When someone starts their own business, they quickly (and unknowingly) morph themselves into one of three types of business owners. The type they choose makes a huge difference in their lives, businesses, and income.
Here are the three types:
1. The Manager
The manager type of business owner simply manages what he has, as best he can. He’s so intently focused on managing what the business is that he doesn’t even see what it could be.
Picture a guy who starts his own small jewelry store. If he’s a manager, he will manage that jewelry store pretty well, but that’s all his business will ever be… a jewelry store.
The manager is the lowest-income of the three types, by far.
2. The Business Owner
Unlike the manager, the business owner looks at his business as an actual business. He’s always thinking about now and the future. Size and scalability are his big focus areas. He thinks big, but only in terms of linear size.
If the jewelry store owner was an actual business owner instead of a manager, instead of focusing on his jewelry store, he would focus on how to open many jewelry stores all over his city. Instead of just one jewelry store, he would end up with five, ten, or more, and he’d make a hell of a lot of money if he did it correctly (though he’d likely be working very hard).
3. The Entrepreneur
Unlike both the manager and the business owner, the entrepreneur thinks completely outside the box. Unlike the manager, the entrepreneur wants to scale up his income as fast as possible. However, unlike the business owner, the entrepreneur thinks three dimensionally instead of just horizontally.
Manager – Ten years later, he has just a single jewelry store. He makes a small income and works hard.
Business Owner – Ten years later, he has ten jewelry stores all over the city. He makes a lot and works hard.
Entrepreneur – Ten years later, he has a few jewelry stores, but he also sells jewelry on the internet, and he sells to jewelry wholesalers, and he sells jewelry cleaning services, and he sells seminars for jewelry salesmen, and he sells ebooks on how to save money on jewelry purchases, and he sells business manuals for jewelry store owners, and… you get the idea.
The entrepreneur makes far more money than the business owner, works the same hours per week or less, and has a lot more fun and interesting work.
Be an entrepreneur.
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Great post. Doesn’t the entrepeneur risks losing focus if he tries to do a bunch of things at once?
The way I imagine it managing several stores takes a ton of work already, how does he find the time to write ebooks, manuals, etc?
Yes. This is why you should only focus on 1-2 projects/goals at a time. Once one is “done” and the plate is spinning on its own, then you can move to the next one. We talk about this a lot at my membership program.
You mention in your book that a good freedom business could be (among very many others) giving specialized and niche speeches.
Would you recommend branching into this field once you’ve established yourself as, in this instance, a jewellery man?
It seems that’s the best way to gain credibility. Otherwise, just like with game, should you act like you know what you’re doing and people are bound to listen anyway?
Sort of. I said in my book that with professional speaking you need to be very careful because it can easily become non-location independent.
True. It builds credibility and brand.