What's a surefire route to success? That question
could surely be debated a thousand different ways.
How about a surefire way to failure? That's also
widely debatable, although few entrepreneurs would deny
this truth: Trying to do everything yourself as your
company grows will eventually squelch your company's
potential. That's when it's time to practice the three
keys to business growth: delegate, delegate,
delegate.
Teaming
Up
Five years ago, Tony Wright was an
ordinary 13-year-old in Minneapolis who simply walked
into a store and decided to buy a Beanie Baby for $5.
When he walked out of the shop, a Beanie Baby collector
offered him $50 for the doll. That, says Wright, is the
moment he became an entrepreneur.
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In
search of more great deals, Wright started attending
Beanie Baby trade shows. There he became a "middleman,"
finding good deals on the small collectible dolls and
reselling them to other dealers at a profit.
Later, when Wright started selling his products
online through eBay, he discovered there was a huge
market for sports memorabilia and collectibles, such as
bobbleheads and Pez dispensers. That's when he launched
Anthony's Tickets and More, a business that specializes
in collectibles as well as tickets to sporting
events.
Like many young entrepreneurs, Wright, now 18, saw a
market demand and realized he could cash in on the
opportunity by opening a business. He also recognized
that, as his business grew, he needed help.
Although Wright loves to go on road trips, he can't
be at every game where bobbleheads are given away, so he
entrusts employees to represent him. Last summer, for
example, he had two workers at a baseball game in
Chicago while two more were collecting merchandise in
Milwaukee. By delegating authority to buyers in other
cities, Wright (or 4dude20, as he is known on eBay) is
able to offer a wider range of sports collectibles to
his customers. He also knows that more products
translates into more sales.
Boosting
Sales
"Delegation is important in any
business," says Tyler Dikman, 18, founder of CoolTronics, a Tampa, Florida, company
that repairs computers and sells computer parts to other
businesses. "There are only so many hours in a day. You
can't possibly do everything."
Delegating was never more important for Dikman than
after he moved to California last fall to attend
college. He found it necessary to allow his team members
to take on wider task areas with greater levels of
authority and responsibility, and his adjustment in
management style has paid off. "Better delegation has
definitely helped increase profits," says Dikman.
Delegating some of the day-to-day tasks in your
business will help you to focus on the things you do
best. It will free you up to focus on the direction you
want to take your company in terms of marketing
strategies and new product development. And that kind of
long-term strategy can only boost your bottom
line.
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