What is true business? A shocking 90% or more of the world population do not know what real business is. At that high of a percentage, you’re probably one of them.
I’ve outlined a few things for you to check below to help you answer the question of whether you have a true business. This of course is assuming that you believe that you own a business.
1. Are you required to work 8 to 9 hours everyday to in order for you to run your business?
If you have to work 8 to 9 hours everyday to run your business then there’s something wrong. You have to own your business and not the other way around.
2. Will your business run even if you’re out on an extended “quality time” vacation with your family?
If you can’t spend quality time with your family (cellphones and laptops off) for at least two weeks on vacation then your business is so dependent on your particular skill set. A true business should be able to run even if you’re out in the beach for and extended period of time.
3. Do you have employees working for you?
If you’re the only one in your “business” then many will argue (myself included) that you don’t have a real business. The main reason being employees are essentially extensions of yourself and basically pay them to run your business for you.
Fact is, you can’t do everything on your own because you won’t be able to scale up and your business will suffer.
4. Do you have duplicable system that allows others to run your business for you?
A business have many moving parts, even a small one. If you don’t have a duplicable system to run your business then you’re in big trouble. If for some reason one of your employees resign, not having a duplicable system means that the new guy has to start from scratch.
A duplicable system is like a factory, no matter who’s working on what section of the factory, the factory still keeps on running.
5. If you die, will your business live on?
If you die and your business dies with you then you don’t have a business. A business should be a separate entity on its own. Whether you started the business or someone handed it over to you, it should be able to live and die on its own time.
Scoring: You get 20% each time you answer YES to each of the questions above.
So what’s your score? Do you have a true business?