As entrepreneurs, we are taught to be adaptable. We learn to be creative, and resourceful, and to pivot quickly when things don’t go as planned. These skills are essential when starting a new business, but what happens when your business starts to grow? How do you balance the need to adapt with the need for stability and consistency?
The truth is, the skills that help you start a business are not the same skills that will help you grow and scale that business. Flexibility, thrift, and self-reliance are crucial for getting a business off the ground, but they can become liabilities as your company grows.
Flexibility: From Asset to Liability
In the beginning, being flexible is critical. You need to be able to adapt to changing circumstances, customer needs, and market conditions. But as your company grows, too much flexibility can hinder your ability to scale. You may find yourself juggling multiple contracts with subcontractors who have other clients and can’t prioritize your work. Your customers may demand more customization than you can reasonably provide, and your makeshift office may no longer be appropriate for client meetings.
To scale your business, you need to establish processes and systems that allow you to be consistent and reliable. You need to build a team of employees who are dedicated to your company and your clients. You need to create a professional and trustworthy image that inspires confidence in your customers.
Thrift: Balancing Profitability and Growth
As a start-up, you need to be profitable from day one. You can’t afford to invest in anything that doesn’t generate immediate returns. But as your business grows, you need to strike a balance between profitability and growth. Sometimes, you need to invest in new technology, marketing, or infrastructure that won’t pay off right away but will position your company for future success.
Investing in growth requires a long-term perspective and a willingness to take calculated risks. You need to be willing to make strategic investments that may not generate immediate returns but will help you achieve your long-term goals.
Self-Reliance: Letting Go to Scale Up
In the early days of a start-up, you have to do everything yourself. You don’t have the resources to hire a team, so you become a jack-of-all-trades, handling everything from sales to accounting to IT. But as your business grows, you need to let go of some of that control and trust others to handle important tasks.
Delegating responsibilities can be difficult, especially when you’ve been doing everything yourself for so long. But if you want to scale your business, you need to build a team of skilled professionals who can handle the day-to-day operations of your company. You need to trust them to make decisions and take ownership of their work.
The Start-Up Paradox: Balancing Adaptation and Stability
The start-up paradox is the tension between the skills needed to start a business and the skills needed to grow and scale that business. To succeed as a start-up, you need to be adaptable, resourceful, and self-reliant. But to scale up, you need to establish systems and processes that provide stability and consistency. You need to invest in growth, even if it doesn’t generate immediate returns. And you need to trust others to handle important tasks.
As you navigate this paradox, remember that there is no one-size-fits-all solution. Every business is unique, and what works for one may not work for another. The key is to remain flexible, open-minded, and willing to learn from your mistakes. With a balanced approach to adaptation and stability, you can navigate the start-up paradox and build a successful and sustainable business.
