Sunday, May 4, 2008

Entrepreneurial Myth

America is full of so called entrepreneurs, over 1,000,000 new businesses are established every year, about 2700 a day...

What most people dont understand is that they are buying themselves a job, they are not entrpreneurs, they do not have an established exit strategy, they do not have clearly defined goals with detailed steps of how they plan to reach those goals....

I do not look at any investment or deal without working out how i walk away from it, what my payoff is, how i will deal with unexpected misfortune.... Risk management is about thinking out everything that can go wrong and how to avoid it, success is planned for by understanding everything that may cause you to fail and not reach your goal.... ignoring this and calling it positive thinking is much like an ostrich burying its head in the sand.

So before you call yourself an entrepreneur, do you have clearly defined exit strategies and and have you sought out solutions to every outcome imaginable

Alternatively do you work for someone and feel that you are making them all the money and if you set up by yourself you could make more, do you feel that your expertise in a niche field is going to allow you to beat your competitors, because the thing that makes you a business owner is the ability to delegate, train and implement systems and strategies for success. Otherwise you just bought yourself a job......

Beware if you do buy yourself a job you may end up working "IN" your business rather than "ON" it and this means you may end up working longer hours for lower pay and not be able to take holidays and get a way..... I you ask anyone running their own business if they were to walk away how much would it cost them to hire someone or several people required to do their job and how much would it cost. If this figure is lower than you are paying yourself then why? and did you just buy a job and underpay yourself, you will be more dissatisfied than when it was all someone else's problem....

Copyright Jonathan Rose 2008 - Creative Commons License

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