Your established competitors may have money, but it’s unlikely that they can swiftly change course.
Established companies may have plenty of resources and experience, but they’re usually not as nimble or flexible as newer or smaller companies. And certainly not as hungry.
Q. You have advised entrepreneurs to hire to their weaknesses. I’m an idea guy, and I love being in front of an audience. I’m not a sales guy, nor a marketing guru, nor a finance wiz, so I do need to hire to those weaknesses.Once the right people are in place, how do I delegate responsibilities while retaining overall ownership of the business and my idea? I have no problem letting people succeed and gain recognition – I’m more concerned about coming into conflict with someone who thinks that they can do things better than I can.Also, how do I ramp up the business while protecting it from competitors who have money and know-how – say, someone who has been in business 50 years and grown hundreds of companies – squashing me like a bug and claiming my ideas as their own? — Bill Hagen
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