Entrepreneur: Start & Grow Your Business
  Business Services   |   Subscribe   |   Bookstore   |   Opportunities
Entrepreneur: Start & Grow Your Business Entrepreneur.com Home Starting A Business Home Based Business Franchises Business Opportunities Money & Finance Sales & Marketing Management Online Business Technology Entrepreneur Magazine
   > Small Business Center   > CareerJournal Center   > Internet Solutions Center > Topics A-Z    
    Special Features
    Start-Up Ideas
    Raising Money
    Business Basics
    Sales & Marketing
    Tech Solutions
    Useful Links

You Can't Do It All
And if you try, your company will suffer the consequences. Here's why delegating responsibility is a must.
TeenStartUps.com - June 2003
By Amy Rauch Neilson
Email This Article To A Friend Print this

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.

Next Step
Having trouble letting go? Learn more about why it's so important to your business here.
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.

Page 1

Sponsor Specials
Microsoft Business Solutions "Questions are everywhere, insight is not".
Verizon Easy Web Site Packages make it easier to create or maintain a site.
MasterCard BusinessCard® helps small businesses keep business and personal expenses separate.
IRS e-file - so you can get back to the business of running your business.

Home  |  Newsletters  |  Bookstore  |  Search Center  |  Subscribe  |  Tools
Help   |  Contact Us  |  Advertising Info  |  Entrepreneur En Español
Copyright © 2003 Entrepreneur.com, Inc. All rights reserved. Privacy Policy