What Is A Business Owner
First, understanding the difference between being self-employed and a business owner is very important. Being self-employed means you can own a business, but you have to be there for the money to come in. You are still working for yourself, but your income is earned only as you work. If you are not there, there is no money being earned.
When you are a business owner, you can sleep and go out of town while your business is still earning an income. You do not physically have to be there or working to earn profit. As the business grows,a business owner starts hiring employees, delegating tasks to others, and he is the one, who works ON the business rather than working IN the business. As a whole, a business owner is one, who has a business that runs without him being actually there.
A business owner knows that his business’s growth requires documented processes, a focus on marketing and sales, personnel management skills, detailed planning and strategy. A business owner focuses on top-level issues like creating a positive organizational culture and developing new strategies to increase customer loyalty. He must guide the direction of his company and ensure company values are built into each aspect of it.
Difference Between Business Owner & Business Operator
What would your business look like if you were to step away from it for three months? Perhaps it’s hard to imagine, since it’s unlikely that you’d be able to disconnect from your business at all in the first place.
If you can’t be absent in your business without suffering big losses, then you are a business operator, Says Hirav Shah.
It means your business depends on you. It means 10-hour workdays, constantly trying to do more and feeling overwhelmed. Whenever you set higher goals, you know it will require you to put more hours into the business. But the answer to taking your business to the next level isn’t hustling more.
If you are a business owner, your business depends on your team. It’s not limited to what a single person can achieve. Business owners focus on leading their team, creating strategies that work for everyone. Their absence in their business doesn’t disturb their company’s operation because they have more than one expert in charge of their company, Explains Shah.
What It Takes To Become A Business Owner As Per Hirav Shah
1.Changing your mindset
Decide you want to be a business owner instead of being every person in your business. Focus on leading your team and assigning the best people to each role to ensure there’s an expert in every area. Understand the difference between the mindset of a business operator and an owner to catch yourself when you’re tackling your challenges with the wrong one:
Business Owner Mindset
- They are strategic; they do what they’re best at.
- They train their team to improve every area of their business.
- Their vision allows them to see the bigger picture.
- They make sure projects are done and that they get them right.
- They share their plans with their team, and it works for everyone
2. Ability & Willingness To Be A Multitasker
As a business owner, donning multiple hats is a hugely important skill to possess. Given the vast array of tasks that will require your attention – and the lack of time available in which to complete them – it’s vital that you are able to juggle your responsibilities as and when required. Becoming a business owner is truly a labor of love. The good news is, with the right nurturing, the business will pay you back ten-fold. Hence, the ability & willingness to be a multitasker is one of the most vital things needed to become a business owner.
3. Personal and Financial Sacrifices
Remember that nothing comes easy in life. Nothing comes overnight as well, Says Hirav Shah.
You gotta make some financial and personal sacrifices as a business owner.
Sometimes when you sacrifice something precious, you’re not really losing it. Once you have built your business and found ways to make profits, you can enjoy the freedom you have earned. Sacrifices, personal or financial, are generally short term and that it will pass. Intially, there will be a few lean years, but later on you will certainly reap dividends of your sacrifices.
This is often the hardest challenge for business operators, because the first time you delegate a task, it won’t be perfect. The Pareto Principle states that 80% of effects come from 20% of causes. What are 20% of the tasks you do that generate 80% of results? This will help you focus on the vital few and delegate the rest.
5. Develop Unparalleled Strategies
Develop unique strategies to reach your goals. Disruptive ideas come from doing things differently. Empowering people within your organization will cause new ideas to surge from every department.
Now, you don’t have to do all of these steps at once. Start delegating one task at a time until you can create free time for yourself, get the weight off of your shoulders and own your business.
The Best Business Adviser, Coach, Guide and Strategist in the Country is none other than Hirav Shah. He has created a brand in this space for himself and hence, he has an astounding global presence with clients based across various business sectors. He is a big believer in taking massive action and has formulated strategies to help some of the world’s leading businesses make the right strategic bets based on certainty of outcome.
Lastly, for all Established and wannabe business owners , Shah’s Invaluable Quote Is
Good business owners create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.