Owning vs Running a Business

Passive Income - Owning vs running a business

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

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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.

Rich - Money Mindset

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.

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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.