The difference between failure and success as a business owner can be minuscule.
Being an entrepreneur for 10 years I’ve had to learn a lot of hard lessons, but one concept has been clear-cut lately.
That doesn’t contradict hard work beats talent when talent doesn’t work hard, instead it signals that “smarter” refers to systems when it comes to efficiency.
The simple shift from “my” business to “the” business can be the difference between being profitable and a hobby.
A lot of entrepreneurs describe their business as their baby (as did I) which can be a huge mistake.
If you watch a lot of business shows on TV like The Profit, Shark Tank & Restaurant Startup the common theme you’ll see is a clear system in place. The term scale is thrown out like common lingo meaning to strategically plan for exponential growth.
For myself I didn’t embrace this theory early on because my reasons for owning a business had more to do with flexibility than money. If you fall more into the lifestyle entrepreneur category like me, scaling is still very important.
Most people who leave Corporate America do it because they want to be their own boss. What you don’t realize is you’re leaving a systemized company that has already figured out how to scale. Besides now figuring out how to make money, the challenge of creating a repeatable, predictable system falls on you.
Once you start looking at your idea (pre-business) as a business, not your business, it becomes less personal and more objective. Ever wonder why it’s easier to give advice to other business owners than to your own? It’s because it’s not yours!
This doesn’t mean you shouldn’t be invested and passionate about your business, but less attached and more determined to make it run without you.
Successful business owners almost seem a bit detached from their business and that’s actually healthy. They are more focused on strategy and automation than having their hands all over it. In fact, similar to most authors, once you start a business there’s a good chance it won’t be your last (regardless of the success of failure of one).
Serial entrepreneurship is a lifestyle. It’s being obsessed with ideas and figuring out how to monetize them. I can’t say I’ve figured it out, but it’s a ride I hope I never get tired of going on.
One word makes all the difference.