The statistics are shocking as to how few small business owners really think about transition planning, or more traditionally referred to as exit planning. To become a successful business owner you need to become an true entrepreneur!
As I looked at the statistics, another post Entrepreneurs Build an Asset NOT Just a Job comes into clear focus. The reason most small business owners don’t think about exit planning is because they see their business as a long-term job!
Successful business owners shift their mindset
An entrepreneur or investor looks at a business completely differently than a small business owner. Each see a business as an asset, not a job, and they start by asking “how long do I have to invest or work on this business before I get a return on my investment? They start with the exit plan in mind!
So if you want to know how to become a successful business owner, you need a BIG shift in thinking. This shift in thinking also changes the way you build the business and ultimate increases the value of the business.
But why does asking such a simple question completely shift your thinking? Easy, the requirements change! This means the solutions you which begin focusing your attention and resources change, so you look at “what do I need to do to make my salary this week or month?” You begin looking at how to answer questions like, “who buys this kind of business and what would make it attractive to purchase?”
To me this is the real difference in how to become an entrepreneur instead of just being a small business owner. It’s the kind of questions you ask yourself daily, weekly, monthly and annually!
Becoming an entrepreneur means asking better questions!
If you’re not sure what questions to ask I suggest you look at our Personal & Business Goal Assessment. In it are questions that will make you take a step back and really look deep within yourself. It is with reflection and soul searching that you will get clarity. Clarity on what you want from life and how you should use your business to get there.
So, what are you waiting for? I know it can be a little scary, but you have to get past that fear if you really want the success you say you want!
If you still have questions regarding how to become an entrepreneur, I might suggest our e-book The Missing Component to Successful Entrepreneurship. Just complete the form below to get your FREE copy.