As a business owner do you sometimes feel like you are a hamster running on a wheel. That is because are working IN your business, chasing every detail and putting out every fire. This is natural because it is what you first did as you started your business. You know how to run the business but that does not mean you are managing it. When you stop working does the business stop? If this is the case, then there is a lack of entrepreneurial leadership.
For example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal that that they should open a restaurant. The restaurant might open and have sales but the owner might be so consumed with the food details that he might neglect other parts of the business. In most cases the business stops when the owner stops.
Likewise, if you want to build a real estate agency you will need to provide leadership and development to your team. You cannot expect new agents to hang their shingles with you and say you have an organization.
More needs to be done. Michael Gerber, author of E-Myth, highlights some key points in his book. In my experience with Westchester County Business Owners I have found that these enterprises have had success when they have followed the following points.
1. You need a vision for your business. How do you look when you are successful? What is the future of your business five to ten years from now rather than what you are doing today?
2. You need to know your customers now and in the future. What is your unique value proposition; what sets you apart from your competition? How do you get customers?
3. You need to know how the business works rather than work done in the business. What processes and procedures are in place to facilitate the smooth operation of the business when the owner is not present?
4. You need to know how to generate sustainable profits rather than how to make sales.
5. You need to know how to structure the business to meet customer needs. You must understand how to build loyal customers.
6. You must know how to hire, motivate, and retain the best people.
7. Do you know how to create a business that works when you are not there?
The real secret behind all of this is not simply having a business plan although you certainly do need a business plan. The real secret is learning how to become an entrepreneurial leader with vision and achievable goals. Leadership is paramount to you personally and to your team. As an entrepreneurial leader you will look at the forest instead of the trees, you will work ON your business rather than IN your business, and you will become the inspiration for your business.
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