Are you really running a business?

You may wonder why I asked the question? I was prompted as I have recently been reminded of a memorable definition of what a ‘business’ is, the one I refer to being:

A business is a commercial, profitable enterprise that works WITHOUT YOU”

Bradley J Sugars

Would your ‘business’ still work if you were not there?

The fairly simple and to the point definition prompts me to ask you, if you were to walk away from your business tomorrow to go on holiday or just take a break would there be anything for you to go back to? If the answer is “No”, then in reality you are not a business owner but are Self-Employed. I’m not saying that there is anything wrong with that, however, as a self-employed person if you don’t work it is very unlikely you’ll get any income.

What is the difference?

As a Self-Employed person you ‘own’ your job, you produce the product or service. Whereas a business owner ‘owns’ a system that employs people, technologies or both to create the products or service and generates income without them being there.

So here are some questions for you to ponder:
If you could walk away, safe in the knowledge that your business was working and producing an income for you, what would you do?

How could you possibly move away from being self-employed to being a business owner in the vein of the definition above?

What systems could you possibly put in place to support that?

What people or technology could you possibly employ to make this a reality?