After all, an Entrepreneurs business is usually their biggest investment but (in my experience) typically it is treated as a part of the entrepreneurs intimate life.
the trick here is to step back from the entity and take an unemotional look at the business and apply good, solid rules of creating value on the bottom line.
In Napoleon Hill’ “Think and Grow Rich’ book (an absolute bible for wealth creation AND business, the same principles apply), it outlines the six steps for creation of wealth. If an Entrepreneur is in business and they don not work themselves into a white hot cauldron of desire to create their business, then they are not giving themselves a fair go at creating wealth in that business.
The reason why they are in business HAS to be absolutely clear, and if it is not then look very carefully at whether they should indeed be in business, its not for everyone.
The six steps (applied to business) are
- Fix in your mind the exact amount of money (earnings and equity) you desire from the business
- Determine EXACTLY what you are prepared to exchange for that money (and if your not, look very seriously at why you continue);
- Establish a DEFINITE date where by you will create that money (earnings)
- Create a definite plan (or MAP) on how you will get there
- Write a clear concise statement of what you intend to acquire, name the time limit, state what you intend to give in return and describe clearly your plan for its achievement
- Read the statement top yourself twice a day as you wake and as you go to sleep
Its a programming tool. it takes focus and dedication. Good luck my friends