Working 'In' Your Business Instead of 'On' It: What You Need to Delegate - 10/22/2024

I found a local Mexican restaurant just north of Portland, Oregon serving the best tinga de pollo you can imagine. "Chicken tinga" is often prepared in a slow cooker and gets a kick from chipotle chiles in adobo. When it is done cooking, you shred it and add it to tacos, burritos, whatever dish you like.

I asked the chef, what makes this classic so good. "It is the recipe. It is also where I get chickens at the lowest cost". I told him I get it, the best ingredients, and you are still profitable. Makes sense.

He was in a hurry and looked stressed. He told me reached his dream of being a restauranteur but the day to day was grating on him. He didn't know where to start but he knew to ask for help. In order to keep his dream alive in the long run, the chef/owner had to stay objective. Ultimately, the goal was to offer a quality dining experience to his customers instead of running around sourcing chickens.

Excerpt from: Breaking Barriers: Overcoming the Top 5 Financial Myths that Keep You Broke - A Guide for the Small-Medium Sized Business Owner

Behavioral Economic Principle #3: Illusion of control & endowment effect: The endowment effect leads us to assign a greater value to an activity because we believe because we “own” it; our perceived involvement makes it more valuable while the illusion of control states that an individual has a greater chance to control the outcome if they “own” the task at hand. Each behavior stymies a chance to delegate the responsibility. After realizing the true cost of being away from his restaurants, he finally decided to delegate responsibilities and focus on providing a quality dining experience for his customers.

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