Are you a frustrated business owner?
Do you own a business or a job? Do you know the difference?
I define a business as a for-profit enterprise that earns money without you. It’s like owning stock. You own the company but the means of production, the generator of revenue, are your employees. Paul McCartney said it best when he said you’ve got a business if you’re making money while you sleep.
Most small business owners go into business for what their business does. He was an employee somewhere making $20 an hour and saw “the boss” billing out the employees’ time at $100 an hour. He’s the most productive, hard working employee at the company. Maybe he’s an auto body repair guy, a mechanic, or a finish carpenter. Maybe she’s a professional; a chiropractor, or an attorney. It really doesn’t matter. He goes into business for himself because he’s really good at what he does and deserves to make that extra $80 per hour. That business stuff? Anyone can balance a checkbook.
How many business owners sit down and say, “I want to manage financial reports. I want to deal with HR issues. I want to market, to sell. I want to address cash flow problems and try to minimize taxes. Given my interests in managing a business, what is the best business for me to own that will enable me to do the things I want to do?”
Ridiculous, you say? But this is what managing a business is all about. I can put mouldings around an interior door in my house, but I’m far from a finish carpenter. Just because you’re an excellent seamstress and decide to open a dress shop, doesn’t make you a business manager of a dress shop.
Give yourself credit for being a skilled professional at what you do. Accept that you are not as proficient at managing the business of what you do. Once you admit this, then you can get the training and development you need to achieve the vision you had of owning a business when you made the entrepreneurial leap.
November 5th, 2008 at 11:47 pm
Wow. This is so me! I thought owning my own business would mean lots more money and control over my time and destiny. Now I feel more out of control than ever.
November 21st, 2008 at 12:03 am
Bill, so true. My clients too often struggle with being everything when all they really wanted to do was focus on what they love. Many start by owning not just one job but five. Sadly, if this goes too far, less and less time is devoted the the work they were so passionate about in the first place and more time handling the other roles. Your service really helps move people to that next phase of business ownership and stay focused on what type of owner they want to be.
Terra