3 Things Entrepreneurs can do to become Enterprise owners
1. Shift from being a business operator to a Business Owner
2. Use an appropriate Corporate Structure to legally own your set-up
3. Bring together a world class team whom you can lead and the business can afford
1. Shift from being a business operator to a Business Owner
Time and again I have observed in my coaching, the amazing transformation that occurs when a stressed business operator finally hands over the baton to a Business Manager and steps out of operations. Inevitably what follows is a never-before-taken ‘Dream’ vacation, for a significant period of time, with spouse or family, without ‘shop talk’ and without desperate calls from the shop floor.
Being in operations is ADDICTIVE. The regular rush of adrenaline makes you feel important and irreplaceable, with permanent fire-fighting. Like all addictions, it takes its toll by shortening life and short-circuiting health.
You can only make this transition when you realize, you are made for better things – and you are ready to let go, so you can evolve.
2. Use an appropriate Corporate Structure to legally own your set-up
There are different points of view on the TIMING of the above. Many who choose to Begin with a legal corporate structure get saddled with incompatible or incompetent partners, unprofitable business models and a high Breakeven Point. Personally, I am conservative. I prefer to
(A) Let coachees test themselves, their products and services, their business models, their collaborators and their teams in the MARKETPLACE through pilot projects.
(B) Build enough strong profitable verticals leveraging their Network of Independent Professionals, paying them from revenue generated.
(C) Cultivate the financial habits necessary, personally and organizationally, that can build their personal net-worth, financial reserves and afford a world-class team to grow organically.
3. Bring together a winning world class team whom you can lead and the business can afford
Everybody wants to win; but not everybody is willing to pay the complete price.
Putting together a PRODUCTIVE synergistic business team is easier said than done. You have to carefully consider passions, talent, individual differences, professional abilities, demonstrated competence and the fit for business, organizational and team requirements.
In my cumulative pastoral, employee and coaching experience of over 3 decades, I have observed this to be a significant pain area for almost every organization. There are no perfect permanent solutions. What seems to work is sensitive listening, meticulous calibration and ongoing proactive handling.
Entrepreneurs who are unable to clear this milestone may find it difficult to build an enterprise that can operate without their physical presence.
Raymond D’Souza
Founder, Coach and Business Strategist
PassionPreneur Institute
MSME Business Coaching to Identify, Lead and Dominate Your Most Profitable Niche
raymond@passionpreneur.in
