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6 Lessons For Entrepreneurs From Game Of Thrones

6 Lessons For Entrepreneurs From Game Of Thrones

Game of Thrones is coming to us with a 6th season, which is a great opportunity to review what we know about the series until now. And more important, what we learned from the series. While most people focus on the murders, I tried to go beyond them and analyze why each character did those outrageous things. And this is how I found Game of Thrones offers a lot of valuable lessons for entrepreneurs!

1. Do not owe anyone, anything

The famous line of the Lannisters is “A Lannister always pays his debts”, which is probably the most valuable tip in this list of lessons for entrepreneurs from Game of Thrones. If Tyrion and his gang used this rule to justify the slaughter, entrepreneurs can use it to make sure their business thrives.

As a businessman your goal is to maximize the profit, but you must always pay your debts! As soon as you leave your debts to gather, you enter a downward road, which is not going to end with a cool breeze from the business market! In fact, not even the most powerful air conditioner will be able to cool down your employees and partners, if you’ve failed to pay them on time. Worse, your business rivals are waiting for this dark scenario to happen, so they can steel your employees and partners, along with your internal secrets.

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The take away: always pay your debts, for the safety of your company.

If you do fail, everyone in the market will recognize you as a reliable, serious entrepreneur, so they will be willing to work with you again.

2. Do not fear bad times

Littlefinger’s favorite line is “Chaos is not a pit, but a ladder” and he couldn’t be more right! For an entrepreneur, the best times are bad ones, when you need to struggle and learn a lot of things on the go. During bad times you have to act fast and dare to take bold decisions. If your company manages to survive during tough times, when the storm makes room for bright sun, your company is going to sail in full bloom. One of the best lessons for entrepreneurs you can take away from Game of Thrones is seeing tough times as opportunities, not obstacles.

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3. If you need to reinforce your status as a leader, you’re sitting on a thin layer of ice

As an entrepreneur, you have to inspire your employees and partners and gain your status as a boss. Successful entrepreneurs never have to say they are the boss, just like respected people never have to say “respect me”. In Game of Thrones, the Lannisters, (“Any man who must say I am the king is no true king”) act as rulers and they are seen as rulers. In real life, you need to act like a boss, take the right decisions, be objective and never cross the boundaries. If you are a good entrepreneur, power will come to you on the way, as well as respect and profit.

4. Don’t be afraid to speak up

Tyrion Lannister also offers a great lesson for beginner entrepreneurs: he might not be taken seriously at some times, but this doesn’t stop him from speaking out loud. When you are a young entrepreneur, or you’re not even currently holding the status of an entrepreneur, but you wish you could run your own company one day, you need to be bold enough to speak up your mind. Don’t be afraid to step up in front of the line and share your ideas – you might be noticed by someone!

5. Don’t be unfair to your employees or partners

The entire Game of Thrones series is rich in bloody leaders who inspire fear in everyone who dares to look up to them. With one exception: Daenerys. The blonde teen becomes the beloved Khaleesi due to her kindness. When you translate this into business world, you gain important lessons for entrepreneurs: don’t be cruel entrepreneur, employer and partner. Yes, you do want people to respect you and listen to you, but using cruelty is not the way to gain loyalty.

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Never try to intimidate others and gamble on your skills to get contracts and grow your business. In the long run, this approach will gain you a lot of friends and trusted partners, which are essential for a successful entrepreneur.

Also, listen to your team! If you fail to do this, you might become a despised leader. Looking at Game of Thrones’ Joffrey Baratheon, you can see the side effects of such a leader. On the business market, being despised is a sure way to kill your company, as your reputation is an important drive for businesses.

6. Never break your word

In businesses, your word is sacred! Once you’ve broken a promise, you’ve lost your word as well as your credibility. Without a valid word, you are going to have a tough life in the business world, where many agreements and contracts start with a discussion at a smoke. Retrieving your credibility is almost impossible, so make sure you never break a promise. Who taught us this from Game of Thrones? Robb Stark, who promised to wed a Frey woman, than completely forgot about it and we all know the bloody consequences of his broken promise.

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Lastly, remember the iconic line from Game of Thrones: Winter is coming!

The House of Stark doesn’t want to message us all that it’s time to open the winter coat chests, but they want to say they are always looking forward to make sure they are never caught on a bad foot. Back to business, you have to look in the future and make sure you stay up to date with the latest innovations and technologies. The sooner you do this, the better for you. If you are preparing your “winter coats” in the summer, you are definitely going to win the Game of Businesses!

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Last Updated on October 14, 2020

Delegation of Authority: The Complete Guide for Effective Leaders

Delegation of Authority: The Complete Guide for Effective Leaders

Do you absolutely hate failing? You’re in luck because, today, you’ll learn the art of how to tackle failure in your work life. The magic trick is called delegation of authority.

Failure is often a result of excess burden. When you take on more than you can handle, you are unable to perform well, even if you have the expertise to do it perfectly. It’s demotivating, a waste of time, and extremely annoying.

Let’s take a deep look into the delegation of authority to figure out how to make the most of it.

What Does It Mean to Delegate Authority?

Delegating authority is neither magic nor rocket science. It is exactly what it means: division of workload and distribution of power.

Now, this is where most superiors get worried. They misunderstand the idea and believe that distribution will take away their authority.

However, the division and distribution of authority are like giving the entire team autonomy over their own job, but their control is limited to just that.

The superior still has supremacy over all the employees.

Authority delegation minimizes the workload of the superior. This work is broken down into smaller tasks and spread out into a team so that every member works simultaneously to finish the project in a shorter time.

