Self Employment: The deadliest business trap ever and how to avoid it

AS an entrepreneur, being self-employed is the deadliest business trap ever!
Business, whether online [virtual] or offline [brick and mortar], small or big is governed by the same principles and calls for the same set of basic functions – production, marketing, finance, staffing and so on. Any difference that exists at all lies only in tactics. Marketing is still about finding, keeping and growing profitable clients, whether your business is online or offline, big or small.

The same goes for value creation [production], whether it is a product or service business you run, the reason for offering those products/services is the same -generating income by solving people’s problems. Also, online or offline, big or small, every business needs workers [staffing] and the same principles and functions of leading them apply. You see, in both business and in life, principles and functions rarely change, what changes is tactics. ‘The why’ [principle] and ‘the what’ [functions] are fundamentally the same, what differs is ‘the how‘ [tactics]. So, that you run an online or small business, is no excuse for not structuring  and running your business on fundamental principles and functions that has been the bedrock of every successful business.

Having this consciousness is what makes successful business owners exceptional. They understand from the outset that being self-employed is limiting and from their small beginnings, they begin to lay the foundation for building a company that has the potential to grow and someday operate without them.

Are You DOING Business Or BUILDING A Business?
Doing business is the definition of being a self-employed entrepreneur [freelancer]. When everything about your business is dependent on you as the owner, you’re simply doing business. The keyword here is ‘dependency’. Being a self-employed entrepreneur means everything about your business revolves around you the owner. When you don’t work, your business is down. Why? Because you are ‘working in’ [doing] your business rather than ‘working on’ [building] it.

This is the danger of being a self-employed entrepreneur –you and your business is inseparable!
Building a business is the definition of being a Chief Executive Officer [CEO].  When everything about your business is NOT dependent on you as the owner, then you’re building a business. The keyword here is ‘independence’.

Being a CEO means you run your business as a company and everything about your business doesn’t revolve around you as the owner. When you don’t work, your business is still working. Why? Because you are ‘working on’ [building] your business rather than ‘working in’ [doing] it. This is the benefit of being a CEO –you and your business is separable! Being self-employed [doing business] is the deadliest trap of business ever. That you are small is no excuse for wanting to be a one-man army.

Someday soon, you will no longer be able to do all the things you so easily do now as a result of age, so what will become of your business then? Someday soon, your small business will outgrow your capacity to meet your entire customer’s increasing demand, so what will become of your business then? Then, you’ll suddenly realize that your entire ‘can-do-it-all-by-myself’ attitude as a self-employed entrepreneur is counterproductive. Then you will come to terms with the universal truth that one tree does not make up a forest and that one is too small a number to achieve greatness!

Successfully running a business is about profitably helping your clients achieve desired results consistently through the products/services you offer to them. It demands a high level of coordination and execution of several key activities. These activities cannot be handled successfully by only one person over a long period of time, so there’s need to create an operational structure/system for effectiveness and efficiency. Creating this operational system/structure for your business is crucial to your success as a small business. At the head of this structure/system, is where you must operate from as the owner of your business. And the formal title given to anyone occupying this position is Chief Executive Officer [CEO].

Running a Business as a Company is the Essence of Being a CEO
Recently, I began to notice a general misconception among many small business owners especially the self-employed internet entrepreneurs that the CEO title is for the bureaucratic corporate organizations and not for those who want to ‘do their own thing’. In fact, the other day I read the entrepreneurial journey of Ingrid Abboud of nittyGriddy and it really made me think deeply about why many online entrepreneurs shy away from the reality that someday their own thing will outgrow them. While I can relate with the fact that most small businesses are started from the efforts of only one person at first, this is not enough reason to want to inhibit the growth potential of your business by still running it as a one man show. From the outset, it’s important to consciously go about your small business with the mindset as if it were already a big business.

Thomas Watson Jnr., once said about his father, Thomas Watson, the founder of IBM when the company was still a very small business, not even yet known within their locality. His father came home one day and suddenly announced the change of the business name from what it used to be to IBM [International Business Machines]. He said out of surprise he had to ask him why such an audacious global name for a business which was at that time only a one man show. His father replied him by saying that; you start acting from small the way you’ll like to be when you eventually become big.

