So many really talented entrepreneurs and business professionals toil in their businesses without ever experiencing the prosperity and success that they deserve.
Because they are toiling in their businesses, and never really working on their businesses.
Michael Gerber describes the typical set-up for this brilliantly in his book, The E-Myth Re-Visited.
A future entrepreneur (perhaps an accountant, physician, attorney, coach or consultant) comes out of school with a wealth of knowledge and information, goes to work for an organization…and excels. The organization derives extraordinary benefit from the effort… and the would-be entrepreneur wakes up one day and says: “Why am I doing this for someone else, when I could be doing it for myself?”
The now excited entrepreneur goes out, hangs up a shingle, and starts to toil…only to discover a roller coaster ride of feast and famine, insecurity, inconsistency, uncertainty, and lackluster returns on the monumental investment of time and resources.
The now demoralized entrepreneur can’t figure it out. “I’m so good at what I do; I can’t understand why I’m not making the money I deserve.”
Here’s the rub: Just because you’re a good x (x = doctor, lawyer, accountant, coach, consultant…); or just because you’re a good technician; or just because you’re an expert at the top of your game, doesn’t mean that you’re going to be a good business person. They are two distinctly different skill sets; two different jobs. And you actually need to work them as if they are, in fact, different jobs.
Think about it this way: Imagine you’re a young professional just out of school. You get an internship at a firm that you hope to be employed at someday. And to make ends meet, you work at Starbucks on the weekends. During the week, you’re at the firm; on the weekends, you’re at Starbucks pouring coffee. Two different places; two different jobs.
In the same way, in your entrepreneurial life, you actually have to do two different jobs; jobs that are that separate and distinct: One job being the professional, doing the technical work. The other the CEO/CFO/COO of your business, working on the foundation, the systems and the marketing of your business.
Working on the business v. working in the business.
Many entrepreneurs, if they’re aware of this distinction at all, make the error of moving in and out of these functions all day long, never really devoting the time and attention to the management of the business that is required (assuming, I guess, that the entrepreneurial myth doesn’t apply to them). They end up overwhelmed, scattered, stressed, exhausted, and poor.
What changes the game is when the entrepreneur learns to take off the professional’s hat, and put on the hat of the business manager on a regular, systematic basis. (As in punching out of the internship clock, and onto the clock as the barista.)
In its most powerful expression, the entrepreneur is blocking off days of the week, or parts of days during a week, to concentrate solely on the business of the business. And then, at least every 90 days, stepping out of the business completely for a day or two to ascertain exactly what’s working and what needs tweaking; then formulating a focused 90 day plan to guide the business through the next quarter.
Those entrepreneurs and business professionals who enjoy extraordinary success and prosperity know that the work on their businesses is every bit as important as working in their businesses.
So… if you really want that success, get out now!
Walt Hampton, J.D. is President and Chief Operating Officer of Book Yourself Solid® Worldwide. Book Yourself Solid® is the fastest, easiest and most reliable system for getting more clients and customers than you can handle, even if you hate marketing and selling. If you’d like to get booked solid® worldwide, email: firstname.lastname@example.org