Richard Branson has named 2014 as The Year of the Entrepreneur.
People are starting up their own businesses at a massive rate, and in fact it is this exact entrepreneur movement that will probably see the global economy come good as these startups start to fire on all cylinders.
BUT… Unfortunately a large portion of these businesses will fail along the way. Around 80% of all startups fail in the first 2-3 years. Of the ones that make it, another huge percentage fail in the following 5 years.
The sad truth is that so many businesses fail for reasons that can be avoided with proper strategic thinking and planning – like making sure you are building a true asset with your business and not just a glorified job!
The 5 signs that your 'business' is actually just a glorified job are:
- You are continuously trading time for money and not learning to leverage your time, money and expertise.
- Your daily catchcry is, “But I can't afford to pay someone else to do it, and anyway it's just easier to do it myself.”
- You haven't accepted that regardless of what business you are in, you are really in the business of marketing and sales.
- You think a decision to not have any 'employees' means you must do everything yourself.
- You are embracing the FREEmium model without linking it to your strategic model of business building.
The age-old dilemma that affects so many business owners is how to work ON your business, when you are so damn busy working IN your business. It is the curse of every bootstrapped start up, solopreneur, mumpreneur and one-woman (or man!) band out there.
The truth about building wealth through business is that busying yourself with the $10 an hour jobs, or limiting your financial upside to the amount of hours in your day, never builds a super asset. It is built through creative thinking, good strategic business planning, systematisation, delegation, or better automation. Great growth hacks are achieved by getting this simple formula right.
There is only so long you can run on empty being superman or woman in your business, before either you screw up or you run out of fuel to keep driving things forward.
Start turning your business into a super asset today by going through the 5 signs above and asking yourself what needs to change.
Guest Author: Barbara Turley is an investor, a wealth strategist and founder of Energise Wealth – a wealth strategy and coaching business for female entrepreneurs who want to get their money pumping, fuel their vision and feel more alive.
During her 15-year financial markets career she was a trader for some of the world’s largest investment banks, successfully traded her own money, managed relationships with some of Australia’s largest wealth management businesses and became a major shareholder in a $3 billion asset management business.
She is also an adventure lover and a self confessed idea junkie with a passion for inspiring women to step into their power, overcome their resistance to money and embrace it as the ultimate tool designed to enable our greatest visions.