Love him or hate him, Robert Kyosaki’s cash flow quadrant is nothing short of a stroke of pure genius when describing the difference between the self-employed and the business owner. However, I still see it all the time, example upon pointed example of the self-employed confusing themselves with business owners. They aren’t. At least, not yet. However, if these up and coming professionals would practice the law of leverage, they could make the transition from self-employed to business owner much faster; but only if they subscribe to the five business commandments that every business owner should live by.
1. Know Thy Competition
I hear the people I train gripe consistently about having to learn (or keep up with) the latest technology, trend or software. I also watch, woefully shaking my head, as they continue to lose opportunities and business because they refuse to conform with today’s digital age.
Fact: Businesses producing (and marketing) quality content using the latest trends, tools and technology are leaving the business owners (and self-employed) in the dust.
2. Know Thy Customer
In today’s market, Gen Y (the millenials) are leading the charge. And they (my generation) communicates a little differently than generations before us. Here again, business owners and self-employed pros who refuse to conform to social media are falling behind. They don’t know their customer, and they refuse to admit that email is no longer the way to stay top of mind. Effective marketing isn’t based on what you are comfortable with, it’s based on what your customer wants.
3. Check Thy Attitude
One thing that (in management) I coach around is being responsible for the energy you bring. In leadership, this could not be more accurate. Your staff, your people, your business operates based on your level of enthusiasm, expertise and confidence.
4. Know Thy Limits
All too often, people traipse around on eggshells, terrified that they will offend another professional. There are time to challenge thinking, however. Many times, challenging the way an individual thinks, is the only way to show them that you care – forcing them outside of their comfort zones, and empowering them to escalate themselves in their career or in life. In other words, pick your battles, and be realistic enough to know when it’s time to listen, and when it’s time to put up a bit of a fight.
5. Hold Thyself Accountable
The most successful people in the world have a coach, or someone in their lives to hold them accountable. The right accountability program revitalizes the business (or person), by pushing them to achieve and strive for results, as opposed to just “do the job”. Think of it like having a work out buddy. You are far more likely to go to the gym when you know someone is waiting for you than you are to make an excuse. The same principle applies in business – whether you are in business for yourself, or by yourself.
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Real Estate Agents: Getting Rich in a Talent Poor Industry
A Real Estate Survival Guide to Working With Fledgling Investors
Why I Stopped Stepping Over Dollars to Pick Up Dimes