The CEO title as corporate or bureaucratic as it may seem, comes with its own unique responsibilities and functions. Business is a team sport and every team needs a coach in order to be effective and successful. The CEO is the coach of a business. Being a business owner is about performing certain functions, these functions are governed by certain fundamental principles that cut across all kind of businesses, online or offline, big or small. Performing these functions is what being a CEO is all about. The function supersedes the title or position. The title simply serves as an encapsulation of the fundamental functions and corresponding roles required of every business owner. 

(TO BE CONCLUDED NEXT WEEK
Tito Philips Jnr. is an unusual Nigerian that is M.A.D – Making A Diffrence.)

Source: Guardian Newspaper

5 Habits of the Wealthy That Helped Them Get Rich

Why do the rich keep getting richer? Most of the time, it’s not because of luck. It’s not because of the family they were born into. It’s not because they won the lottery.

Wealthy people simply do things differently.

It may not seem fair, but the fact is the “income gap” is increasing and most financial experts only see this trend continuing with no end in sight.

In preparation for this column, I sat down with someone who knows far more wealthy people than I will likely ever meet: Jeff Rose. Rose is a certified financial planner, author and blogger at GoodFinancialCents.com, as well as a millionaire himself, who dedicates a good portion of his time to helping people become, and stay, wealthy.

I asked Rose why he thought the income gap was growing. He mentioned five primary things that wealthy people simply do differently than the rest of the world. Here are those five, in no particular order.

1. They take risks.

2. They invest in themselves.

3. They associate with those they want to emulate.

4. They have a dedicated morning ritual.

• The Miracle Morning by Hal Elrod

• The 10X Rule Daily Planner by Grant Cardone

5. They review their goals consistently.

Rose explains that the wealthiest people he works with routinely “throw spaghetti at the wall to see what sticks.” In other words, they try a lot of different things, knowing that a lot of it will fail.

They take those risks because they know that failure is just part of the process in discovering what will truly work to build more wealth. Furthermore, as Rose explains, the rejection of those ideas invigorates the wealthy into finding what will work, a stark contrast to most of the population that simply looks at failure as a road block. 

According to Rose, “wealthy people don’t look at the money spent on personal growth as an expense, but an investment.” 

While many individuals conserve every penny equally, the wealthy understand that strategically investing in themselves will produce a far greater return than any stock, real-estate investment or business venture.

Whether it’s purchasing a book, hiring a coach, joining a paid mastermind group or another source of paid self-improvement, the wealthy see this as an investment. Do you?

When the human body gets too hot, it produces sweat in an attempt to cool down. When it becomes too cold, it shivers to produce heat. In other words, the human body is constantly adapting to keep its temperature at the same comfortable spot. This automatic leveling is a biological process known as homeostasis and is found in numerous aspects of life.

From human biology to the temperature of the earth to a car’s cruise control to the thermostat in your house, homeostasis is a fact of life that governs nearly every aspect of your existence. And, as the wealthy have discovered, homeostasis can also be a powerful way to build wealth.

As Rose stated bluntly to me, “If you want to be rich, hang around rich people.”

Or as financial TV personality Dave Ramsey often says, “if there are four broke people in a room, you’ll be the fifth.”

Wealthy people have discovered that they can grow their wealth simply by associating with those who are even more wealthy. Humans pick up the habits and strategies of those in their immediate surroundings, and the wealthy have learned to use this homeostasis to their advantage.

While most of the world is hitting the snooze button 14 times in a row each morning, the wealthy have already begun increasing their net worth.

“Most of the multi-millionaires I know have a dedicated routine, a ritual, that they do each and every morning,” Rose says.

This morning ritual could include exercise, affirmations, goal reviews, breakfast or whatever else helps them start their days with a bang. They start strong, accomplishing more before noon than more people accomplish in a week.

