Owning a Job
If you have ever read Rich Dad Poor Dad by Robert Kiyosaki you learned about the 4 quadrants of income. One of the quadrants was labeled “S” for sole proprietor. Some of the business owners that fall into this category are like Doctors. Essentially it means that if you do not work then you do not make money. Another quadrant is “B” for business owner. These are people that do not have to be at their job day in and day out to make money. They have built systems in their business that allows them to focus on the areas where they are skilled. When you are thinking of starting a business you need to be sure that you are not going to be in the “S” quadrant (this is called owning a job), at least for long. You need to create systems so that the business can run on auto pilot. This will not happen overnight though. In the beginning you will be working a lot of hours to get it going but be sure you are spending time on the business not just in the business. The goal I have in my business is in reference to the definition of wealth: It is when your money makes more money than you do. This is not relating to having only a pile of cash but assets and/or systems that allow you to make money so you can focus your talents where you are skilled.