Help Richard by explaining the key aspects of growing a venture and how important delegation is for growth. Next, explain the key elements in the growth stage Richard should understand. Finally, recommend a way in which Richard can avoid the one-person-band syndrome.

When he first opened his own business, Richard Jacobs loved it. He went to work early in the morning and did not leave until after 9.00 pm. In order to spend time with his family, he would take offa few hours in the afternoon and then return to the store after supper, staying until closing time. While he was gone from the store in the late afternoon, part-time personnel handled the operation.
That was five years ago. Since then, Richard’s business has grown tremendously. Now he employs eight full-time people and sells seven times as much as he did originally. With this increase in business, however, have come a lot of headaches. In particular, Richard has to make many more decisions than he did before. Additionally, although he wants his employees to become involved in the decision-making process and not do all the work himself, he still feels he must do many tasks on his own. He does not believe he can delegate much authority.
For example, Richard still makes all decisions regarding purchasing, pricing, advertising, hiring, firing, and merchandise display, and he still sells goods in the store.