For those struggling to get started each morning on the right foot, Rose recommends two books:

In my own life, I've found this truth incredibly powerful. Since instituing a morning routine, I've quadrupled my income, written and published a bestselling real-estate investing book, lost 10 pounds, bought my dream house and deepened my relationship with my wife. Not bad for just a few minutes each morning of dedicated routine. 

Finally, according to Rose, the rich have clearly defined goals and continually review them to track their progress, make changes and develop strategies for meeting those goals. This process of immediate feedback allows the wealthy to make quick changes to their plans to keep the course in a rapidly-changing world.

While most of the human population gives little to no thought on their futures, the wealthy are reminded daily of where they are headed. Like a family taking a cross-country trip in their minivan, the rich have their road map spread out on the dashboard so they can navigate the fastest, easiest route to their destinations.

Rose admits that the wealth gap is far more complicated than a simple “five-point blog post.” However, he continually witnesses these five traits guiding the lives of those who are getting richer and has used them in his own life to create multiple businesses and build some serious wealth himself.

These five actions create a positive-feedback loop that will continue to make the rich richer, and there's no sign of that ceasing. The good news is, however, these five actions are all things that the average American can put into practice today. Will you?.

Culled from www.entrepreneur.com

GLOBAL INTERGOLD Business Opportunity { Key To Financial Freedom }

GLOBAL INTERGOLD BRIEF

Global intergold specializes in the buying and selling of investment gold bars of different value. Our investment gold is procured and provided only by the top producers internationally.

Gold is a unique product that maintains its value, steadily, through time. There is only a few if any other commodities that can be compared to gold in terms of maintaining a steady value through time.

Gold has always embodied a sign of power and wealth. Who had gold, always had money. Nothing has changed in our days. Whoever controls the gold, will control money and power.

Civilizations vanish through time, currencies dissapear, but gold remains constantly a stable measure of goods and services. It is a unique product that never loses its long-term value.

Gold is the only commodity that can buy for you peace of mind. This is an indisputable fact!

Gold is traditionally is the most important element of the global financial system and considered one of the most reliable tools for saving investments. Currently, the World Bank gold reserves are estimated at 32 million tonnes (if all this gold is melted together, we will get a cube with the side of only 12 m).  Gold is a unique product that never depreciates!

Emgoldex has been operating since 2010 and in over 120 countries and still standing strongggggggg

We have joined team with some amazing women from Philippines based in USA . What we do in my team (Pinoy Millionaire. Pinoy means Filipino/Philippines) is we took advantage of the offer provided at Global Intergold.

      We invest in Global intergold stocks/shares.

Once we invest, our order is placed on the table of order. Once you cycle round the table, you exit and get payout.

You will Love this, It’s very Rewarding and worthwhile. NO Upline, No Downline, Not Multi Level Marketing (MLM)

$850 (N187, 000) is the cost for being an official client of Emgoldex, and once you exit the table, you will receive payout of $4,250 or 3,500 EURO (N875, 000).

But alternatively, team Pinoy has made it easy for those who can’t afford the $850.

      1 share   price is $85 and at exit you get  $425They have reduced it to investment per share:

      2 shares price is $170 and at exit you get $850

      3 shares price is $225 and at exit you get $1,275

      4 shares price is $340 and at exit you get $1,700

      5 shares price is $425 and at exit you get $2,125

      6 shares price is $510 and at exit you get $2,550

      7 shares price is $595 and at exit you get $2,975

      8 shares price is $680 and at exit you get $3,400

      9 shares price is $765 and at exit you get $3,825

      10 shares price is $850 and at exit you get $4,250

Please find the following Images

  - Table of Share and Cost.

  - Samples of Accepted ID card for Official Clients who Invested into solo ($850)

 - List of Accepted Proof of Billing for Official Clients who Invested into solo ($850)

 - ASK US HOW HERE at https://goo.gl/ng5TrQ (Global Intergold Success Team)  On

Facebook or Like Our page at https://www.facebook.com/groups/1588296791419293/ and ask us any question about GIG

Thanks

Global Intergold Success Team