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Three levels of an entrepreneur
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Before you jump into the life of an entrepreneur, it is really important to know where you are going, so that you might map out how to get there. What level of entrepreneurship is right for you? As I have worked with many individuals transitioning into the life of entrepreneur I find there are 3 main levels of entrepreneurship.
- For some it means being a “solo – preneur”. As a solo-preneur you are the boss and the staff of your company. Chances are you might get some occasional help from friends and family and you may even hire a bookkeeper for a few hours a month or have someone who does your taxes. At this level you are most likely working a high number of hours to sustain your business.
- The next level up of entrepreneurship is where you are running your business with a small staff. You consider yourself a small business owner and as such you hire staff to the run parts of your business you are not good at or do not want to do. For the small business owner delegating helps you so that you aren’t working 80 hours a week and so that you may have a bit more flexibility in your schedule.
- Following the small business owner is what I consider the real entrepreneur. Here you hire others to run your business for you. Sure you may have established it, but ultimately you hire someone else to run the business for you. As you hire people you ensure they are experts in various areas of running the business so that you don’t have to do everything. For the entrepreneur, sustainability and long term growth are the most important aspects of running the business. As such, you have the most flexibility with your time as it does not require that you are present for your business to continue running.
As you think about which kind of entrepreneur you would like to be, think about what the pros and cons are for each. Which level will best fit your strengths? And ultimately what you are hoping to accomplish long term? By knowing what your end game is, it will inform each decision you make along the way. It will also inform things such as the type of incorporation you might need, capital to raise and business knowledge to gain.
Finally as you map out the path which makes most sense to you, find a mentor who is already successful at the level you want to attain. By doing this you can pick their brains for how they did it, lessons learned and shortcuts to success. Why reinvent the wheel when you can just improve on what has already been done?
Intrested in transitioning from the corporate life to entrepreneur? Check out the following articles to help make that transition more smooth: Five Steps to breaking out of the corporate world ; Top four areas to focus on when starting your own business
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