By Akpeli Othuke Andrew.
There are cases of many entrepreneurs who had gone into their own business because of the CEO title. This is a very good development, but after watching your business for two years, evaluate the progress you have made in the business and compare it with the progress your industry had made in that two years under review. If you found out that you are lagging behind, it is time to give up the CEO title.
The business is more important than the CEO title. Convert your business from a sole proprietorship to limited liability company by raising capital from other interested investors who are willing to be part of your business and give up the CEO title for an Executive Director and a Chief Operating Manager.
This will afford your business the opportunity to experience some of the structures enjoyed by some of the well-structured business outfits which include, a larger capital for operation, proper financial accounting, budgets preparation, strategic planning, market research, etc. And opportunity to review your business plans and strategies with people who are not only more knowledgeable in business than you, but also have stakes.
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