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Do home based businesses in truth work or they are all scams? | Your
Why do most entrepreneurs fear delegation so much? Partly because their businesses are their babies and they think that only they know whats best for them. It feels awkward, even dangerous to leave their baby in the hands of strangers. All of those what-ifs pop into their brain and before theyve even thought the issue through, theyve ruled out delegation altogether. Part of it is also the mistaken belief that they need to work harder to succeed. They feel that the hours, effort, and anxiety they put into their business, the more they will get out of it.
Lets take a look at the first problem. Youre right to feel that your business is your baby. You brought it into being and you alone are responsible for it. To a certain degree, you do know what is best for your baby.
Ive been around long enough to know that owners often have difficulty separating the businesss concept from all of the little intricacies that go into the actual production.
We feel that we have to know every aspect of our business, inside and out, and that nobody else could ever understand it as well as we do. We feel that everything has to have our personal stamp of approval or the business will fail!
Thats completely backward!
This kind of ideas actually run a lot of small business owners out of business every year and they rarely understand what kills them!
In order to see why it happens lets go back a little bit and ask ourselves: what is a business? Is it an opportunity to provide your customers with fresh bread and cleaning services or an opportunity to make money for an entrepreneur?
Its the money! Its the profit that we want to receive from our business! Thats the main reason we quit our jobs and become entrepreneurs!
We need to consider in advance if the business is going to make money or are we just hoping that if we do what we do-whether cleaning floors, building houses, or baking bread-the money will flow in.
Ultimately, your task as an entrepreneur is to invest available recourses at a rate of return that exceeds your cost.
Sounds simple but its not really. Think you know what exactly it cost to make each individual widget or loaf of bread? Are you sure?
Everything costs money! Everything.
You know exactly where Im going with this! Thats right! Your own time!
Inability to put a price on their own time runs a lot of small business owners out of business! They think that if they do something themselves, they are getting it for free! This kind of entrepreneurs end up doing everything without any help hoping to cut costs and they dont realize that the problem would never happen if they budgeted for every component and every position in their business.
Havent you met business-owners who never has time available or money available because You know, we run our own business, things are tough?
Things are not supposed to be tough unless you make them this way!
The key is having an accurate budget. Allowing time and funding for an accountant? How about a cleaning service? Youve at least got a receptionist, right? How about a loading-unloading crew? What, you thought it wouldnt cost you anything if you did it yourself?
Everything has a price! That means your time too!
You started your business hoping to make an average income. Do you even know what that is? John Assaroff says it should be around high six- low seven- figures per yearon average $1,000,000.00 per year. That figures out to $420.00 per hour!
So, every time you do anything for your business other than making a decision, you should ask yourself: Can I buy it for less then $420.00 per hour? and if you can - you should!
Another problem is - what if you cant? Then you have to be honest with yourself - your business idea does not have enough upside to support itself and you should immediately abandon it! And by I mean IMMEDIATELY!
After all we start our own business to eliminate things that we dont like about being employed by somebody else: lack of financial freedom, lack of geographical freedom, lack of ability to spend time with our family, lack of ability to travel, lack of ability to contribute.
If we arent getting those things, why put up with the hassle?
Robert Kiyosaki explains the difference between a business and a job this way: if you can leave it for a year and find it still running and even grown when you come back - its a business, if it dies the next day you leave - its a job!
So when we are talking about home based business we should be open to the idea of delegating most of the activities to outsourcers: article and press-release writing and submission, link building, social media communications, message boards and forums postings, content development and distribution, etc.
Its not about loosing control, its about gaining control! You are the brain, you are the brand! Let somebody else execute your ideas! After all you want the benefits, not just a feeling of involvement! Keeping the big picture in mind is what it takes to build a large organization.
Do what you are the best at - business development and strategizing - and let somebody else handle all the technical details.
Back when I was flipping houses (buying cheap real estate and fixing it up while trying to sell it at a profit) I felt I had to do everything on my own. I just knew that if I trusted somebody else to do something it would get messed up and I would have to do twice as much work to fix it. I thought that nobody could hang drywall like I could, that nobody could install toilets the unique way I do it!
It took forever to finish a single house just for the buyers to come in and make rude comments about the choice of paint or carpet. They never saw how much effort I had really put into that property. It was just another three bedroom ranch in a field of three bedroom ranches to them!
