I get a lot of puzzled looks when I bring up this one. Clearly I was stretching for a fourth Horseman wasn’t I? But this last Horseman is yet more subtle and insidious than Disruption. Because his is the Horseman that sits inside of each business owner and convinces him that he doesn’t need experts, that he can do things alone.
It is a basic tenant of entrepreneurship that you have self-confidence. Without a deep, strong reservoir of self-confidence and self-reliance you would never have started your business. You would never have overcome all the obstacles to get to the point where you have a business that can allow you to retire in style.
And this same self-confidence causes you to be skeptical about asking for or accepting help…especially when you have to pay for it. So you don’t. You assume you can figure it out no matter that you have no experience or expertise. And when we deal with the disciplines that allow us to maximize our business value and achieve a transition from our business, this can be deadly because the skills needed are very different from those that you use to build and manage your business.
Lack of respect for the detailed knowledge that others can bring can lead to decisions that make a business unsalable, can cause you to grossly underestimate how much you will need for your post-business ownership life, or pay far more in taxes than you expected. It can undermine all of your other good intentions.