3 Elements of Delegating Authority

The delegation of authority has three elements:

1. Assigning Responsibility

This is the first step in the process. A person who is in charge, such as a manager or a team leader, assigns other team members certain tasks that have to be completed in a given period. Of course, this is only possible if the superior has more control and authority in the work environment than the subordinates.

2. Granting Authority

The next step is to give the subordinates enough authority and responsibility for them to complete the task and act independently.

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So, let’s say you are a supervisor who allocated one person in your team to do a certain task. This assignment will be useless to you if the subordinate has to come to you every step of the way to get permission and signatures required to fulfill the allocated job.

Unless you’re giving authority, you aren’t delegating. Instead, you’re only assigning a task, and that won’t bring you any benefits.

Also, granting authority puts the subordinate in charge. This person is now responsible for doing what they’re assigned, however they like. It’s up to them how they tackle obstacles. All that you as the supervisor should be concerned about are the final results.

3. Maintaining Accountability

There’s always a risk that some team members may not act responsibly, especially when they have been given authority over the assigned task. This is why you have to make every employee or team member accountable through some rules and regulations.

The superior must always have the right to ask the responsible person about their task[1]. Creating an accountability culture in a company is important, and accountability goes upwards in the hierarchy of a work environment. Never offer any leniency in this regard if you want to ensure quality outputs.

This step of giving and receiving feedback helps improve the future work ethic immensely.[2]

Effective delegation of authority

    Why Is It Important to Delegate Authority?

    Many times, superiors take on all the duties because they have a hard time trusting someone else to do the job as well as they would do themselves.

    That’s a valid concern, and it may keep you from getting the most out of authority delegation.

    But, with this risk comes a long list of benefits. It is actually important to delegate authority for the betterment of your organization and team.

    Superiors Can Perform Better

    The most important benefit of delegating authority is that the manager divides authority and gets the time to do their actual job.

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    As a supervisor, your first duty is to maintain the flow of your team. With your workload minimized and more time at hand, you can pay attention to the minor details.

    It gives supervisors the time to look at the more important stuff. Simultaneously, they get a chance to test which team members are most efficient. In case of any problem, the delegator has enough room in their schedule to sit down to figure out a solution.

    All in all, it leads to a more efficient performance from the supervisor’s side.

    Subordinates Learn With the Flow

    With a degree of authority in their hands, the subordinates begin to feel useful and important. This feeling is the most important route to improvement.

    As your subordinates work independently, they not only improve their existing skills, but they also perform better. Since they are ones in control, they are the only ones accountable for everything they put on the table. This sense of responsibility provides the mandatory boost of motivation[3].

    Moreover, with the delegation of authority, the superiors and subordinates work on the same level to a certain extent. This allows the team members to learn from their supervisors while also polishing their knowledge practically.

    Leads to Better Relationships

    If you’re in charge of any team, work as a manager, or own an organization that you run, you already know why employee-employer relationships are vital.

    The same applies to every workgroup.

    So, even if you’re just one small group of 5 people in a multinational organization, the rules are coherent.

    By letting go of some responsibilities and giving individuals a chance to grow, you’re spreading positive work vibes. It all works in a cycle where you give the team some authority, they feel important and outperform, your trust in them strengthens, and you continue to delegate authority moving forward.

    5 Tips to Delegate Authority Effectively

    There is a whole mechanism that supports the delegation of authority.

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    If done right, this concept has numerous advantages. However, the key is that it’s done right.

    1. Choose the Best Person

    It’s not easy to trust another person to do something that you would have preferred to do yourself. That is why it is crucial that you only delegate a task to someone that you have full faith in.

    The easiest way to do this is to pre-asses every team member’s skills and qualities. In your mind, have a clear idea of who does what best. So, if there is one particular individual who excels at technology, you will know where to go every time there’s a job related to that skill.

    Once you’re satisfied with who is in control, more than half of the issue is resolved and things will most likely go smoothly.

    2. Offer Enough Autonomy

    One huge mistake you may make is to break down tasks too much.

    Let’s say your team of 10 people has to arrange an office party for 100 people. You have to manage the location, decorations, food, and furniture.

    You can either assign 4 individuals each of the 4 main jobs, or you can divide each component further into small tasks.

    In the case of the latter, tasks will overlap, things will get confusing, and none of your team members will have full control over their assigned task.

    This generally leads to a final result that is extremely non-coherent.

    3. Clear Communication

    A major aspect of delegation is the availability of clear instructions. From details of the task to deadlines, the person who has to fulfill the job should be clear on every single detail.

    Unless they know what’s expected from them, they will never be able to satisfy the delegator.

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    You can learn more about effective communication in this article.

    4. Avoid Unnecessary Pressure

    Yes, diamonds only form after the charcoal is put under immense pressure. But, honestly, you don’t need to implement that strategy in your work environment when implementing delegation of authority.

    Offer plenty of time and flexibility for each individual to be able to offer their best performance.

    Some people may work better under pressure. In that case, let the individual make that decision for themselves.

    5. Offer a Helping Hand

    Just because you’ve given someone else the task and power does not mean you have to back off completely.

    In fact, you should try to be a part of the process, but only from outside a defined boundary. This is something you’ll have to figure out practically as per the needs of your work environment. However, it will ultimately lead to you being a more respected leader:

    The important point is that if someone is facing an issue with the delegated task, do not refuse to help. Offer advice and support readily so that your team can learn from you. It will end up benefiting your organization.

    Final Thoughts

    Conclusively, it is safe to say that the delegation of authority is a very helpful technique to adopt in workplaces. It allows for a positive working environment as well as fruitful results.

    It’s something that all leaders should implement to achieve a time-efficient and productive workspace!

    More on the Importance of Delegation

    Featured photo credit: Dylan Gillis via unsplash.com

    Reference

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