Entrepreneur or business owner which are you
Championing Small Business and Medium Sized Businesses.
Brian helps us answer this question:- “Entrepreneur or business owner which are you?”
Brian Moran is the CEO of Brian Moran and associates and Small Business Edge, Ex Wall Street Journal and Inc. Magazine.
We discuss the importance of knowing if you are an entrepreneur, small business owner or an passionate business owner. In addition we share lots of interesting insights and tips for small business, including understanding the pain points people are facing.
Brian runs a lot of different workshops and has been a consultant for 27 years, he has worked at the Wall Street Journal and Inc Magazine.
One of the biggest issues is that business owners don’t know what type of business owner they are. This is super important when you hit a fork in the road.
For example any key opportunities to grow your business, like hiring employees, buying new machinery etc.
Brian asks some great questions in his workshops, interestingly 5% of all business owners are true entrepreneurs.
This keeps business owners up at night because you see a fork in the road as a different investment VS a small business owner and you may look at these things as expenses.
But the mindset and lifestyle type of business is a very different mindset to an entrepreneur or a passionate business owner.
Brian worries about the passionate business owner, they open a venture and then are persuaded to open another restaurant for example and they don’t look at the long term implications of making these bold moves, but instead they should have stayed small and continued with their lifestyle business.
Making sure planning is done in the short term is crucial before making these bold moves.
Brian and I as consultants look inside the business for business owners. Business owners can get stuck in the weeds of the business, putting out fires, process or employees can cause these problems and as business owners cannot see these problems without being up there in the clouds looking down on the business from the outside.
Taking the time to look down upon your business and planning effectively is key to making sure we get to where we are going, looking at the problems that may come up, the market, competition and potential partnership opportunities and where the business is going.
Checking the GPS is how Brian looks at it!
Taking this “Eagle Eye” view over the business is certainly the key to making it more successful. Getting under the bonnet of the business is crucial and thinking of the potential problems that can occur.
So revisiting the lifestyle business idea is crucial, do we want to buy a lifestyle business or do we want to own a business?
The podcast goes through these thought processes and some of the main problems business owners face.
Thanks Brian for sharing your time with me and so many amazing tips for targeting entrepreneurs and small business owners.
Small Business Edge can be found here :- https://www.smallbusinessedge.com/