IT IS NOT IMPORTANT TO BE SUCCESSFUL BUT TO STAY SUCCESSFUL
The MFD runs his Business as a Practice like an Individual doctor
We operate from the belief that we need to be the Best
And we can spend a lifetime desiring this but we will never become the best
This is just pipe dream because no one has ever been the best
God has created us to be good human beings
Hence our prosperity is a function of what we can give
We can give service which we do to our Clients
We can also give employment for people
Employment is leverage investment
It produces super natural returns because of compounding effect as well as massive margins
However, what we think as hiring is not the complete picture
A Practicing doctor always has a receptionist, helper and sometimes a compounder if he makes his own medicine
These employees are like the Operations staff that we all hire
The problem is we often stop at that
There are three other levels of Employees that we must consider
1) Relationship Managers with complimentary skills of youthful energy, knowledge and communication skills
2) Leaders who know stuff better than us. Who act as our advisors in their area such as Technology, Sales, Marketing etc. They are like department heads in an organisation
3) CEO – This the stage at which you can really call yourself as an Entrepreneur or a Businessman
Entrepreneurs are not the best sales people or the best product people or the best human resources people
But they have a good understanding of who to hire for which job
It is like a car enthusiast know which vehicle to buy for which purpose
The Role of an Entrepreneur is to work ON the Business and not IN the Business
He needs to look at the Business as a System
1) The Corporate Structure – Shareholders and ESOP Structure
2) The Funding Structure – How to raise money if needed
3) The Brand Structure – How to build a Brand to ensure that the Business runs on its own legs without his presence
When he becomes invisible and the business becomes more visible then we can say he has built a Self-Sustaining Enterprise that can live on and on with or without the Business Owner
Because by them the Business will have several owners and a Professional Management Team
Owners are not born with the skills of Management
They may accidentally have some qualities
What Business Owners need to have is a Vision
If we as Practitioners do not have a larger Vision then sooner rather than later we will be devoured by another Business System with a larger Vision
This is the way future business will evolve. In fact this future is already there now
Unless we can think of our Business from the Sustainability lens we are not really creating Serious Wealth for us and our Family
Our Business should be such that our next generation should want to build it further
Are you designing your business in this manner?
That is the million dollar question to answer?
I rest my case
