.
 
About the author:
Johnny Palmer is the Founder and CEO of Blackentrepreneurship.com – The World's #1 Resource for Black Entrepreneurs. You’ll find the latest news for Black Entrepreneurs and information helpful to Black Businesses of all types. On the site there is even a Hall of Fame featuring famous Black Entrepreneurs of the past and present. Don’t forget to sign up to receive your free subscription to The BlackEntrepreneurship.com Newsletter