Once you’ve completely freed yourself from the daily operations of a business, you’ve truly stepped into the role of an owner, but there’s still more room to grow.
Transitioning from being self-employed to becoming an entrepreneur requires you to consolidate and leverage all the skills you’ve acquired thus far.
Because on the entrepreneur rung, your ideas become your money-making assets.
You’ve mastered the skills of running a business without being tied to its day-to-day activities. On this rung, you’ll apply those skills through others.
Your managerial expertise will guide you in developing efficient systems to operate the new business. Your directorial abilities will enable you to hire a capable General Manager who will oversee the managers responsible for running those systems. You’ll maintain a healthy distance, allowing you to approach it with a non-emotional mindset, as it won’t be your sole focus like your first business.
By starting and running the business in this way, you won’t find yourself reverting back to the self-employed stage and starting from scratch all over again.
This is an exhilarating time for two reasons. First, the potential for financial gain is immense. Your ideas hold more value than your efforts, and you will be compensated for the value your ideas generate at this level.
Secondly, there is the scope. As an entrepreneur, you have the opportunity to oversee multiple businesses, without being confined to any single one.
Richard Branson understood the essence of this rung. He began with Virgin Records, honed his disruptive ideas, and now owns a staggering portfolio of over 475 businesses. His success and ability to manage them with less stress and concern is truly remarkable.
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