When you run a business, the business is dependent on your presence to run. When you own a business, the business will function and generate profits regardless of your presence. The vast majority or entrepreneurs both own & run their business, making their business nothing much more than a glorified and highly lucrative job. To experience true freedom, you need to learn to own a business that is built to be able to operate without you.
Work on Your Business, Not in Your Business: If your business depends on you, you don’t own a business—you have a job.
The unfortunate reality for millions of entrepreneurs is that their business depends on them way too much. You know the type, and perhaps that type describes you. They are often overwhelmed with their business, doing everything from their own taxes to taking out the trash.
Doing everything in your business yourself leads to a quick burnout, and the activity prevents you from executing your role as an entrepreneur: working on your business, not in it.
Before you even start your business, focus on planning how to get rid of yourself.
If you desire to pass the primary level of self-employment and reach the upper echelons of entrepreneurship, learn to delegate quickly. Otherwise, your chances of growth are limited significantly. If you want guaranteed, limited growth, you might as well get a job
Build a Company That Is Systems-Dependent, Not People-Dependent
Kevin Johnson – Entrepreneur, Author – The Entrepreneur Mind
Top Books on Owning vs Running a Business
The 4-Hour Workweek
Authors: Timothy Ferriss,
Since today is all you have for sure, Timothy Ferriss shows you how you can make the most of it. In The 4-Hour Workweek, you will learn how to earn your yearly income in one month, reduce your working hours and find more time for travel and leisure. All of this, without compromising on your performance.
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
Authors: Chris Guillebeau,
Sometimes, you’re just looking for a magic lamp that can turn your life around, take you out of your boring job and open doors for you to make money from your passion. Chris Guillebeau knows this — that’s what he does. In The $100 Start-Up he shares his expertise with you, real-life case studies of successes and challenges people faced in monetizing their passions and how you can get people to pay you for doing what you love.
Side Hustle: From Idea to Income in 27 Days
Authors: Chris Guillebeau,
A “side hustle” is an additional source of income that will guarantee job security and freedom. It is for people who aren’t ready to forgo their day job. It doesn’t require professional qualifications nor does it require specialised skills such as those needed in marketing. Chris Guillebeau provides invaluable advice that will show you how you can start and develop your side hustle.
Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth
Authors: Robert G. Allen,
Robert Allen shows you a way to make $100,000 a year with flexible hours and without even spending your own money. His extensive research into investment opportunities helped him come up with 10 most effective and convenient money-making strategies, that he shares with you via this book.
Other concepts on Money
Money Mindset
We all want to be rich, but only a few of us have a ‘Money Mindset’. The rich thoughts & feelings around money are in perfect alignment to attracting money into their lives. The poor and the middle class on the other hand, have thoughts & feelings about money that are often negative in nature, and therefore struggle to attract money despite their best efforts. Having the right money mindset is foundational to being rich.
Opportunities vs Obstacles
While the unsuccessful see obstacles as barriers to the way to success and a reason to quit, the successful often see these as opportunities for further learning, greater profit or lower competition. Successful people have a ‘can-do’ attitude and don’t let obstacles come in the way.
Cash Flow Quadrant
Robert Kiyosaki’s cash flow quadrant, speaks about the different dynamics of income potential of the 4 types of people – Employees, Self-Employed, Businessmen and Investors. He explains the reasons why businessmen & investors have a far greater potential to get rich, and even have tax rules written in their favor.