There is one skill set that separates the established business owner that generates income from his or her business from the self-employed independent contractor who only makes money off his own pen.
The established business owner and the self-employed independent contractor are both entrepreneurs. Why then does one do so much better than the other? Why does the revenue of the established business owner get bigger and bigger and bigger? Why does it keep compounding, when the revenue of the self-employed independent contractor stays about the same?
The self-employed independent contractor may be very hard working, good in sales, and even know the products better than the established business owner. But there is one skill set that the established business owner has the the self-employed independent contractor lacks. It’s very simple.
Here’s what it is.
A lot of times a self-employed independent contractor makes a list of what he or she is good at. They may also be driven by control. They don’t believe that anyone can do things better than them. And normally they’re right. But unfortunately, this is what also keeps them from getting to the next level of income.
In contrast, the established entrepreneur thinks more like a CEO. They already know what they’re good at. They don’t spend a lot of time thinking about what they’re good at. They’re comfortable with that. But they make a list of what they’re not good at. And you know what they do after they make a list of what they’re not good at? They go recruit people who are good in those areas. And eventually those weaknesses, those holes that they have in their business are plugged. Because of this the business grows and grows and grows.
On one side, the self-employed independent contractor builds a linear income, and a business that is worth nothing without them. That’s not a valuable business. On the other side, the established CEO builds a passive income, a business that has value with or without him.
So my challenge to all startup entrepreneurs is to make a list of what you’re good at, but then put that list aside. Then make a list of what you’re not good at, and figure out who you can recruit to make that strength come out. Recruit someone that can do the job well and take your business to the next level. If you do that, in many cases you’ll be surprised by how fast your business starts growing, because the weaknesses are being covered up by the people you recruit.