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throttle, gear, etc. So, in business, you also need controls to
enable you to run a business well. In business, the followings are
the controls that you need, and I would just take them one by one
and explain them:
Governance – in big companies, like the FOOTSIE 100
companies, they have Board of Directors. These directors have
defined roles of ensuring there are structures and best practice in
place; this is to safeguard the survival of the company. This is not
even easy in those big companies because there is always a
conflict of interest, but that topic is outside the scope of the level
we are looking at right now.
So, governance in small businesses is non-existent as you know
very well. This is one of the biggest challenges facing small
businesses because the absence of governance will wreak havoc
for these companies. The reason why 80% of businesses don't last
beyond their fifth year is due to this lack of control. Most small
businesses are started by entrepreneurs coming from employment
to starting their own business. The flaw arises because when they
were in employment, there was a structure in place to get the most
out of them. Opening and closing time, schedules of what must be
done, break time, holiday time, etc. you get the idea. When people
get into self-employment, that structure disappears, and they must
fend for them. So, if it’s raining in the morning, you may just call to
cancel your appointment or sleep a little bit longer, stop when you
feel like a bit tired, etc. There is no one to challenge you. However,
you will get the feedback by the result you generate. So, those that
are smart enough may heed the warning and create a system to
manage themselves better.

If you want to lead, at least invest 40% of your time in leading
yourself
- Dee Hock (Founder of Visa)

Part of what we practise in our seminars and courses is to institute
simple steps to exercise control over yourself. This may become
part of your developmental process to help you get results in all
areas of your life. Sometimes, the goals you are seeking is not the
most important but who you become as a result of accomplishing
that goal.

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