Richard Conway shares the eight key experiences that have helped shape how he runs his own business.
Without a doubt the thing that has had the biggest influence on me as a leader and on my success as an entrepreneur has been the people around me. Whether they were an employee, mentor, or family member, it’s the people in my life that have brought unique experiences that, in turn, have taught me significant life and business lessons.
I have therefore listed the top eight most impactful experiences that have shaped the way I live my business life, starting with firing myself!
1. Firing myself.
It is important to recognise our own limits. One of the most empowering things I have ever done is to fire myself. For the business to grow beyond a lifestyle/start-up I needed to get out of the way and employ a talented general manager I could rely on. Whilst this was a hard decision it was the best thing I could do for my business at the time. Sometimes you need to know when to step away and let others shine.
2. Over-promoting.
At Pure SEO we are passionate about providing our employees with avenues for growth, and so tend to promote internally. However, I have since learned (through making mistakes) that promoting people beyond their capability, especially in urgent or unexpected situations, is no good for the company or the individual.
3. Not getting rid of ‘bad eggs’ quickly enough.
It can be difficult to let people go. However, delaying the inevitable has never done anyone any good. If someone doesn’t fit our culture, then they should not be part of the team. I no longer underestimate the effect of one person’s actions on others. Furthermore, if you ignore unacceptable behaviour, then you are in effect endorsing it as OK, which is just as bad in my book.
4. Create a mastermind team.
Over the years, I have learned to surround myself with people who are smarter and have different skills to help grow the business in directions I couldn’t have gone in by myself. Two of my most impactful business pivots have been because of conversations I have had with other trusted entrepreneurs.
5. Delegation.
No one is good at everything, not even the CEO! Everyone brings unique skillsets to the table. It is important to acknowledge everyone’s talents and determine how to best utilise them so the business can run efficiently. Plus, good people love being responsible and taking ownership of their work, and they generally do better when they can work freely on a task they are already good at or passionate about.
6. Trust.
There are positive and negative sides of trusting others (I am intrinsically trusting). Putting my trust in others has allowed some people to flourish, but it has also resulted in me being taken advantage of. Ultimately, we can’t control others’ actions. We can only prevent others from exploiting our trust, build a good relationship, and then hope for the best.
There is a balance in trusting others and keeping them accountable. The key is to find it and gracefully handle the outcomes.
7. Expect the unexpected and plan for it.
We never think anything earth-shattering and monumental will happen to us – until it does. When this happens and we’re ill-equipped, it can take a bigger toll on us and the business, making it difficult to respond and recover faster.
Paul Carrol, a good friend and business partner, ran our Melbourne operation. Unfortunately he passed away last year in a freak accident. His passing rocked my world, his family’s world, and our business’s world. We did not have key-person insurance, so not only were we battling with grief, we had the extra pressures of financial stress.
This is one example of how, when you think you’ve prepared for everything, the world can show you that you haven’t quite prepared enough.
8. People surprise you both ways.
People will surprise you either positively or negatively. Some will go above and beyond, and others may not turn out to be the ‘rockstars’ you hoped for. Again, be prepared for both outcomes and hold back from hanging onto someone else’s actions to determine the success of your business.
