advertisement
Enterprise

Steps to take as you transit into club of business owners

Aspire to own a business that can exist
Aspire to own a business that can exist independently and can outlive you. FILE PHOTO | NMG 

Last week in this column, we saw that self-employment is the worst type of employment and the distinction between owning a business and being self-employed.

Most people start the entrepreneurial journey by first getting into self-employment then transiting into business ownership. Others remain in self-employment and when they are no long able to work the business ceases.

The single greatest benefit of owning a business is that you can have free time and a steady source of income if the business is doing well even if you are not physically working in it.

As a self-employed person you need to take certain steps to ensure you smoothly transit into business ownership club.

The first step is to build a strong foundation by defining who you are and what you stand for in the eyes of your customers. Establish a system that defines your business so that you are not just a general merchant looking for money wherever it can be found.

advertisement

You must have a blueprint that others can follow with little room for deviations when temptations come.

The second step is to find the right people and train them. Your success will depend largely on the quality of people you hire more than anything else. You need to hire people who are better than you and who are passionate to learn and excel. This may come at a cost but nothing good comes free.

Thirdly, develop a clear operations manual that details your values, procedures and processes. This is the first step in building systems that will guide your current and future employees. It is very easy for average employees to work well in an environment that has systems and a solid culture.

Setting systems and institutional culture is perhaps one of the hardest things and the single greatest determiner of success in absence of the founder. Take most of your time building systems and ensuring they are followed until they become a culture.

The fourth stem is to automate the systems. The world is riding on the wings of technology. Any company that is not leveraging on technology to reach and interact with their customers risk going the dinosaur way sooner rather than later.

Technology has disrupted the conventional way of doing things. It has brought the cost of doing business down and opens markets far and wide. It gives one a platform to compete for attention with giants globally.

To enjoy the benefits of entrepreneurship you must own a business that can exist independently and can outlive you. If you cannot stay away from your business for three or more months without affecting its core operations, you need to reexamine your systems.

A good business owner manager should empower people who can represent or stand in for them in different areas of operation. This is the only way you can have the pleasure of working without pressure and enjoy the fruits of your hard work.

advertisement