The era of the expert is gone. Why? Because with a little media exposure and an active and engaged following on social media, even the new business owner on the block can become the most visible entrepreneur in the industry. But one thing we all know is that visibility doesn’t always equal reliability.

Competition is inevitable. Regardless of the product or service you provide or the industry you serve, you’re going to run into other entrepreneurs and companies offering something similar.

Delegating responsibility to capable employees can be the best course of action for most entrepreneurs. Sometimes, though, it can be a disaster. Only by immersing yourself in your product and your team will you gain the understanding needed to lead and motivate the people working for you. That way, when it is time to delegate responsibility, you won't risk delegating tasks to the wrong person. Reason: You'll have already worked alongside that person and learned his or her strengths and weaknesses.

You may have heard or read the phrase “core competency” lately and wondered if it's the latest example of meaningless corporate lingo, or at best another buzzword representing a basic concept that could be described much more simply. The answer is not exactly. Core competency actually holds significant importance for entrepreneurs and small-business owners.