11 Jan How Micro Entrepreneurs make Mega Protits
If you’re reading this blog, most likely you’re self-employed. Perhaps you left the corporate world to open your own business. If so, you’re part of the amazing group of talented and courageous people I work with each day. Do you believe your business can be the tool that gives you the lifestyle you dream about?
The problem I see over and over is that most small business owners don’t acknowledge their greatness or their potential to create what they want. It’s downright frustrating to see so much talent overshadowed by the endless day-to-day operational grind or by fear. These competent people don’t go for the dream because they might not reach it. One of the reasons so many businesses fail is that the owner never makes the transition from self-employed to Entrepreneur.
The word entrepreneur is bandied about freely these days, but it takes a certain mind set to truly become one. While the self employed are very good at what they do, they often find one or two ways to keep the client pipeline circulating and once they’re comfortably profitable they settle into a groove and tend to stay there. That’s fine if you’re looking for a glorified job, not if you’re building something to last and provide you with the lifestyle you want. The self-employed individual often wakes up one day to find that the business world, which changes with lightening speed, has left her behind.
On the other hand, the entrepreneur is a highly creative person with an understanding of the importance of creating multiple profit centers in her business. Notice that I said profit, not revenue. An entrepreneur thinks profit. Unlike the self employed, who build their business on a “vertical” model-several key products or services marketed in the same ways–the entrepreneur builds a business on a “horizontal’ model.
The horizontal model reaches beyond the horizon to see all the possible profit centers and streams of income that could be developed around the key business niche. This includes looking at areas such as: