At COACH, we run Coaching programs for business owners, and this allows us to work alongside entrepreneurs, entrepreneurs, businessmen and women, excellent professionals, with really great products and services, odd human beings, but who are often compromised. and limited the growth capacity of the business, because they can exercise their function as owners of the company.
Many upcoming “self-employed” in their business. And they leave aside the clear purpose of business life, which determines that we only have a real business when it is a “commercial, profitable company that works without the presence of the owner.”
But Nobody Taught Us How To Be Successful Entrepreneurs, Right?
There are various courses, training, university careers, and post degrees, which spread knowledge related to business. And, of course, all knowledge is very welcome and necessary, but none of them teaches us in practice what it is like to be a successful entrepreneur, a true business owner.
What Is The True Role Of A Successful Entrepreneur?
According to the COACH concept, the long-term purpose of an entrepreneur “is to build a business that functions practically without their presence, that sustainably generates profits and provides them with a better quality of life”.
For this, the entrepreneur must exercise his role as a business owner, focusing on activities that cannot be delegated and can only be carried out by him, not spending 100% of his time and energy on operational activities.
Knowing how to hire, train and develop people is a fundamental point in this process so that the employer can delegate activities and thus gain strength for action, and expand their ability to generate results.
Establishing internal processes and controls is another important point, eliminating what we call “business chaos”. If this is the case, many things will happen in the company without the knowledge or control of the owner.
Build and give life to the company’s strategy, with special emphasis on vision and mission, these points -when properly defined and disseminated- set the tone for all the company’s actions and make people fall in love, and -yet- In many businesses, this great tool for leadership and team involvement is not used.
Speaking of strategy, the owner of the company is responsible for developing the strategic planning of the business and defining action plans and KPIs (key performance indicators).
The owner is also responsible for dictating the culture of the company, which is done in part through the daily living of corporate values. The value that must be fined and lived, is aligned with the missing vision.
The entrepreneur must accompany and establish commercial, billing, and profitability goals that are compatible with the future that he wishes to achieve.
What I’ve noticed, based on my experience, is that many entrepreneurs, when they don’t need as much time involved in running the business anymore, they don’t know what to do anymore.
The focus should be on “building a commercially profitable company that works without their constant presence”
The transition from “self-employed” to “entrepreneur” is not easy, it takes time, patience, learning, and accompaniment.
What Habits Does The Entrepreneur Of The 21st Century Live On A Day-To-Day Basis?
Modesty. They say it’s wise to admit your mistakes. Thousands of business owners make the mistake of getting confused when things are apparently going well in the company or when things are going wrong. Great entrepreneurs receive feedback from experts and let themselves be guided by learning to take advantage of growth opportunities to generate wealth in a faster time.
Discipline. Million-dollar entrepreneurs execute business practices focused on three main drivers: frequency, sequence, and consistency. The success of business growth depends 80% on the necessary discipline in the key activities of the business: marketing, sales, customer service, operations control, growth strategy, and finance.
Approach. They only have one thing in mind: GROW. For this reason, millionaire entrepreneurs know their priorities and where to influence them to multiply results, they know what the numbers of their business are and they learn to make decisions based on their analysis. They keep their perspective on consistently growing their profits and cash flow.
Vision. To achieve a goal, you must first define it. The vision is the driver of business growth, it generates and harnesses the energy of the business owner. It allows you to take controlled risks and encourages the establishment of clear purposes and goals in the short, medium, and long term. Entrepreneurs of the million know where they are going and combine their passion, and physical and mental effort to achieve their dreams.
Equipment. Great entrepreneurs build talent. Hiring the ideal staff represents 60% of the success of business operations, the other 40% is found in the induction, training, and development that entrepreneurs provide to their team. Above all, they try to transmit commitment to grow.
Strategy. Successful entrepreneurs have a formula to grow and strategies to achieve predictable results that give them certainty in the development of their business and happiness in meeting goals.
Decisions. They train themselves to make decisions. They are not empirical or emotional. They know that if they want to have more results, they will have to undergo internal changes in their way of thinking and their way of growing a company. They fully understand that these changes cannot be reversed and decide to take risks every day. Because they know that this is the game of profitable business, for which they prepare and learn.
What Is The Vision Of Your Company
The vision indicates the course, the direction that an organization must follow supported by a set of ideas that constitute the reference framework of what a company IS and wants to BE in the future. It is a link that unites the present with the future in a company.
Do You Have Defined The Mission
The mission of a company answers and is framed by the following questions: What is the organization for? What is its business? What are its objectives? Who are its customers? What are its priorities? What is your responsibility and rights towards your collaborators? And what is your social responsibility?
What Kind Of Values Do You Want Your Company To Promote
They are the guidelines to follow in your organization, it is the way of behaving of all the members of the team. To establish them, you can analyze what are the vital values for you as the owner and leader of the company.
Do You Have Defined Goals (SMART) For Your Business
The goals must coincide with the objectives of the company. They must be SMART, this means they must be: Specific, Measurable, Accessible/Achievable, Result in Oriented/Inspiring, and within a quantifiable time frame.
Is The Commercial Strategy For Your Company Clearly Outlined
For commercial management to be effective, you have to generate certain essential definitions: What is my target market or markets? What are the Competitive Advantages that I have and can I create to make myself known and reach the “top of mind” of those segments? What concrete and measurable actions will be carried out for “hunting” (attaining new clients)? How should I set up and track my lead funnel? What strategies will I use to “farm” (cultivate and expand my business relationship with current customers?
What Are Your Strategies, Tactics, And Activities To Achieve Your Goals
When scheduling a complex task, the first step is to break it down into discrete actions and break the task down into all the phases that need to happen to reach the endpoint.
The first thing is to create a list of Strategies with their general steps, dates, and figures for each action, then it should be broken down into tactics (individual tasks) and into smaller steps that we call activities, to make them more manageable and thus estimate the time of each activity and make a coherent program.
Unless the business owner does something different, his future will be the same as his present and his past.
In many cases, a Business Coach, with their outside perspective, knowledge, and dedication to your success, is the solution to help you make the changes necessary to grow your business.
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