Many people dream of launching their own businesses. And when they do, they end up creating jobs for themselves. They certainly are their own bosses but when they're off sick or on holiday, their business activity is on leave as well.
When I read 'Poor Dad. Rich Dad' by Robert Kiyosake more than 10 years ago, the cashflow quadrant, he talks about, was to me, such a revelation. I understood that a business is much more than just being your own boss and enjoying the freedom that comes with it. A business is a commercial activity that requires a system. And this is the key thing lacking so many so-called businesses. To be clear, a system is a process where none of the steps rely on you completely. In other words, you need to set the outcomes and objectives clear, draft manuals/ training workbooks, train and hire people and track the system efficiency. In today's world, this is even easier to achieve thanks to e-commerce and the internet. Automatisation is key to growing a business.
One thing to remember is that you only have so many hours a day and can't possibly grow your business fast alone. Now my nextdoor accountant, whom I thought had a business, is actually stuck. After 15 years of being an independent accountant, he still needs to show up every day to the office and do the work by himself. If he doesn't, everything gets delayed and unhappy customers are not returning. The same goes for the tailor, graphic design, web developer etc. There are just so many outputs they can deliver a day.
If you're seriously thinking about starting and building a high-growth business, I'd highly recommend you create and design a business with a system where you'd be out of the picture. Focus on your clients and how you are going to deliver them your products/services whether you're climbing Mount Everest or just spending your afternoon chilling at the pool.
Remember self employed people ARE the business, whereas entrepreneurs OWN the business.
QUESTION: What business idea do you have and how are you going to systemize it?
When I read 'Poor Dad. Rich Dad' by Robert Kiyosake more than 10 years ago, the cashflow quadrant, he talks about, was to me, such a revelation. I understood that a business is much more than just being your own boss and enjoying the freedom that comes with it. A business is a commercial activity that requires a system. And this is the key thing lacking so many so-called businesses. To be clear, a system is a process where none of the steps rely on you completely. In other words, you need to set the outcomes and objectives clear, draft manuals/ training workbooks, train and hire people and track the system efficiency. In today's world, this is even easier to achieve thanks to e-commerce and the internet. Automatisation is key to growing a business.
One thing to remember is that you only have so many hours a day and can't possibly grow your business fast alone. Now my nextdoor accountant, whom I thought had a business, is actually stuck. After 15 years of being an independent accountant, he still needs to show up every day to the office and do the work by himself. If he doesn't, everything gets delayed and unhappy customers are not returning. The same goes for the tailor, graphic design, web developer etc. There are just so many outputs they can deliver a day.
If you're seriously thinking about starting and building a high-growth business, I'd highly recommend you create and design a business with a system where you'd be out of the picture. Focus on your clients and how you are going to deliver them your products/services whether you're climbing Mount Everest or just spending your afternoon chilling at the pool.
Remember self employed people ARE the business, whereas entrepreneurs OWN the business.
QUESTION: What business idea do you have and how are you going to systemize it?
Comments
Post a Comment