Working IN or ON a business?
It’s probably not really what you would expect a property expert to be doing, advising you on how to run your business, but bear with me and you’ll see the method in the madness.
Many years ago (1995 or 1996 I think?) I helped Michael Gerber present his Australian tour series of seminars about his new book called ‘The E-Myth – Why most small business don’t work and what to do about it‘. The E-Myth or Entrepreneurial Myth is simply, that time in our lives when we all have an entrepreneurial seizure. That’s the moment in our lives when you think you can do a much better job working for yourself.
The problem is that most people go out and create businesses that look and act exactly like their old job. They fail to realise the multitude of additional responsibilities that come with a business.
One of Michael’s main points is to set the business up as if you want to sell it. He hammers home the point that in order to do this you’ll need to not just work ‘IN’ the business, doing the day to day tasks but you’ll also have to work ‘ON’ the business. Setting up the simple systems and processes that allow you more freedom but more importantly allow the business to work without you being present. Here is where most small business owners fail. They work ‘in’ their business.
In fact some business owners consider all that extra work as almost a sign the business is doing well.
It’s really important in business to do the things that allow you to set up systems so that the day to day stuff takes care of itself. Michael talks about working ‘on’ your business, in my property investment business I call it my ‘Set and Forget Philosophy’. It’s the same thing applied in a slightly different way.
Michael was one of my inspirations in initially setting up so many systems to make investing easy.
In any case, if you are self employed or are thinking about it then I cannot recommend enough Michael’s book for entrepreneurs.
Live with passion,