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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Business Consultant | This Is a Great Work Week

The four hour workweek versus 80 hour workweek conversation is very useful for all small, medium, and large business owners in that it may teach them what they are potentially up against when they own a business, says Edmonton business consultant.

There are some amazing principles in the book the one thing by Gary Keller, one of which is “time on a task, over time, eventually beats talent every time.” Mr. Keller also teaches us about MVP or minimal viable product. The concept of batching tasks is also touched on as it is quicker and easier to do large amount of work.

The reason why the average business owner needs more time than Mr. Ferris is the fact that people are born perfect. It takes a lot of work to hone skills and grow something from the ground up. People aren’t normally 1% of the 1% of supertalented people, and Edmonton business consultant is more concerned with helping 80% of the businesses that are struggling. There are, in fact, many examples of successful entrepreneurs that work a lot of hours. They don’t hit it out of the park on the first try or in the first month.

Nobody should ever quit their regular jobs to start businesses as a means to improve their work life balance. Edmonton business consultant warrants that that can be a big mistake. Do not make the mistake that if you are working 50 hours at your regular job, that by opening your own business you will be working less. You will be leaving your job under false pretenses.

Decreasing your hours worked should absolutely be at the back of your mind and a goal for the future. It should also be one of the reasons why you start the business in the first place. Time freedom should ideally be a goal, but a long-term goal you need to expect when starting a business that you will be working more hours for the first few years until you are successful, instead of less.

It is far easier to build your own business around a passion, or hobby that you love because it just won’t feel like work. The tasks will be a lot easier to work on and complete. Don’t everything to start a business just to make a buck. Most people don’t have the discipline to concentrate on what they don’t enjoy for extended periods of time. However, you may become more disciplined if you revolve your business around your passion.

You can correlate happiness to progress. Therefore, Edmonton business consultant suggests instead of worrying about what you want, focus on jobs that you need to get done in order to excel at small accomplishments.

It may be easier than you think to plan around a rigid work schedule if you can schedule things around work schedule that is rigid and long, your day may in fact be long however it will be the same hours worked, at the same times.

People truly don’t understand when they feel as though opening their own business will free them from the grind of the 40 hour work week, warns Edmonton business consultant. Industry Canada statistics says 15% of businesses fail in one year 30% fail by year two, and 50% fail by year five. That is a very stacked deck with tough odds.

So, what is the batching concept and the MVP principle to a four hour workweek? The batching concept is batching tasks together so that it makes it quicker and easier to get things done. MVP means the minimal viable product.

The average business owner needs more time as they may need to learn their new industry, their new product, and or their new service that they are delivering. As the saying goes. Time beats talent every time. In a capitalist society, there are examples of many successful entrepreneurs. However, those entrepreneurs have put in many thousands of hours as they want their business to succeed, they do not take a break before they see proper growth from their business.

Further to that, Edmonton Business Consultant reminds you that people aren’t perfect and they need to learn the business. A lot of business owners will be starting from ground zero and they have to learn the product, the staff, the marketing, the bookkeeping, the accounting, etc. It takes a lot of hours to even learn a business let alone to lead a successful one.

It can be a very foolhardy mistake to quit your job in order to start a business as a result of improving your work life balance. In fact, that can be a very devastating mistake. If you feel as though you will be working less than 50 hours by starting your own business, think again. The first few years you will potentially be working double time.

Everyone would love decreased work hours in their day to spend doing the things they love or with the people that they love. Yes, that may be a possibility, but not before years of sustained, concentrated and hard work. Absolutely it should be a goal to have decreased work hours for the future, and potentially one of the main reasons why you started your own business in the first place. But it should definitely be a long-term goal. You need to expect that when starting your own business you will be working far more hours than the usual full-time job instead of less, if you want to lead a successful business.

Further, prudent advice would be to build your own business around something that you know when love. Don’t make the mistake of starting a business about a product that you know nothing about or have no passion for. As well, Edmonton business consultant suggests that you build a business around your passion, a hobby, or the like. That way, it will become not much easier to work that many more hours for a successful business.