How to Run a Business Like a Real Entrepreneur
Business owners are entrepreneurs.
Alas, some of them are not really the effective ones.
I’ve seen many entrepreneurs are just like office workers - they, in fact, just create another job for them, with better pay but with no sick leave or paid vacation.
A job? Yes - entrepreneurs often trap themselves in a routine. More opportunities mean more work and less time for personal endeavour.
Their motto: work hard, seize the great opportunities, and you shall be rewarded.
It sounds like a job to me.
Real entrepreneurs don’t WORK IN the business - They RUN the business.
They create a system. They hire people. They are good at managing people and get people to do what they want.
Their motto: Let other people do.
The keyword is system - real entrepreneurs can achieve more in a limited time because a system present in their business. For them, no system means no business.
Sure, you can be successful without a system. But a system liberates you.
For example, a graphic designer owning a small design business do a certain amount of projects per month. His business works because the he works.
On the other hand, a graphic designer employing a team of designer in a well-thought work system can do tens or hundreds times more projects per month, with (significantly) less work time for the owner, even often leading to a hands-off business model that allow the owner to less-involved in the business.
The bottom line: Real entrepreneurs has their assets preserved - freedom, time and control.
How to run a business like a real entrepreneur
Now, I suppose you want to be the real entrepreneur for the obvious reason - you want more time for you and your family. There are some insider tips :) on how to run a business like a real entrepreneur:
- Delegate, delegate, delegate - the first three criteria for a business is not location, location, location, but delegate, delegate, delegate. You have to ace the art of delegating without losing control of your business.
- Create a real company, not another job - Set a system and hire employees. Yes, funds are scarce, but as long as you can pay it, you have to do it - your another resource is often more important - time
- Hire people that complement you - You are good at managing business, but a bad marketer - hiring one would be the smartest move you can do to grow your business.
- Take a look at the big picture, and let others work on the details. Trust me, details can bury you alive!
- Instead of plunge yourself inside your business, it’s better to start networking with other business owners. Opportunities present not while you tinkering inside your business, but while you talk to others discussing your business.
Good luck on your search for freedom.
Ivan Widjaya
Run a business the Noobpreneur way
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- Am I an Entrepreneur - I dont Care What You Call Me
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About the Author
Ivan Widjaya is the Owner/Editor of Noobpreneur.com. He is a web property investor, blogger and web property maker, and currently managing and running websites and blogs on various topics under the brand name of My Web Estate.
Visit Noobpreneur's profile and other posts.
Published on: May 19th, 2008
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Business Partners
May 22, 2008
Noob,
I think the business model an entrepreneur chooses is based on what their goals might be. There was a time when I’ve had a half dozen employees and my peers have dozens of employees in the graphic design/marketing fields. As much as have others do for you - you are also creating a monster. Employees bring with them personal issues and government regulations. Here in Canada, an employee has more rights than the employee. The headaches are doosies.
Myself, I enjoy a lean operation. Less stress and when I need assistance I contract out to independants. I would suggest using your model for success with contract NOT full-time employees. This way when the market slows you have no obligations to a contract person. Employees on the other need regular documentation to be laid off, and if you wish to let them go for good there are entitlements due.
One more thought on building a design monster, my one friend must net 150 K a month just to make payroll. Their rewards are impressive, but the stress to feed the beast takes its toll in many ways.
I enjoy your discussions here on entrepreneurs - my favorite people.
May 22, 2008
Ed,
Thanks for your comment - You are right about the headaches and resources needed to maintain a team of employee.
You are also right about the goal-driven business model. It’s a matter of your management style, and what you are going to achieve, really.
As for myself, I like the hands-off business model, that although employees are complex issues, they are the main actor in my management style.
Thanks for sharing your valuable insight, Ed! :)