3% of all business owners make 84% of all private biz income. Why? They’re not covering for unknown weaknesseses.
3% of all business owners make 84% of all private biz income. Why? They’re not covering for unknown weaknesseses.
This article was published on March 14, 2010. So far, 2 people have left their thoughts. Share your own thoughts.
I built five businesses from the ground up. Each time in the process I found myself as a hostage of my business, never knowing how it would work out, how I would get off the treadmill, or most importantly, a firm date for when I could look forward to enjoying my business. It all seemed to be up to chance, and that the best I could do was work harder and increase my “chances”.
Along the way I learned two valuable principles that transformed me and my businesses, and helped me build a business I could enjoy for decades:
Throughout a number of my businesses I intended to work extremely hard and make money, and I got exactly what I intended – hard work and some money. While growing those same businesses I “hoped” they would result in a great lifestyle and worked even harder to increase my chances. But we get what we intend, not what we hope for.
I learned that unless I very intentionally designed my work around building a great lifestyle, that all I was going to get was hard work and maybe some money. I decided I was going to turn the whole thing on its head, stop working for my business and make my business start working for me.
It dawned on me that “He who makes the rules wins”, and that I had been allowing my businesses to make the rules by just “hoping” they would give me a great lifestyle. I added “use my business to create a great lifestyle” to my intentionality, having grown into the belief now that business should not just give us money, but it should give us three things – money, time, and the opportunity for significance, or meaning.
This led me to develop simple tools that would keep me on track to create that lifestyle:
February 18, 2011, we’ll be on our way to New Zealand celebrating the maturity of our business, and we fully intend for it to make money while we’re on vacation. Why don’t most businesses get here? Simple, the owner is doing what I used to do – intending to work hard and make money, and “hoping” it will all work out in a great lifestyle. We get what we intend, not what we hope for, And when I realized I could no longer let my businesses make the rules, I was on the road to freedom.
What are you doing to build a business that makes money while you’re on vacation?
UPDATE: The book is now out and available.
You’re too busy making money; no business can survive that. Your business should give you both time and money. Not just money.
I started Crankset Group out of a desire to help small businesses in the Denver, Colorado area grow and mature. It continues to mature itself as we bring a lot of the tools and practices that I’ve created working one-on-one with business owners over the years online. Now these tools and resources are available to you.
Twitter is a great way to get ahold of me or interact with me.
I’d love to let you know what I’m up to from time-to-time.
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Thoughts
Ric Reifel
03/15/10
You make it sound so easy…………..
It is interesting to me how many people I meet that run their own companies or work on their own that neve seem to get ahead.
I think you are spot on.
Chuck
03/15/10
Ric,
As you know, the interesting part that wouldn’t sell any books is that it’s NOT easy. There are no magic bullets or quick routes to wealth (other than the exceptional great fortune you can’t bank on). That’s why I’m so convinced I simply need to know where I’m going and focus as much on the activities that will get me THERE. I can’t control what I can’t control, but I CAN control where I put my focus, and that will make it a great deal more likely to get where I want to go. I fully intend with all my focus to get to that place, not just work hard. Easier said than done, but also VERY doable – just not with the get rich quick dreamer’s approach we see so much out there.