In the realm of entrepreneurship, one powerful anecdote stands out - Henry Ford's deposition during a lawsuit in the 1910s. Ford was bombarded with a barrage of questions aimed at belittling his knowledge and thereby his qualifications to run a major corporation. Finally, when asked who he could turn to when he needed information he didn't possess, Ford retorted, "I can hire a whole row of university professors for such questions."
Ford’s approach has an essential lesson for today’s small business owners: the importance of acknowledging your limitations and seeking help when necessary.
Recognizing the Power of Collective Knowledge
Henry Ford, the pioneer of assembly-line manufacturing, did not claim to be a know-it-all. He had a vision for an affordable automobile, and he recognized that realizing this vision would take more than just his individual effort. Ford valued the power of collective knowledge and had a team of experts he could turn to when faced with challenges beyond his expertise.
Like Ford, the most successful business founders and CEOs today appreciate the power of a diverse team of specialists. Large companies have numerous departments, each dedicated to a specific function like marketing, finance, operations, or human resources. But what about small business owners?
Small Businesses and the Power of External Help
Running a small business often means wearing many hats. One minute you might be negotiating with a supplier, the next you're addressing a customer service issue. While versatility is an asset, the complex nature of modern business necessitates specialized knowledge in different fields.
That's where external help comes into play. Small businesses may not have the resources to maintain a large in-house team, but they can emulate Ford’s approach by reaching out to outside experts. These might be consultants, freelance professionals, or even services like fractional or interim CEOs, who offer their skills and experience to businesses on a part-time basis.
By seeking help, you’re not diluting your control or questioning your abilities; rather, you're using resources effectively to drive your business forward.
Ford’s approach reminds us that even the most successful people don't have all the answers. It's the ability to ask the right questions and seek help from the right people that truly drives success.
Don't let the size of your business keep you from accessing the expertise you need. Embrace the power of collective knowledge, and your business can achieve goals you may not have thought possible.