Here’s the old “one-size-fits-all” approach to business:
1. Come up with a concept
2. Research the snot out of it
3. Write a ridiculously gigantic business plan
4. Forget about friends, family – business is your life now.
5. Hire heaps of people
6. Make lots of money
7. Sell your business
8. Retire on a beach when you’re old or go back to step 1, play again.
It’s not that this approach is “wrong” – hey it’s been proven to work for a lot of people. It’s just that it limits your options so much.
There are heaps of different types of ways to approach business.
- You can focus on passive income so you can travel
- You can build a company just to sell it for as much as possible.
- You can build a business to franchise it
- You can build brick & mortar business for the lifestyle of having a boutique or café
- You can build a business based on something you’re totally passionate about
- You can change an industry that has been stuck forever in a holding pattern
I’m not at all saying it’s bad to sell your company or hiring people – I think both are great options actually. But the great thing about doing what you want to do is doing what you want to do.
(I submitted this article to an application which "spun" it - check out the result here)