Here’s a cautionary tale for you about one of the wealthiest entrepreneurs in the world… and how, despite all his money, he still sabotages his business at almost every opportunity.
Of course, I’m referring to Jerry Jones, the owner of the Dallas Cowboys. According to a super scientific Google search I just did, Jerry’s worth $13.5 billion. While Jerry made most of his money early in life from being in the oil industry, owning the Dallas Cowboys (who are currently valued at $8 billion) makes up the majority of his net worth.
And that’s what we’re gonna talk about today… because Jerry makes the same mistakes with his Dallas Cowboys as entrepreneurs of all shapes and sizes make with their own businesses.
Jerry bought the Cowboys in 1989 for a whopping $140 million. Then, shortly after purchasing the team, the Cowboys went on to win a Super Bowl in 1993, 1994, and 1996.
Everything started off great.
But since 1996, which is damn near almost 30 years ago, the Cowboys went from being “America’s team” to being the laughing stock of the entire league.
They haven’t sniffed a Super Bowl appearance since 1996. They haven’t even made the NFC Championship Game since (which is the game before the Super Bowl).
And Jerry’s a big reason why…
Y’see, Jerry makes the classic entrepreneurial mistake that many entrepreneurs make, which is:
He refuses to get out of his team’s way.
Here’s what I mean:
Jerry almost acts like he’s a coach for the Cowboys instead of the owner. He appears on local radio shows on a weekly basis, stirring the pot of drama on members of his team. He only hires coaches who acquiesce to his demands. And while he only plays coach, he’s the official general manager for his team—in charge of salary cap, trades, drafting, and the list goes on.
In other words, Jerry’s too involved in the day-to-day happenings of the Cowboys. And its became the downfall for the Cowboys, who haven’t achieved any meaningful success on the field in 30 years.
The reason I bring this up?
Because despite Jerry being a billionaire, he commits a mistake many entrepreneurs commit regardless of how seasoned they are, or how much moolah their business brings in. From startups to Fortune 500 companies, the entrepreneurial world is littered with entrepreneurs making this same mistake.
Entrepreneurs who write and send their own emails, instead of bringing in a pro who knows what makes people “tick,” and what makes them buy.
Or entrepreneurs who micromanage every single person on their team, not giving their team autonomy to get their hands dirty, mess up, and learn from their mistakes.
Now, you might be thinking to yourself that this is a benign mistake that I’m blowing out of proportion.
But it ain’t, cully.
Well, as a business grows, its entrepreneur needs to grow too. Sure, it makes sense for an entrepreneur to wear 18 hats when his business is in the startup phase. But as the business matures, the entrepreneur’s role changes too.
Instead of working on all the possible things in the business, they need to start working on the business. Subtle, but massive difference between the two.
This means letting go of your baby, and letting it blossom into a fully mature adult. The more hand-holding and micromanaging an entrepreneur does once his business “makes it,” the more likely it is that the owner will sabotage and even bankrupt the business.
And you can’t work on your business, when you’re involved in the day-to-day minutia of the business. We all have the same 24 hours in a day. An entrepreneur working on, for example, customer service, is a disservice to his business and the entire team.
Many such cases of once great businesses going belly up because its owner didn’t know how to relinquish control, and empower his team.
But that won’t be the case for you, will it?
Now that you know this lesson, you have no excuses.
One of the best (and most profitable) ways to practice relinquishing control is by outsourcing your email. If your business’s growth was a car, email is the engine that lets you get to other places, and hire other pros to take your business to new heights.
Want to see how this works?
Hit reply, and we’ll hop on a call.