Is every small business owner an entreprepeneur?

Small business owner, self-employed or entrepreneur? Different roles, different goals!

Which do you see when you look in the mirror? Did you know there was a difference?

None of the choices are right or wrong but the one you have chosen to be must be in sync with the lifestyle you want to live and the income you expect to earn.

Self-employed is the “solo-preneur.” If you don’t work you don’t earn money. Did you buy yourself a job? Maybe, maybe not. Depends on your goals. If you are doing all the work yourself you are exchanging time for money. Will be tough to increase your earnings potential.

How to earn more money: Create automated systems that sell for you. Most good CRM software packages can do this. For this to happen you need to create a digital product that can be downloaded or that can be sold to a group of people at once (such as a seminar or webinar). The goal here is for the process to NOT be one on one.

Small business owner will have some systems in place and a few employees. You may still be doing a lot of the work but you have some help with some area of production.

The biggest obstacle for this segment is learning to let go. I had this problem 25 years ago when my family owned a deli. We did all the work and we had employees! The point of having a “business” is to build something, an entity or organization that earns money. You want to run the system, not make the sandwiches.

How to earn more money: Number one is do not let yourself fall into the thinking “I don’t earn enough money to hire people, that’s why I do all the work.” Let me ask you a question-If you had significantly more cash flow would you hire and train someone to take away the jobs that distract you from growing the business?

Of course the answer is yes but what are you going to do about it?! First is brainstorm ideas to earn enough to pay for one more person. Next is make a list of how you will spend your time bringing in more business when this person is brought n to the team.

If you plan well, the person will pay for themselves and bring you great ROI on the salary you are investing in. Did you hear that? they will pay for themselves. Let that sink in. It’s an investment if you train them well to replace you.

If you are a small business owner as described above, each day be asking yourself if you are building something and are your “assets” bringing you ROI?

Moving on to an entrepreneur. The ultimate small business owner.

This cool cat has it going on. She built a business around the life-style she wanted to live. She looks for opportunities to expand the business everyday and then finds ways to make it happen. She never focuses on day to day problems, she solves them then gets back to opportunity.

Always in the mindset of growth and innovation. New partners, new revenue streams. Making existing processes run smoother and more efficient. Building the first business as the model to open a second and third.

An entrepreneur spends money on education and sees it as an investment, “will it make me better at what I do?”

Is life as an entrepreneur always rosy and happy? No but they never let small problems become big ones, they find a solution and get back to work on growth. More leads, more prospects and convert to customers.

Do they have big problems sometimes? Yes but we get to work immediately and find a solution.

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If you are planning on going “in business” understand your options and work the model that matches the life you want and money goals you want to earn. As I said none of these are right or wrong but when the goals and the model don’t match you are in purgatory.

Make a decision and make it happen!

 

About the Author

Pete has been an entrepreneur for over 25 years in multiple industries. Thirteen of which, he traveled the world mentoring stock traders. Pete is an author, educator, Mets fan and a born and raised NY-er, now living amongst the palm trees of South Florida.

Leave a Reply 6 comments

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Quick Ways To Make Money - September 15, 2013 Reply

I don’t drop a great deal of responses, but after looking at
a few of the comments here Is every small business owner an entreprepeneur?.
I actually do have 2 questions for you if it’s okay.

Could it be only me or do some of these comments appear like they are written by brain dead visitors?
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consulting community - September 25, 2013 Reply

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