What do you do as an entrepreneur? Now, before you answer, consider this: how you answer will determine how much revenue your business makes.
So what exactly do you do as an entrepreneur?
If you say something like, “I own a plumbing business. I own a restaurant. I own a flower shop. I own a landscaping business,” then you’re a business owner. What you do is narrowly specific, very focused. In comparison, an entrepreneur makes money by execution and innovative ideas.
Successful entrepreneurs do many things to generate money and revenue. They start companies, grow companies, and sell companies. Someone like Richard Branson with the Virgin brand is in so many verticals: an airline, mobile phone, music, health, aerospace, etc. This is the strategy to getting rich.
The Strategy To Getting Rich
An entrepreneur will say, “I am working on this.” And six months later, their project will have evolved into something else, and two years later, they’re working on something else again. But they don’t have shiny object syndrome. They aren’t jumping from one thing to something entirely different.
They are working on many things within the same business. Here’s a perfect example.
Apple started off as a computer business. Then later on, it evolved into other types of businesses. Now they’re in music, mobile phones and apps. It’s an ecosystem! What business exactly is Apple in now?
You could say they have a business within a business. You might say they have multiple streams of income within a business, or you might say they have this vertical integration because they own different things.
The Difference Between Small And Large BusinessesHere’s a stunning fact: More than 90% of small businesses never pass the $1 million revenue mark. Click To Tweet
That’s the difference between most small businesses and larger companies like Apple and Virgin. It’s how entrepreneurs really get rich. It is through innovative ideas, making things better and adding value.
Disney is another example. What business is Disney in? You can say it’s a theme park. But what about the Disney channel? You could also say Disney is in the licensing business and merchandising business. They’re not narrowly focused.
That’s how entrepreneurs really get rich. Now, what about your business? On a small scale, ask yourself how you can develop multiple streams of income within one business.
Then on a bigger scale, ask yourself how you can build a business within a business. How you can add two or three pillars within what you do to diversify within the business and innovate. That’s what makes you an entrepreneur.