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Is Your Business Working For You?

Most business owners never achieve financial freedom because they are stuck working for their business instead of the other way around.

Is Your Business Working For You?

In the next few weeks we will be launching our latest online course: Ownership Wealth & Freedom. This has been a labour of love for Brent and myself because we have seen firsthand how the vast majority of business owners never get to enjoy the financial independence and quality of life that they deserve.

In part, this is because most entrepreneurs simply don't know how to turn their business into a wealth-creating asset, so we've crammed Ownership Wealth & Freedom with practical tactics, hands-on assignments, and real world case studies. However, there is also an important mindset shift.

Employees think about working in a business.

Managers think about working on a business.

Owners think about getting their business to work for them.

If you are a shareholder in a listed company, it's very easy to think like an owner because you aren't distracted by any of the internal work. But that's not the case when running your own business. Most of us are bombarded by employee and manager responsibilities on a daily basis, so we never get around to wearing our ownership hat.

Compounding all of this is a pervasive rhetoric of "selfless entrepreneurship" that espouses societal benefits (i.e. job creation, economic growth, innovation) but completely ignores how the needs of business owners contributing to the greater good are rarely fulfilled. Subsequently, many entrepreneurs feel guilty about looking after their own needs and end up prioritising everyone else's instead.

If you're familiar with Michael Gerber and E-Myth, then you already know that you should work on your business, not in it. But "working on" your business is not the endgame. It's a stepping stone towards getting your business to "work for" you so that you aren't stuck working for it.

Until that happens, you're a business owner in title only.