And at some point I partnered up with a group of people who had been flipping houses for quite a while as well and, seeing how attached I get to the house we were renovating, they shared with me their approach: they would actually make an effort not to be at the property during the renovation process, they actually hired a project manager to supervise the process and to avoid the need for them to be at the property. They were subbing out everything, focusing only on acquisition and selling aspects of the business. This approach allowed them to avoid falling in love with each property and to become the biggest company on the market within literally a few months!
I have another great example for you.
Back home, in Russia, we have this belief that has been around for decades: you have to grow your own potatoes, because if you do it yourself - its free. Im not joking!
I remember how every year we all had to participate in this weird activity: no matter how wealthy you are, no matter who you are, everybody was getting really involved in planting and growing potatoes. We would plant it manually and harvest it in the fall by manually digging it out of the ground! It was a lot of work!
I never understood why my parents refused to buy potatoes in the market. They were cheap enough but every time I brought it up, they would say that by growing the potatoes ourselves, they were free.
I hadnt been to college yet, but I was already feeling that it wasnt the way to go, that this one-sided self-sufficiency was wrong, but I couldnt figure out why everybody was still doing it.
I remember eventually, when I was already in college, when the time came again to harvest potatoes, I said to my family: Hey, guys, I can handle it myself, you dont have to go with me. Im a strong guy and I will take care of it without your help! They said: Are you sure? It feels really weird, because for years its been an activity that the entire family must participate in! Everybody else does it this way! I said: No, you are fine. I got it!
There was a place in town where bums hung around a lot. I went there, paid a few of them a fare wage for a days work, and the potatoes were all out of the ground before dark.
I dont think I ever told my family what happened, because it would be almost a crime, what I did!
Plus, they were so proud of me!
And, eventually, in college, I learned that I was right, when I read in the book the words that I remember by heart: A world of individual self-sufficiency would be a world with extremely low living standards. Trade allows people to specialize in activities they can do well and to buy from others goods and services they can not easily produce. Specialization and trade go hand in hand because there is no motivation to achieve gains from specialization without being able to trade goods and services produced for goods and services desired. Thats why economists use the term gains from trade to embrace the results of both.
So I was right!
It sounds like poetry to me!
One more time: you dont have to do everything in your business and you dont have to be good at everything in your business!
As John Assaroff told me: Hire people who play at what you have to work.
The faster you learn how to delegate, the faster you will be able to develop your business to the point where you can finally move to Costa Rica, learn how to surf and get to spend day after day on the beach with your family relaxing and drinking those fruity drinks with little umbrellas!
You are a business owner! Thats what you do: you own your business!
Let somebody else handle the technical aspects and thats when you will experience the freedom you started your business for in the first place.
See more: >>> Read more...
Lets take a look at the first problem. Youre right to feel that your business is your baby. You brought it into being and you alone are responsible for it. To a certain degree, you do know what is best for your baby.
Ive been around long enough to know that owners often have difficulty separating the businesss concept from all of the little intricacies that go into the actual production.
We feel that we have to know every aspect of our business, inside and out, and that nobody else could ever understand it as well as we do. We feel that everything has to have our personal stamp of approval or the business will fail!
Thats completely backward!
This kind of ideas actually run a lot of small business owners out of business every year and they rarely understand what kills them!
In order to see why it happens lets go back a little bit and ask ourselves: what is a business? Is it an opportunity to provide your customers with fresh bread and cleaning services or an opportunity to make money for an entrepreneur?
Its the money! Its the profit that we want to receive from our business! Thats the main reason we quit our jobs and become entrepreneurs!
We need to consider in advance if the business is going to make money or are we just hoping that if we do what we do-whether cleaning floors, building houses, or baking bread-the money will flow in.
Ultimately, your task as an entrepreneur is to invest available recourses at a rate of return that exceeds your cost.
Sounds simple but its not really. Think you know what exactly it cost to make each individual widget or loaf of bread? Are you sure?
Everything costs money! Everything.
You know exactly where Im going with this! Thats right! Your own time!
Inability to put a price on their own time runs a lot of small business owners out of business! They think that if they do something themselves, they are getting it for free! This kind of entrepreneurs end up doing everything without any help hoping to cut costs and they dont realize that the problem would never happen if they budgeted for every component and every position in their business.
Havent you met business-owners who never has time available or money available because You know, we run our own business, things are tough?
Things are not supposed to be tough unless you make them this way!
The key is having an accurate budget. Allowing time and funding for an accountant? How about a cleaning service? Youve at least got a receptionist, right? How about a loading-unloading crew? What, you thought it wouldnt cost you anything if you did it yourself?
Everything has a price! That means your time too!
