Have you ever stopped to think how do I actually beome an Entrepreneur… does it happen just by chance… I’ll let you answer that one.
Those of us that have those aspirations, follow a path… a system to give ourselves the best chance. There are steps to take on the “ladder” to success, so let me share them with you as something that I teach as an ActionCOACH…
Initially once we leave school or college, we take a job… we reach the first rung…. we are an “Employee”.
Employee: We are paid for our time – sometimes our knowledge, and this is usually related to how much you’ve learned. You’ll never out-earn your learning capacity, so aim to get jobs where you can learn as much as possible. Keeping knowledge current is also important as being an expert in a redundant industry is not too effective.
As employee you are an Apprentice Business Owner. Typically people only stay in one area of speciality in their jobs, but you need to learn different aspects of business to become a good business owner. Don’t stop learning/studying… just because you have left school.
Self-Employed: The See-saw effect starts. You find the work, then you do the work. This is just you doing it by yourself so you have cashflow ups n downs. Often it gets all too hard so you think.. I may as well go back to a job. It takes 10 years to learn “how” to get rich so make the most of that time and maximise your learning.
This is your apprenticeship to finding the right business to grow bigger, to go international… You might try a few different self-employed opportunities to learn what you need to know.
Manager: So we now need employees, and often make the mistake of employing relatives, or friends out of work. Aim to employ people who are better at the job than you are… Then you can focus on getting the best out of your employees… You’ll need to learn leadership skills, delegation, recruiting, training, management. When this is not done properly, you end up on a Merry go round… running around in circles… putting out fires that your team have created for you…
Owner: You become an Owner when you have ActionCOACH’s definition of a business… a ”Commercial, Profitable Enterprise, that works, without you”. It runs and works without you having to be there… a dream for many, but something that my life as a Business Coach is focussed on… for all clients… you then have choices to move up to the next level.
Investor: We can invest in the 3 basic Asset classes, in this order… Business, Property then Stocks. Why? Several reasons… but the key and first aim is to get really good Cashflow, and that is best done in business. We leave the Stock Market until last as it is very fast moving and easy to make big mistakes, so Property comes second once we have good cashflow, for buying more investments.
Entrepreneur: You’ve made it… you are now using other peoples money, putting deals together for other people to buy into… rather than using your own money. If it’s Business… you could be going public, selling shares in it, franchising, etc…. In Property… you’ll be developing for others to buy into, and in Stocks… you be doing more trading, calls, etc.
Where do you stand on this “ladder”? If you want to learn more there is a great opportunity to spend 3 solid days with Brad Sugars later this year at his Entrepreneurs Masterclass… become armed and dangerous by learning from the best… you’ll never look back.
Building Systems Into your business
