In today’s hyper-competitive, fast-moving economy, it might seem exponentially more difficult to become a multi-business entrepreneur. It seems impossible to take on so many tasks and responsibilities all on your own. The secret of successful serial entrepreneurs is that you don’t have to. Multi-business entrepreneurs who have built business empires in multiple industries will tell you that mastering the art of delegation and building trusted teams to scale across industries can keep your passion and your income afloat for years to come.
East Boston native Ralph Caruso knows a thing or two about the importance of strategic delegation across several businesses. After all, the veteran entrepreneur has built successful businesses in industries like construction, real estate, franchising, automotive, services, and entertainment. Ralph Caruso has said, “Managing multiple ventures requires a shift from ‘doer’ to ‘leader and regulator.’”
As the proprietor of companies such as Caruso Construction, City Rentals, Northgage Recycling, Flush, Mercedes-Benz of Burlington, Above the Line Production, and countless Dunkin’ Donuts franchises in the region, it would be impossible for Ralph to micromanage every single one of the businesses under his banner. Yet, many of his fellow multi-business entrepreneurs are still tempted to do everything on their own.
The temptation to do this is palpable, especially for entrepreneurs who put a lot of time, effort, and passion into their businesses and are heavily invested in their projects’ success. However, Ralph Caruso learned very quickly that building strong leadership teams and empowering them to operate independently was the key to managing this many businesses while still maintaining success and quality in their products and services. “You can’t build an empire if you don’t trust your generals,” he said.
For this reason, the success of multi-business entrepreneurs depends a great deal on hiring the right people. Caruso details several important criteria when looking for strong leaders who can help bring your vision for your businesses into reality. These criteria include integrity/character, loyalty, and alignment with a company’s core vision and values. “Many people may be qualified for the position you are hiring for, but not everyone will understand your goals and vision for your companies. Make sure the people you hire are on the same page when it comes to what’s most important,” he said.
Through a combination of the right people and clear, tested, and replicable work and communication systems, delegation can be the secret ingredient of multi-business entrepreneurs’ success. Delegation and trust are absolutely essential to scaling your business empire. Without these crucial elements, entrepreneurs can easily get lost in the details of their businesses. The first step to building a successful business empire is to build a team you can believe in. With the right people in your corner, there’s no limit to what you can accomplish.
