80% of businesses fail in 5 years time because owners only build a JOB for themselves, not a business that can eventually run autopilot. What’s the difference between thinking like an entrepreneur and an employee in building a business?
We all know what JOB stands for… Just Over Broke. And if you see your business as something you have to be actively involved in forever after, and then get ready for burnout.
Business owners with an employee mindset think mostly of the day-to-day routines that are necessary to keep their business afloat. They barely schedule any time for planning, building systems, or developing themselves as entrepreneurs. They may hang out with people with the same problem and spend most of their time frustrated that they haven’t found the solution yet. As years go by, they find themselves having a big BUSY-ness but a pretty stagnant BUSINESS.
Entrepreneurs see their business as an investment. Like in any investment, they make passive income. They build the company with the right foundation, the right vision, and the right people. And they invest time to build it properly so that it eventually can run without them. For entrepreneurs, their only business is the business itself.
Their only reason for building a business is to sell it. Selling in terms of franchising, selling shares, or even public listed. And they know that the better they build their business, the more people will want to buy and the higher the price. And what investors are looking for is a business that has a solid foundation, has proven tested ways to make money, and has a great system so that it is not dependent on people. Investors stay away from businesses that depend on the owner and do not have a clear way to make predictable cash flow.
So with this in mind, let’s spend more time working ON your business rather than IN your business. Do your friends and community a favour by forwarding this and sharing through your social media.
With 80% of business owners going bankrupt in the first 5 years, there are lots of people who need help. I hope you can help to distribute this knowledge sharing to create more abundance in the business community.
I also hope you stay tuned and follow our tips to guide you through the step by step – a journey to building a business that is profitable and can run without you.