Developing the right mind-set is critical for being successful as a Business Entrepreneur. One of the key issues for you will be being clear about how to build a long term business.
In essence there are 3 types of businesses that you can create:
1. You have a job
You work long hours and would never work as an employee for another company for the amount you are drawing in earnings and dividends. You console yourself that you are independent and have your own company. You hope that things will get better but they most often do not.
2. You have a lifestyle business
You do not wish to sell your company. You may have a business that is just too dependent on you to be of interest to an informed buyer. However, you have developed a business model which gives you significant earnings to invest in your interests and passions.
3. You have a valuable asset
You set out with the goal of creating a business which is a valuable asset and which can be marketed and sold in the future to achieve a premium value.
- You have systemised your company so that it is does not depend on you to operate on a day to day basis
- You have documented the processes and procedures and built a capable and complementary management team
- Marketing and lead generation methods have been developed to achieve predictable results and to support future growth
In short you have developed a business that is able to generate profits and cash flow over the long term and produce consistent results.