You started your business hoping to make an average income. Do you even know what that is? John Assaroff says it should be around high six- low seven- figures per yearon average $1,000,000.00 per year. That figures out to $420.00 per hour!
So, every time you do anything for your business other than making a decision, you should ask yourself: Can I buy it for less then $420.00 per hour? and if you can - you should!
Another problem is - what if you cant? Then you have to be honest with yourself - your business idea does not have enough upside to support itself and you should immediately abandon it! And by I mean IMMEDIATELY!
After all we start our own business to eliminate things that we dont like about being employed by somebody else: lack of financial freedom, lack of geographical freedom, lack of ability to spend time with our family, lack of ability to travel, lack of ability to contribute.
If we arent getting those things, why put up with the hassle?
Robert Kiyosaki explains the difference between a business and a job this way: if you can leave it for a year and find it still running and even grown when you come back - its a business, if it dies the next day you leave - its a job!
So when we are talking about home based business we should be open to the idea of delegating most of the activities to outsourcers: article and press-release writing and submission, link building, social media communications, message boards and forums postings, content development and distribution, etc.
Its not about loosing control, its about gaining control! You are the brain, you are the brand! Let somebody else execute your ideas! After all you want the benefits, not just a feeling of involvement! Keeping the big picture in mind is what it takes to build a large organization.
Do what you are the best at - business development and strategizing - and let somebody else handle all the technical details.
Back when I was flipping houses (buying cheap real estate and fixing it up while trying to sell it at a profit) I felt I had to do everything on my own. I just knew that if I trusted somebody else to do something it would get messed up and I would have to do twice as much work to fix it. I thought that nobody could hang drywall like I could, that nobody could install toilets the unique way I do it!
It took forever to finish a single house just for the buyers to come in and make rude comments about the choice of paint or carpet. They never saw how much effort I had really put into that property. It was just another three bedroom ranch in a field of three bedroom ranches to them!
And at some point I partnered up with a group of people who had been flipping houses for quite a while as well and, seeing how attached I get to the house we were renovating, they shared with me their approach: they would actually make an effort not to be at the property during the renovation process, they actually hired a project manager to supervise the process and to avoid the need for them to be at the property. They were subbing out everything, focusing only on acquisition and selling aspects of the business. This approach allowed them to avoid falling in love with each property and to become the biggest company on the market within literally a few months!
I have another great example for you.
Back home, in Russia, we have this belief that has been around for decades: you have to grow your own potatoes, because if you do it yourself - its free. Im not joking!
I remember how every year we all had to participate in this weird activity: no matter how wealthy you are, no matter who you are, everybody was getting really involved in planting and growing potatoes. We would plant it manually and harvest it in the fall by manually digging it out of the ground! It was a lot of work!
I never understood why my parents refused to buy potatoes in the market. They were cheap enough but every time I brought it up, they would say that by growing the potatoes ourselves, they were free.
I hadnt been to college yet, but I was already feeling that it wasnt the way to go, that this one-sided self-sufficiency was wrong, but I couldnt figure out why everybody was still doing it.
I remember eventually, when I was already in college, when the time came again to harvest potatoes, I said to my family: Hey, guys, I can handle it myself, you dont have to go with me. Im a strong guy and I will take care of it without your help! They said: Are you sure? It feels really weird, because for years its been an activity that the entire family must participate in! Everybody else does it this way! I said: No, you are fine. I got it!
There was a place in town where bums hung around a lot. I went there, paid a few of them a fare wage for a days work, and the potatoes were all out of the ground before dark.
I dont think I ever told my family what happened, because it would be almost a crime, what I did!
Plus, they were so proud of me!
And, eventually, in college, I learned that I was right, when I read in the book the words that I remember by heart: A world of individual self-sufficiency would be a world with extremely low living standards. Trade allows people to specialize in activities they can do well and to buy from others goods and services they can not easily produce. Specialization and trade go hand in hand because there is no motivation to achieve gains from specialization without being able to trade goods and services produced for goods and services desired. Thats why economists use the term gains from trade to embrace the results of both.
So I was right!
It sounds like poetry to me!
One more time: you dont have to do everything in your business and you dont have to be good at everything in your business!
As John Assaroff told me: Hire people who play at what you have to work.
The faster you learn how to delegate, the faster you will be able to develop your business to the point where you can finally move to Costa Rica, learn how to surf and get to spend day after day on the beach with your family relaxing and drinking those fruity drinks with little umbrellas!
You are a business owner! Thats what you do: you own your business!
Let somebody else handle the technical aspects and thats when you will experience the freedom you started your business for in the first place.
See more: >>> Read more...
