It is human nature to hang on to things longer than we should.

Look in the basement or in the garage - see anything "extra" just lying around? The same desire to hang on to control of the company too long also applies to entrepreneurs.

Too often you hear about product inventors who refuse to relinquish control of their product.

Gary Rhoads, a colleague at Brigham Young University, has likened the issue to the character Gollum's obsession for the ring in J.R.R. Tolkien's "Lord of the Rings" trilogy.

The question all entrepreneurs and company founders will eventually face is when to let go of daily control for the good of all. There is no definitive answer that will fit all situations, but there are some guidelines available to help in the decision process. These guidelines are divided into two categories: the company's development stage and the size of the firm. As you read the short descriptions, try to judge where you might feel most comfortable. If you find yourself questioning your role in any given stage or phase, it may be time to let go.

Development stages

. Early stage - In the earliest stages a company is often selling to innovators and early adopters. These buyers are concerned about product characteristics and are willing to take a risk if they are confident that the purchase will either give them an advantage in the marketplace or improve their lives. A leader with product skills along with sales experience will produce the needed results.

. Growth stage - Revenue growth and market leadership are important to the company's survival. Marketing and sales leadership is critical at this stage. Too much technical direction can smother a company that needs to build market share.

. Maturation stage - Market leadership, some continued product innovation and strong administrative skills to control costs are all important to this stage. Founding entrepreneurs often begin to feel uncomfortable during maturation.

Company size

The second set of guidelines is more subjective, requiring the entrepreneur to be introspective. I have found that entrepreneurs have a "size preference" or desire to be involved in different phases.

. Startup phase - An ability to work with little funding in an unstructured environment is key to early phase success. An attitude of unwavering faith in the face of brutal facts is needed to survive the obstacles and challenges of the new firm.

. Small company phase - The leader of the firm wears many hats. Time is divided between developing markets, refining the product or service, recruiting key staff, establishing administrative policies and procedures and securing the funds to keep the doors open. A willingness to deal with complexity in a rapidly evolving environment is required.

. Medium to large phase - This phase needs a leader with strong administrative skills combined with a work experience background that relates to the appropriate development stage.

Take a look at your current role in the company. Hanging on too long to "My Precious" is both detrimental to the company and to your own job satisfaction.