From Solo to Growth Business Owner
There is a distinction between a person who creates a solo business, a business for themselves and a business owner who creates a separate entity, a business that they could walk away from, it would exit without them because it employees resources that the owner manages. I have done both types of business and they have different characteristics and require a different mindset or perspective.
The mindset of a solo business
· I create work for myself (self-employed)
· I pay my bills
· I manage myself
· My money pays me
· It is down to me (I trust myself)
· I am passionate about what I do
· I just do it and get paid
· I get paid for my time
· I am resource limited and have an operational approach to my business.
The mindset of a business with an owner
· I create work for the business (employer)
· I pay the liabilities of the business
· I manage the resources of the business
· The business pays others and then me
· It is down to others (I trust others)
· I am passionate about sharing my vision
· I track the results of what I invest in
· I create passive income opportunities
· I allocate resource to take advantage of and to create opportunities because I have a strategic approach.
The problem is when a solo business wants to grow their business using the mindset or perspective of a solo business. Every growth stage of a business requires a change of position on behalf of the owner, rather like growing pains, it requires a mindset shift and often a change of habits, behaviours and perspective.
Micro businesses account for 95% of businesses in the UK, that is, micro businesses employ less than ten employees and the majority are solo businesses; so I am talking about a problem which affects the majority of business owners. It is crucial to be aware that there is a stark difference in mindset between a solo business and a growth business with an owner.
Depending on the Business Owner, Some of the Changes Strategies will be:
· Getting over fear, procrastination, and perfectionism.
· Creating a vision, strategy and plan that are unique to your path and personality.
· Overwhelming belief in your vision and the why, which overcomes your confidence issue.
· What management skills do I need to work develop?
· Failure is feedback, monitor and measure for success.
· What is success and what do you do with success?
I have never known a solo business to make the mindset shift successfully without the help of others, working with a business consultant or mentor can save you time, costly mistakes and even your business. Start-ups have a 1 in 4 better chance of surviving and thriving over three and 87% of people said that they were more likely to continue to thrive in business over the longer term years having worked with a mentor. (Source: BVM report) You would not imagine an employee moving from supervisor to CEO without the guidance of someone who had the training and experience?
You may be comfortable in your solo business or you may be a growing business that has hit a plateau; well I have to tell you if you are comfortable you are not growing and until you get uncomfortable and shift your mindset, you will not grow further. So where do you want to be?
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Janice B Gordon: The Problem Solver Business Growth Consultant, Mentor, Speaker and Author. Business Evolution – Creating Growth in a Rapidly Changing World will give you the guidance you need to evolve you and your business and exceed your customers wants and needs.