DO YOU HAVE A BUSINESS OR A HOBBY?

Can you go on a vacation and unplug totally without worrying about what will happen in your business? If your business cannot properly function when you are not there, then you don’t have a business but rather, you have a hobby. This is not a bad thing because this may be your business goal. There is nothing wrong with being solo so don’t worry if that is what you want. However, if you want to take your business to the next level you need to have systems in place that are easily followed by others.

Does your business survive due to external dynamics and timing but will become stagnant when you are not there? In this case you might feel like you are a hamster on a wheel. There is a lack of entrepreneurial leadership.

As an example, in the restaurant industry there are numerous great cooks and chefs that feel that because they know how to create a great meal. They decide to open their own 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.

There are a few points made in the book E-Myth. I will highlight them below because I believe that those businesses owners that wanted their businesses to continue when they were absent followed these examples.

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 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.

Are you ready for a plan that can be executed by your team?

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