KNOW AND LEVERAGE YOUR STRENGTHS
Many business advisors—and others as well—urge people to work on building up their weaknesses. The thinking is, by getting better at what you don’t do especially well, you become a better-rounded, more capable person.
I don’t disagree with that. We should all work to improve the things we’re not good at. For me, that would be a very long list, and yours probably would be too.
But don’t forget to leverage your strengths at the same time.
I like to say we all know what we know and what we don’t know. We may not want to admit it, but the truth about ourselves is usually clear. Deep down, we recognize what our strengths are, in addition to those skills that don’t match up with our abilities.
That kind of honesty is important if you’re an entrepreneur—or anyone else, for that matter. In fact, one of the biggest mistakes people make is being unable to admit what they don’t know.
I’ve seen it for years and, more recently, on Billion Dollar Buyer. I’ve met with entrepreneurs and businesspeople who are absolutely convinced they’re good at something they’re not all that good at. Some may think they’re good at marketing, while others are certain they understand the need for ongoing cash flow to help their business grow. Many have convinced themselves they know everything about how to scale up their businesses.
One of the things that has always come naturally to me is my ability to recognize what I’m good at and what I’m not good at. As I’ve sometimes said, I have to think about how to put gas in my car. Change the oil? I’d take lashes instead of trying to do that.
A guy can take an engine apart and put it back together, but most don’t give him any respect for being able to do it. But he’s the smartest guy in the world to me. The painter who can paint a perfect line? My line would be here and there and all over the place.
“I can look at a business and its numbers and within a few minutes know if that business has the stuff to become really successful. It’s what I’m good at, and I know this.”
That’s why I urge every entrepreneur to be brutally honest with himself or herself. It’s critical to know what skills you bring to the table and those you lack. Without that honesty, you may not be able to grow a business in all aspects and to keep that growth going through a balance of skills (more about this in the next chapter).
People—especially younger entrepreneurs—constantly ask me if I think they need to go back to school to get an MBA. My answer is always the same—if you need that, you’ll know it. You’ll know if business comes naturally to you or if you need more formal education to fill in some of the cracks. And for many people, getting an MBA is a way to increase their overall skill level and, from there, apply that to moving their business to the next level.
Going back to school doesn’t automatically mean an MBA. In an episode of Billion Dollar Buyer, Kismet Cosmetics founder Caitlin Picou worked with the entrepreneurial school at the University of Houston to build and refine an effective business plan. You can certainly do the same, as there are many online and onsite business programs throughout the country where entrepreneurs can become much better versed in the workings and strategies of the business, without any prohibitive time commitments.
But going back for more schooling isn’t just an opportunity to shore up business skills you may lack. It’s also a way to sharpen those things you’re already good at.
That ties back to the central idea of this chapter—improve at what you’re not particularly good at, and lean and build on those strengths you know you have. If you know you have the gift of creativity, leverage that for all it’s worth. On the other hand, if you’re good at numbers, for instance, rely on that ability.
Sometimes, a strength may not even be a particular business skill. For example, one thing I urge every entrepreneur to do is to never give up. Don’t admit defeat until they come and padlock your front door. Call that stubbornness, call it confidence, but it’s certainly a strength. If you can ignore the naysayers, everyone around you who says you can’t possibly make it, that’s a strength to rely on.
Occasionally, you meet an entrepreneur who’s not certain what his or her strengths are. Maybe they’re too modest to point out a personal strength. Or maybe they’re the opposite—“I’m so good at everything, I can’t pick just one!”
Here’s where a little feedback can be helpful. Ask your business partners what they think your particular strengths are (and, to avoid turning this into an ego party, offer to describe their strengths to them). You may hear what you expect, but you also may be pleasantly surprised, or even disappointed. Hearing this information from someone else may be just the thing you need to pinpoint those strengths you bring to the business.
LISTEN!
How you best build on your strengths depends on what those strengths are. For some, that may mean going back to school to get an MBA. For others, it can mean becoming aware of what you do well and making certain you bring that strength to your business. Don’t be afraid to let others know what you have confidence in. As an example, if you’re adept at analyzing numbers, and the creative guy in your group doesn’t see what you see, get your points across so your business benefits from what you know best.
No matter the specifics, a business won’t flourish by ignoring its strengths. It’s great to become better at things you’re not particularly good at, but also leverage all that you do well. After all, that’s why you went into business in the first place.
TILMAN’S TARGETS
• Work on your weaknesses, but also make sure to work on your strengths.
• Ask your partners to describe what they believe to be your strengths.
• If you have a strength, build on it. Lean on it. Don’t be afraid to assert your strength for the good of the business.