Originally posted to LinkedIn here. Iโd love to hear your thoughts!
Thereโs two ways to make lots of money and be successful:
1๏ธโฃ ๐๐จ ๐ฒ๐จ๐ฎ๐ซ ๐ฃ๐จ๐ ๐ซ๐๐๐ฅ๐ฅ๐ฒ ๐ฐ๐๐ฅ๐ฅ: Be a great Independent Contributor (IC). This is a fine path to success and if this is where you end up, thatโs great.
2๏ธโฃ ๐๐๐ญ ๐จ๐ญ๐ก๐๐ซ๐ฌ ๐ญ๐จ ๐๐จ ๐ญ๐ก๐๐ข๐ซ ๐ฃ๐จ๐๐ฌ ๐ซ๐๐๐ฅ๐ฅ๐ฒ ๐ฐ๐๐ฅ๐ฅ: Be a great Manager. Delegate & coach others to make amazing decisions. This is also a fine path to success - itโs just a different skill-set.
-----
๐ฎ These thoughts are from Nick Huber's appearance on the 20VC podcast last year - and they're reverberating in my head as 2024 starts.
๐ฎ The value & growth trajectory of IC vs Manager roles is discussed a lot these days, especially in the PM community - but even the managerial skill-set is not just one thing.
-----
Also: There's nothing wrong with wanting to stay an IC forever - BUT if you go the managerial route, managing means at least delegating tasks; and ideally also even delegating certain decision-making!
To wit - Nick outlines there's then two levels of delegation:
1๏ธโฃ ๐๐๐ฅ๐ฅ ๐ฉ๐๐จ๐ฉ๐ฅ๐ ๐ฐ๐ก๐๐ญ ๐ญ๐จ ๐๐จ: Task delegation. Directive. You can create very successful businesses this way; just parcel out tasks and keep on top of the task-doers. Doesn't imply trust in the task-doers & requires more of your overhead, but it can work. Continuously "giving a person a fish," basically.
2๏ธโฃ ๐๐๐ฅ๐๐ ๐๐ญ๐ ๐๐๐๐ข๐ฌ๐ข๐จ๐ง๐ฌ: Give someone a larger problem/task and tell them to make decisions around it. Implies trust (or, perhaps, growing trust!) in those taking the action - & is the "teach a person to fish" method.
A ๐ ๐ซ๐๐๐ญ manager doesn't just learn to delegate decisions - but to help their managees grow in their decision-making abilities.
How?
โถ ๐๐ฑ๐ฉ๐ฅ๐ข๐๐ข๐ญ๐ฅ๐ฒ ๐ก๐๐ง๐-๐จ๐๐ ๐๐๐๐ข๐ฌ๐ข๐จ๐ง-๐ฆ๐๐ค๐ข๐ง๐ : Explain to those you're managing your intention to let them start practice making decisions - that it's intended to be their job to go off & solve problems themselves. Contain this to specific problems and expand over time.
โถ ๐๐ซ๐๐ข๐ง๐ข๐ง๐ & ๐๐จ๐๐๐ก๐ข๐ง๐ : Spend time talking through decisions with those you're managing as a way of modeling & demonstrating your method of analysis & inquiry. Talk through solutions & coach those you're managing to help them get better over time.
Give them the tools to start getting better AND an avenue to build trust in their decision-making and soon you'll have more leverage as a manager to make more big things happen.
And you'll have some really happy employees who feel trusted & feel growth in their role.
๐๐๐๐๐๐๐, Delegating decision-making:
โถ Takes time.
โถ Is an investment.
โถ Is about trust and creating a real connection.
โถ Is one of the many reasons why great hiring (& strong culture!) are critical.
These final points are so critical. If your org doesnโt have tolerance for mistakesโฆ then great managers will never be able to be very effective, and the best theyโll be able to do is to be directive managers. Which is limited in terms of positive leverage impact, and ultimately reduces the ability of the org to be successful.
Trust is everything.