Entrepreneur or business owner, which are you?
Championing Small Business and Medium-Sized Businesses.
Brian helps us answer this question:- “Entrepreneur or business owner which are you?”
Brian Moran is the CEO of Brian Moran and associates and Small Business Edge, Ex Wall Street Journal and Inc. Magazine. Brian has stepped into the world of business and entrepreneurship and this interview helps you to learn to make a distinction between becoming an entrepreneur or a business owner.
Nathaniel Schooler and Brian Moran discuss the importance of knowing if you are an entrepreneur, small business owner or a passionate business owner. In addition, we share lots of interesting insights and tips for small businesses, including understanding the pain points people are facing. Brian runs many different workshops and has been a consultant for 27 years; he has worked at the Wall Street Journal and Inc Magazine.
Do you see yourself as an entrepreneur? Or a business owner? The terms are often used interchangeably, but there is a big difference. And it’s important to understand which one you are because the two come with very different expectations and realities.
In this interview and post, we’ll explore the key distinctions between successful entrepreneurs and business owners, and explain why it’s important to know which one you are. We’ll also look at some of the challenges and rewards associated with each role. By the end of this post, you’ll have a better understanding of which path is right for you. Thanks for reading!
One of the biggest issues is that business owners don’t know they are business owners. This is super important when you hit a fork in the road.
For example, any key opportunities to grow your business, like hiring employees, buying new machinery etc.
Brian asks some great questions in his workshops; interestingly 5% of all business owners are true entrepreneurs.
This keeps business owners up at night because you see a fork in the road as a different investment VS a small business owner, and you may look at these things as expenses.
But the mindset and lifestyle type of business is a very different mindset to an entrepreneur or a passionate business owner.
Brian worries about the passionate business owner; they open a venture. They then are persuaded to open another restaurant, for example, and they don’t look at the long term implications of making these bold moves. Still, instead, they should have stayed small and continued with their lifestyle business.
Making sure planning is done in the short term is crucial before making these bold moves.
Brian and I, as consultants look inside the business for business owners. Business owners can get stuck in the weeds of the business, putting out fires, processes, or employees can cause these problems and business owners cannot see these problems without being up there in the clouds looking down on the business from the outside.
Taking the time to look down upon your business and planning effectively is key to ensuring we get to where we are going, looking at the problems that may come up, the market, competition and potential partnership opportunities and where the business is going.
Checking the GPS is how Brian looks at it!
Taking this “Eagle Eye” view over the business is certainly the key to making it more successful. Getting under the bonnet of the business is crucial and thinking of the potential problems that can occur.
So revisiting the lifestyle business idea is crucial. Do we want to buy a lifestyle business, or do we want to own a business?
The podcast goes through these thought processes and some of the main problems business owners face.
Thanks, Brian for sharing your time with me and so many amazing tips for targeting entrepreneurs and small business owners.
Visit Brian Moran’s Small Business Edge
You can check out how to become an entrepreneur here
Also, visit https://natschooler.com/