The Right Things, for the Right Reasons
The Law of Success in small business is to do only the right things, for only the right reasons. That way, you always get it right… you can’t make mistakes. (That’s the theory, anyway.)
If you do them for the wrong reasons, it doesn’t matter whether you do the right or the wrong things because you not only won’t succeed …you CAN’T succeed!
The problem for most small business people is that they don’t know the right things to do or the right reasons for doing them. So it’s little wonder that 90% fail in the first 10 years. (75% in less than half that time, in fact.)
In recent years, we’ve surveyed more than 20,000 small business owners about their reasons for being in business. There are four main reasons they offer:
- To make more money than they could in a job.
- To enjoy more financial security than they could in a job.
- To be more independent than they were in a job.
- To enjoy more satisfaction than they did in a job.
Around 98% of those we surveyed said these four reasons — or some variations of them — were their reasons for going into business.
So we began asking them these four questions:
- Are you making more money than you did in a job?
- Now that your personal and family assets are all at risk, are you any more financially secure than you were in a job?
- Do you have fewer people dependent on you now — like your staff, your debtors, your creditors, your bankers, etc, etc, etc — than you did in a job?
- Are you less confused, angry, stressed, frustrated, anxious, vexed, bewildered or dissatisfied now than you were in a job?
The fact is, for most of them, their employees enjoy more of all four “reasons” than they do!
Those employees earn more, have more security, work less, worry less and enjoy much more independence and satisfaction than they do.
So the answer’s quite clear… NOT ONE of those four reasons is a valid reason to be in business, because you can have them ALL, with less risk, in a job.
The ONLY valid reason to be in business is for something impossible to have in a job.
There’s only ONE thing you can do in business that you can never do in a job (apart from go broke!)…
Sever all connection between your time and your money!
Think about it. The whole basis of employment is to trade a fixed amount of time for a fixed amount of money. To increase your money, you have to increase the time you work — or the value of that time.
But you don’t decide… your boss does!
There are no rewards for activity in a free enterprise business. Only for results. It doesn’t matter how busy you are, if you’re not productive and profitable you get ZILCH.
The whole point of going into business for yourself is to end all connection between your time and your income… so you can work less and earn more. Eventually, if you’re successful, you should be able to gear your business, using intelligent leverage, so you don’t have to work at all — yet you make all the money you need in order to enjoy your abundant free time. Then, if you do work, it’s because you choose to — not because you have to.
By the way… when you achieve that degree of freedom, due to your control over your time and money (your mediums of exchange), there are four other things you’ll also enjoy:
- More money than you ever did in any job.
- More financial security than you ever could in a job.
- More independence than is ever possible in a job.
- More satisfaction than you ever could in a job.
These are not the right reasons you should go into business. But they’re great benefits (by-products) of the REAL reason you should go into business for yourself.
The Bottom Line is simple… get control of your mediums of exchange: your time and money.
(To discover the most lethal perspective any small business entrepreneur can embrace — and the one that so many do — click here.)
©1993 John Counsel. All rights reserved.