Entrepreneurial Tip of the Week: Ask for help!

Ask for help, it’s a sign of strength!

There is a common perception among entrepreneurs that asking for help might be seen as a sign of weakness or incompetence.  In fact, seeking assistance is not only wise but also essential for sustained success in the entrepreneurial world.  You have undoubtedly heard the expression: ‘You don’t know what you don’t know’.  By building the skill (yes, this is a skill) of asking for help, you open your mind, expand your potential beyond your knowledge base and allow for new opportunities to develop.

Entrepreneurs, renowned for their self-reliance and drive, often shoulder the immense pressure of building and sustaining their businesses single-handedly. The romantic idea of building something by yourself is seldom achieved.  Contrary to popular belief, entrepreneurship is not a solo endeavour.

Seeking help is not just advisable; it's necessary.  Here are some things to consider while you are trying to work things out on your own.

Skill Gaps and Access to Expertise

No one person possesses every skill needed to run all aspects of a business effectively. Whether it's financial management, marketing, product design, or legal compliance, asking for help from experts can fill those gaps, ensuring more knowledgeable decision-making and strategy planning. 

Widen Your Perspective

Being deeply engrossed in the business can sometimes lead to tunnel vision. External advisors or mentors can provide fresh perspectives, challenge assumptions, and bring new ideas to the table, helping to identify opportunities and risks that may not have been apparent.  Join an incubator or accelerator or hire a Startup Consultant.

Networking

Asking for help often leads to networking which is invaluable for entrepreneurs. It opens doors to potential partnerships, customer bases, and even investors. This networking can also provide moral and emotional support from peers who understand the unique challenges entrepreneurs face.  Entrepreneurial Meetup groups, online networks and startup gatherings which allow you to connect with like minded businesspeople can help you think outside your ‘bubble’.

Time Management

Entrepreneurs often find themselves juggling numerous tasks. Delegating certain aspects of the business to others can free up time to focus on core activities that require their unique insights and skills. Effective time management facilitated by asking for help can significantly improve productivity and reduce burnout.  Think about the important tasks which require your skills as a founder. Then, try to remove the other tasks which become an ‘opportunity cost’.  Remember, your time is valuable.  Spending extra time on those areas which are either non-revenue generating or beyond your skill set can be costing you money.  Prioritize!

Growth and Learning

The landscape of business is ever-changing. Continuous learning is vital for sustaining and growing a business. By asking for help, entrepreneurs expose themselves to new knowledge and experiences, helping them grow personally and professionally.  Let’s think about dividing all knowledge into three areas:  Things you know, things you know that you don’t know and things that you don’t know that you don’t know.  What is the biggest portion of knowledge?  Clearly, there is more in the world that we don’t know about.  Our knowledge is limited to our education and experience.  Seek out other input and be open to learning.  When we don’t know, we don’t know the questions to ask.  This is where entrepreneurs can fall.  Learn from others’ mistakes and avoid them yourself.

Risk Mitigation

Business involves risk, but unnecessary risks can be avoided by seeking advice and help from those who have special expertise or previous experience. This can include anything from legal issues to financial planning and operational risks.  Seek advice and avoid the bumps in the road.

Innovation

Collaboration, which often starts by asking for help, is a key driver of innovation. Interacting with diverse talents and ideas can spark creativity and lead to innovative solutions and products. There are many techniques to foster innovation. Look for ideation tools that can help you think outside of your comfort zone.

Stress Reduction

Running a business is stressful. Having a support network to lean on can alleviate much of this stress. Entrepreneurs who ask for help report lower levels of burnout and higher levels of overall well-being.  If you don’t have a full-time team around you, seek out other entrepreneurs where possible.  Sharing your experiences is a great way to let of steam and learn from others at the same time.   

Validation and Confidence

Feedback from mentors, advisors, or even a peer network can validate an entrepreneur's ideas and approaches, boosting their confidence. Constructive criticism, although sometimes hard to hear, is invaluable for refining strategies and avoiding costly mistakes. 

Scalability

For a business to grow and scale effectively, teams must be built, processes must be automated or outsourced, and partnerships must be formed. This scalability requires an entrepreneur to step back from micro-managing and seek help to build a sustainable business structure.  When looking for financing to scale, investors will ask questions to get a deeper understanding of the business as well to gauge your knowledge and the strength of the team around you. If your responses demonstrate that you are a lone wolf, your prospects with them may be limited.

Entrepreneurship is as challenging as it is rewarding. Being decisive and self-reliant are strengths which can also be obstacles to your success.  Recognizing when and how to ask for help can be a pivotal determinant of success and sustainability.  When you ask for help, you are demonstrating a strength which is valuable and will pay dividends in the short and long term of your entrepreneurial journey.