Quote:
Originally Posted by cpg35223
I partially agree. But I disagree with more.
In truth, the better you get at running a business, the more money you make for every hour you work. And the fewer hours you need to work to make the money you need.
What's more, long-term, working for yourself is the most stable path. I realize that may sound counterintuitive, but it's really the case. For by the time you hit fifty, you've got a target on your back if you work for a company. If you work for yourself, the only person who can fire you is you.
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Good points. As I mentioned in the post I just made, the important thing is to work ON the business rather than IN it.
If you are working as the cashier in your business for example, then you don't have the time to do marketing and to grow the business,etc.
It's almost like creating a job for yourself, a job with more headaches and responsibility and risk versus having a job.
If a business grows big enough then managers can be hired to run it.
If you look at Warren Buffett for example, his Berkshire Hathaway owns many companies outright..not just stocks in companies. In those companies like Geico and See's candies (just two of the hundreds of companies Berkshire owns). Of course this is on a big scale..but there are owners of smaller businesses that do a similar thing. I'm using Buffett as an example because everyone knows him.
This is a really interesting article about Buffett's 'management style'
http://www.nytimes.com/2011/04/24/we...fett.html?_r=0
"Mr. Buffett may be considered one of the world’s best managers, but he
doesn’t actively manage the hundreds of businesses that Berkshire owns."
"Unlike Jeffrey R. Immelt, the chief executive of General Electric, who spends much of his time on airplanes traveling the world to visit the company’s 287,000 employees and oversees a giant campus and management team in Fairfield, Conn., Mr. Buffett “manages” Berkshire’s 257,000 employees with just 21 people at his headquarters in a small office in Omaha.
Mr. Buffett’s business partner, Charles Munger, once described Mr. Buffett’s day. He spends half of his time just sitting around and reading, Mr. Munger said. “And a big chunk of the rest of the time is spent talking one on one, either on the telephone or personally, with highly gifted people whom he trusts and who trust him.”
In other words..he's not rushing over to See's candy to ring up those boxes of chocolate.
I think this should be the goal/mentality of any business owner. You hear about people that own several hundred locations. How many more hours are they working? There are only so many hours one can work.
Of course hardly anyone will get to Buffett's level of success, but I think there is really an important lesson to learn about the benefits and necessity of delegation to get a business to that next level.
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