Handing Over

This is a tough decision; the entrepreneur has to know when to make a move. An entrepreneur can make a move due to unavoidable circumstances, due to investor pressure, or due to the sheer reason that he feels that his skill set might not be able to take the company to new levels. Whatever the reason, the decision has to be made, in due time. So it would be great if you are able to find the right suitor for your company in due time to make sure that your company runs smoothly, even without you. Give the chosen candidate a chance to prove themselves, by putting them in short-term situations where they have to control the reins of the startup in your absence. When Ratan Tata decided that he was to leave Tata Group, he selected Cyrus Mistry and announced it publically. Not only did he mentor him, but he also took Mistry to meetings and made him network with the important contacts. An entrepreneur can do the similar. From the point you realize that you have to leave the startup, you have to devote your full time to the chosen person. You have to release the person from his existing responsibilities and make him focus on the bigger picture. Initially you can make the person work under you to observe the tasks, then you have to let the person work independently, and be around only to make corrections. After which you can make a smooth exit from the company.