Are You Stuck In The ‘Wrong’ Mode For Business Success?

Entrepreneur v.s. Employee tasks – what’s the difference?

WHY? Answer: A business is more valuable when it can operate profitably, survive and grow and survive without the business owner.

The business owner needs to spend a little time EACH and EVERY day (as much as possible) to work on "Entrepreneurial tasks" and not "Employee tasks". Entrepreneurial tasks like marketing planning and documenting processes (or working with a staff member to document processes) adds significantly more value to a business than $18-$22 per hour employee tasks like making deliveries, filing, bookkeeping, etc.

For more information about which business tasks are entrepreneurial – click here.

What Richard Branson Thinks About The Late Steve Jobs (Apple)

I was very sorry to hear about the recent passing of Steve Jobs (Pixar, Apple).

Showing my age and confessing to be an early techie – I followed the rise of Apple and Microsoft in the early 1980s and was familiar with the intial Apple computers. Then, over the past three decades I read many books on the topic of technology and technology marketing. Steve Jobs was a true genius.

I came across this article by Richard Branson (Virgin) on his thoughts on Steve Jobs, Apple, having passion in business and on management styles. I thought you’d like it too.

(Under the photo is a link to the PDF version – easier to read)

PDF version – click here

25 Things You Absolutely Must Do To go From Nothing To Self-Made Millionaire Within The Next 7 Years …

I came across this interesting article by Bob Bly. I have added my comments in italics.

THE 25 PRINCIPLES OF BUSINESS SUCCESS BY BOB BLY:

1. Have a definition of success.
2. Live below your means – with occasional exceptions.

A good book to read about this is the Richest Man In Babylon

3. Learn a money-making skill that will pay you at least twice the national average income.

Currently the national average wage in Australia is $65,000 (March 2010 figures). To earn double this my suggestions for well-paid skills include: Sales, marketing, copywriting, computer programming, public speaking, writing.

4. Improve your level of skill or the demand for your skill until you are paid twice as much — $200,000 a year.
5. Set a financial goal of a liquid net worth of $2 million excluding primary residence by age 50.
6. If you are going to have children, have them young.

Not so sure about this one – I’m 40 now and I enjoy spending time with my young son very much.

7. Assign a dollar value to your time and outsource everything you can, except what you are great at, to people who charge less than your hourly rate.

This is very important! Most small businesses I work with try to do everything themselves and work 60 hours (plus) per week. I usually initiate a program to delegate more low-skill level tasks to other staff (and external contractors).

8. Learn how to negotiate win-win deals.
9. Be a specialist, not a generalist; focus on core skills, markets, areas – three maximum, no more than that.
10. Micro niche
11. Become an information junkie and be sure to read in “adjacent areas”
12. Modelling

Don’t re-invent the wheel. Another word for modelling is mentor. In almost every business situation – someone has been there, done that – find out who they are and learn from them.

13. The Real McCoy Strategy

Not sure what Bob Bly is referring to about ‘The Real McCoy Strategy’ here.

14. Don’t lower price; add value
15. Do things that are important but not urgent
16. Little details count
17. Achieve balance between 4 success factors
18. Attitude of gratitude
19. Understand the best and worst investments you can make
20. Do something you love
21. Stop trading hours for dollars
22. Stop making excuses
23. Understand Robert Gibert’s success formula : SWL + SWL = SW
24. Put it in writing
25. ACTION

Lots of great ideas here – how many of them can you work towards this year?