the entrepreneur's wealth paradox
What is the ENTREPRENEURS WEALTH PARADOX?
Who has the Midas touch? Why do some entrepreneurs become wealthy whilst other business owners and some entrepreneurs find it more difficult?
To answer this question we have to look at ‘Why’ you got into business in the first place?
Many of you will have got into business because
· You have been made redundant
· You were sick of working for someone else and wanted to be
your own boss.
· You got a lump sum payout e.g. an inheritance.
· It was your hobby and you turned into a business.
· By accident.
· You joined a family or your spouse in business.
· Or you just had a good idea.
Whatever the reason, the underlying reason for starting your own business was that you a natural talent for the operational part of the business e.g.: accountant, IT, retailer, solicitor, hairdresser, hotel management, manufacturing etc
Whilst the operational part of the business is important initially, the biggest problem is that the operational part of the business is only a small fraction of the skills you need to run a business. You also need sales, marketing, finance, people management and entrepreneurial skills to help your business to grow.
Most entrepreneurs will start a business with some or none of those skills. It is the lack of these skills and their evolution which will stop you from growing your business and keeps you from making the type of profit you deserve.
We often find that you will as an entrepreneur or business owner know how to run your business and what you want to do to move your business on. The skills you already have will allow you to grow your business to a certain level, but it is the synergy and evolution of all of these skills which is going to grow your wealth as shown in the above diagram.
You also need to understand the effects of The Entrepreneurial Mindset on you and your business
Find out why your businesses get stuck at a certain size or stage in development by going to The Growth Phases of a business or why some of your employees don’t work out the way you expected by going to The Business Cycle
Would you like to find out more about how The Entrepreneurs Coach can help you contact us by filling out an enquiry form
the entrepreneur's wealth paradox
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