Are You a Business Owner or Employee?

I met with a close friend and colleague last week for dinner, and we spent some time discussing the benefits of being an entrepreneur. Unfortunately however my friend has fallen (as so many do) into what I call a success trap.

What is a success trap? It’s the point at which a business owner should be able to step away from the business to focus on more strategic issues, however they find themselves stuck in managing the day to day operations, unable to step away for fear of loss of control of the business (and revenue).

As I work with dozens of entrepreneurs, I wanted to share some ideas on how to move the business to a more strategic level, providing more free time for the owner to pursue his or her passions.

1. Move your business strategy from your head to paper. Share it with everyone in your company.

2. Be unwavering in your pursuit for great people. Once you find them, treat them well.

3. If you are unsuccessful in item #2 above, then take action. You are not here to provide income for those who don’t align with or support your business strategy.

4. Stop thinking you need to work 80 hour weeks to demonstrate to employees the type of work ethic you desire from them. They just think your crazy. If you are acting on the top 3 items above, you will have more time to step away from the business.

5. Treat yourself well. Take an afternoon off; take your spouse for dinner; take up a sport or hobby. As an entrepreneur you live a unique life. Make sure you treat yourself for all your hard work.

Lastly, if you have difficulty with any of the above, get a trusted advisor. Outside perspective can make provide you with a gauge relative to how you are progressing relative to your goals. I have a business mentor and trusted advisor, do you?

The success trap is easy to fall into, but if you focus on the five items above you can transition from business employee to business owner. Trust me, the later is much more enjoyable.

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