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What Has Your Business Done For You Lately?

by Raymond and Stephanie Yeh

What's the difference between a small business owner and a small business owner who makes it big? The difference is the way that she views her business.

Most small business owners start their companies only to work harder and earn less money than they would in a regular company. They keep longer hours, have fewer benefits, take less vacation time, and suffer more stress than the average employee in a company. But oddly enough most polls show that the majority of small business owners are more satisfied with their work situation than the average employee.

Why? Because every small business owner dreams of hitting the big time. She doesn't mind pouring in hours and days of "sweat equity" now to get that big return later. The problem is that according to statistics she's not going to make it to the big time. Fifty percent of small businesses never make it to the end of the first year, and 95% fail by the fifth year. The mortality rate is staggering and disappointment looms at the end of the road.

So how does a small business owner actually become one of the few people to really make it big? She asks herself, "What has my business done for me lately?" The entrepreneur who truly succeeds is the one who remember on a daily basis that her business exists to serve her, not the other way around.

Before she ever starts her business she has the end game in mind. The end game is the exit strategy. She knows that she doesn't want to work forever so the question becomes, "What does she want?" Does she want $5 million in seven years? Does she want to take her company public? Does she want to be able to vacation for six weeks a year within three years?

In other words she defines the "big time" before she ever opens the doors to her business. She creates certain frames of reference within her daily life to tell her when she is making progress and when she is getting sucked into the endless void of overwork and burnout. For instance, if she wants to be able to vacation 6 weeks a year then she knows she is making progress when she can vacation 3 weeks per year.

The question that every small business owner who hopes to make it big must face at the end of the day is, "Am I working for my business or is it working for me?" Your business should always be working for you, creating the lifestyle that you want and choose.

When you find yourself working harder and longer for less pay than you might make in a regular company, know that your business is not working for you. You have, in fact, become a slave to your business. To turn the tables on the situation ask yourself these questions:

  • Do I know my end game? If so, what is it?
  • What frames of reference will show me whether I am making progress toward my end game?
  • If I'm not making progress, how long have I been stuck in this same situation?

What the successful entrepreneur remembers is that there will always be more work than there is time to do it. It's not a question of getting it all done. It is a matter of prioritizing those activities that will move the business toward the end game, toward supporting your life as you want it to look.

If you've been buried in elbow grease and overwork you may not have taken the time to ask yourself these questions-and you may be shocked at how long you've been treading water. That's good. Sometimes we need to shock ourselves to get moving. Do what it takes to get off your square and head toward the big time.

 

 


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