en·tre·pre·neur, n. – one who creates or organizes one or multiple businesses, typically taking markedly more risk
But what about making money?
Yeah, just because you’re an entrepreneur doesn’t mean you can actually turn a profit.
In fact, back in 1755, the word entrepreneur was used as it:
applied to anyone who buys or makes a product at a certain cost to sell at an uncertain price.Richard Cantillon – “Essay on the Nature of Trade in General”
Ah, yes, because we all love to put our livelihoods on uncertainty. What a foundation.
Haven’t we all become entrepreneurs to “follow our passion” and “take risk” and “not worry about making any money” this go-around?
Wait, what’s that last one?
I don’t know about you, but I started my first business because I imagined a world where:
- I was the boss
- I controlled my time
- I controlled my pay
It was about what I did and didn’t have to do, about how I spent my time, but ultimately about providing a living.
See, a job earns money, but you can’t control your time. You do what the boss says.
You can even be a boss at a company you don’t own, make even more money, but you still have a boss.
The real deal is owning the business, running the business, and creating a nice, big bottom line, called net profit.
But even I imagined it all backwards, in the beginning.
Putting the profit where it belongs.
I should I have done it this way…
- Control my pay
- Control my time
- Be the boss
It’s a simple switch, but it can make all the difference.
Think about it…
Without making money, what is a business?
But, once it’s making money, you can do what?
Now you’re able to scale up the business and start spending your time where it’s most warranted, where’s it’s most profitable.
And once you’ve exhausted your effective hours, what’s next?
My favorite word: scale.
It’s time to buy your time back by hiring someone who can be just as effective at running your systems as you are.
Did catch that?
someone who can be just as effective at running your systems as you are.
The “boss” can only effectively manage people who can learn to manage themselves, founded upon the systems and process you’ve put into place.
In other words, you’ve got to build the business:
- For profit
- For efficiency
- For scale
Then, and only then, are you allowed to be the boss.
And being the boss starts with profit.
Welcome to Profeneur.
“Following your passion” or “starting a business” is all about money, as much as the media says it isn’t, or shouldn’t be.
It 100% is.
It can be about lifestyle.
It can be about passion.
But it has to be about making a profit.