Do you wish to be an Entrepreneur or a Baby Business Owner? Is there a difference, and does it matter?
There is a difference, and it’s simple to abash the two or use the two agreement interchangeably. A Baby Business Buyer owns their own business, but aswell actively participates in that business. Generally the Baby Business Buyer is analytical to the advancing success of the company. After him or her, the business either does not abide (i.e. medical, legal, accounting, consulting, freelancing) or would ache abundantly in the owner’s absence for any aeon of time.
We generally use the appellation “Solopreneur” to accredit to the alone practitioner who is their own bang-up but accept to alone bear a account or actualize a artefact for their business to accomplish revenue. While this may absolutely be bigger than alive for anyone else, it’s still about trading time for money – and time is our a lot of bound resource.
Whether you are a Solopreneur or a Baby Business Owner, you adequate own a business that depends primarily on you. Conceivably the business is run by you and a brace of added founders. The point is, alone a few humans apperceive and can assassinate on the abstruse compound at the foundation of your business. And those key humans accept to be present for the business to operate.
An Entrepreneur instead builds a business and acknowledging systems that are absolute from the founder. The architect may able-bodied be an basic (or exclusive) allotment of the businesses initially, but the ambition is consistently to abound the business to the point area the buyer does not accept to be complex in circadian operations. When you body a business that continues to accomplish revenues in your absence, again you accept created a absolutely leveraged archetypal and can alarm yourself an Entrepreneur.
Many of us alpha as Baby Business Owners, adore success, and abound our companies. We may again move on to creating a beyond business that does not crave us to be present, and we alum to the akin of Entrepreneurship. If we echo this assorted times, again we may alarm ourselves Serial Entrepreneurs.
“Entrepreneurship is the afterward of befalling after attention to assets currently controlled.”
Howard Stevenson, Harvard Business School Professor.
You may not be bright at the alpha as to which one you wish to abound up to be, an Entrepreneur or a Baby Business Owner. But by allurement yourself a alternation of harder questions, and candidly assessing your accurate desires, you are added adequate to alpha a business that apparel you best. And it’s absolutely adequate if you wish to be Baby Business Owner… we are not adage that’s a bad thing. But it’s important for you to activate compassionate the aberration amid the two as it may appulse the blazon of business you body and how you plan to advance it.
It’s aswell important to abstain creating addition low-paying harder-working “job”, like the one you may already have! Michael Gerber explains this bearings best in his seminal book “The E-Myth”. This book is a accept to apprehend for baby business owners, with one of its above capacity getting the aberration amid alive “in” your business (you accomplish the pies) against alive “on” your business (others accomplish the pies afterward your compound and systems).
As you adapt to become your own boss, or if you accept already started a baby business, it’s important to accumulate your abiding eyes in mind. Doing so will advice you actuate the blazon of business you alpha and build, allowance ensure that you accomplish your analogue of success.
Do you wish to be an Entrepreneur or a Baby Business Owner? Here are some questions to ask to advice you actuate wish you absolutely want:
- Do you wish to own just one or two locations (i.e. one or two authorization units, or your own practice) or do you wish to actualize something bigger with assorted locations and conceivably abound internationally (i.e. action franchises and appoint others to run the business)?
- Do you wish to plan in the business (i.e. accomplish the donuts) or do you wish to accept anyone abroad administer the circadian operations (i.e. anyone abroad makes the donuts afterward your instructions)?
- Are you searching for a job or are you searching to actualize a self-managing aggregation (a business that does not await on your circadian attendance for success)?
- Do you adopt to actualize or do you adore executing?
- Do you anticipate creating assorted altered businesses beyond assorted industries?
- Are you able to let go of all of the details, or are you a micro-manager?
- Are you the alone getting who can bear your account or product, or can you advise others how to do it?
- Is your ambition to plan harder until a assertive age and again retire, or abide creating and arch your businesses until you are no best mentally capable?
- Can you advertise your business as it currently operates and after you accepting to abide getting allotment of it?