It is exciting to be a successful entrepreneur. Regardless the price, entrepreneurs enjoy huge freedoms that drive their behaviour for what they do, and results they achieve. Nevertheless, the primary motive for entrepreneurship is not money. The purpose is freedom; freedom to create the highest value in the marketplace that meets people’s needs and resolves their pains and fears.
Sadly, despite the proliferation of various business coaching and executive leadership development tools in the marketplace, many entrepreneurs have failed to reach the goals that initially brought them to entrepreneurship. While many get buried in day-to-day office administration, great majority of others are stuck in different complex ceilings of limitation that constantly sabotages their progress no matter how hard they try.
The reason is obvious; we’ve experienced increasing trend in innovation and creativity especially in the areas of technology, business strategy, and marketing; not to mention various complex leadership development concepts that negatively impact execution, accountability, and productivity.
I’d like to explain these in more detail and highlight few things you can do to double your productivity and revenue consistently; but first, let us consider the various types of entrepreneurs and identify which type you are.
There are three basic types of entrepreneurs: the survival entrepreneur, lifestyle entrepreneur, and Accelerator. Each type plays a unique role in creating the outcomes they achieve and the freedoms they enjoy.
1. The survival entrepreneur is the individual that quits his/her job of working for someone else and starts working for himself. In reality, this person hasn’t created a business yet, but only replaced his former job with one he created that gives him privilege of being “the boss” even though he or she works extreme long hours.
2. Lifestyle entrepreneurs are individuals, who have clear expectations of how much value they want to bring to the marketplace. They also have expectation to enjoy some levels of freedoms, which to them includes exotic cars, posh homes in choice areas, elite club membership, or best schools for their children. The challenge with Lifestyle Entrepreneurs is; unless their goals and accomplishments constantly exceed their expectation from the marketplace, they would struggle.
3. Accelerator is the entrepreneur whose primary objective is to continually deliver great value in the marketplace, which in turn creates multiple opportunities that not only grow his or her business, also the level of freedoms they enjoy. An Accelerator never stops at any given achievement. As he or she reaches one set of goals, they accelerate to another higher one. By building on past experiences and leveraging teamwork support from employees and powerful network of quantum relationships, they make the game of entrepreneurship fun and interesting.
The biggest challenge Accelerators face is how to manage the increasing complexities that grow along with their business growth. Nevertheless, by focusing on building a Self-Sustaining Enterprise, a business that grows without owners involvement in its day-to-day operation, they are able to overcome their complexities and create 10x possibilities consistently.
In my experience as creator of The EntreCoach™ Program – a comprehensive support system that offers exclusive business coaching, leadership development, and teamwork tools for ambitious entrepreneurs to create unimaginable results and accelerate growth; the simple best way I have found for running highly successful entrepreneurship that delivers such great rewards and freedom is by building a self-sustaining enterprise.
Regardless the type of entrepreneur you are presently, you can decide now to lay the foundation that could transform your business to create extraordinary results. It begins with making your vision 10x bigger, clearer and compelling. It also means focusing only on the aspect of your business that you love doing, that produces the highest satisfaction and reward, both for you and the business.
Learning about how to build a self-sustaining enterprise begins with a Free Business Strategy Workshop at Cognition Global Concepts, for ambitious entrepreneurs to experience the exclusive business coaching and leadership development tools and concepts they can use to make 10x possibilities a reality.
Nkem Paul is executive business coach that helps entrepreneurs and business organisations double productivity and revenue, and build Self-Sustaining Enterprises. He’s founder and CEO of Cognition Global Concepts and Creator of The EntreCoach™ Program. For more details, attend The EntreCoach Free Business Strategy Workshops.