It amazes me how many small businesses really have no idea what they’re doing. They haven’t read the E-Myth – a must read for any young entrepreneur. You are 3 in 1: like God you – the business starter – are Entrepreneur (risk taker/evangelist), Manager (Accountant, Trainer) and Technician (Coffee Maker, Gardner). So many small business start witha Technician. You can make great coffee so you open a cafe. You massage really well so you open a mobile massus business. You have a law degree so you open a new practice. BUT you have no idea how to be a Manager and an Entrepreneur. It’s really hard. Why do 99% of small businesses fail? Because you’re stupid, arrogant and proud. It’s true. We all are. We have fantastical ideas about how just because we bought an Italian made espresso machine and can do latte art that 4million people will come to our store, even though we don’t want to pay the rent asked for by the shopping centre so we open it in a little gated community estate and wonder why we’re bankrupt?
You need a reality check if you are a business owner or startup and you haven’t accepted the 50 hours per week (minimum) that the Manager and Entrepreneur need to, must put in every week ON TOP of the technician. That’s right. If you open a coffee shop and work 80 hours per week making coffee, cutting sandwiches, cleaning and waiting (Technician) you have another 50 hours on top of that as Manager and Entrepreneur.
if you are a real dill, then here are 5 easy steps to fool-proof your business from your stupidity:
1. Join a Business Network – They meet every week. Every council has one. Call your council.
2. Subscribe to small business Magazines, Newsletters (LIKE MINE), and watch TV shows about them
3. Get a business coach, or at least a group of small business success stories (like me) who you chat with regularly
4. Get a freaking accountant. Yes PAY for one. Yes call a bookkeeper. You can’t pass without one.
5. Set goals and DONT deviate from them, ever!