[center]Don't Get Stuck Owning a Job - Learn to Own a Business
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How can you tell the difference between a company that has been structured to run independently of the owners and one where the owners are front and center and depend on the longevity of the business itself? When talking to business owners, you can get an understanding on the structure of their company based on the language they use.
A small business service professional, focused "in" their company might say the following:
"There aren't enough hours in the day to get all of this work done."
"My rate is $95 an hour."
An entrepreneur, focused "on" their company might say the following:
"I'm looking for a great president to run my company."
"I work to create a system that I can expand"
There is a big difference between an entrepreneur who owns and manages a company and a small business service professional who has their own practice. One has created a system, which can run independently with or without the entrepreneur. One has put themselves at the center of the business so that if they were to leave or retire, the chances of the business continuing would be slim. One has worked "on" the company and one has gotten stuck, only working "in" the company.
Why is it that some companies are able to grow and expand and others continue to struggle and downsize to try and stay alive? The difference is in the focus of the entrepreneur and how they have structured their company. But more importantly, it is how they think about their company. Some people, who may be labeled perfectionists feel they cannot trust others to complete tasks and therefore they say, "If you want it done right, do it yourself." This may make sense in an area that you have knowledge in, but if you have spent years of your life learning a technical degree, how then are you able to run a successful company without help?
There is nothing wrong with having a small business or wanting to do work within your company. However, once you are not able to do the work in your company is when you start to have problems. The solution people may likely be to sell the company.
This would make sense if the company had some assets of value and strong brand recognition in which the new owner could build on. The trouble is that most service professionals who have their own practice have created a company surrounding themselves!. In other words, their clients want them and that is why they return and see a high value in the company. Brand recognition may be the same. The brand may be well recognized, however, it is recognized because the brand is promoting services offered by the service professional.
To get out of this trap, you must start thinking differently about business. No matter how small a company, how you think about it, market it, and structure it will become important factors in your exit strategy. They will also be important as your business starts to grow and expand its market-base. If the company were to grow and you suddenly had projects across the world, how would you be able to give individualized services to each and every client? Most likely, you couldn't afford a world tour in order to visit and work with each client. But if you built the company based on a brand, and that brand was able to deliver the same quality service to each and every client around the world, then you focus on a few clients and let your other top employees handle others. In other words, the company is separate from the entrepreneur. People recognize both the entrepreneur and the company by association and individually, but they are not, and should not be one.
Business is people. To understand business you must understand people. read more. https://codedbiz..com.ng