Tuesday, 5 February 2019

Do you really own a business? Do this test and find out!

What is the best way to become wealthy? 

I had a meeting the other day at National University of Medical Sciences office in Panama City and one of the people I met asked what is the best way to become wealthy?

There are many ways to become wealthy but owning a business is the number one way people become wealthy.

This is what I teach my students. They must all own a business if they wish to become wealthy. However most businesses fail because the people who own them are not really businesspersons.

Many people think they own a business by registering a business but in reality they are employees who just register a business. These people will not become wealthy.

How do you know if you truly own a business? There is a simple test you can do to find out if you are an employee who registered a business or you are truly a business person destined to become wealthy.

And that test is a simple one. Can your business operate and continue to generate money for 6 months without you doing any work in it? If not, then you do not own a business. You are just an employee who has registered a business. If you do the technical part of your business for money you are not a businessperson. To become wealthy your business must not need you to do technical work at it. It must generate money without the need for your technical work. Your absence must not be felt in your business, if you truly own a real business that is destined to make you wealthy.

I teach my students that if in 20 years I still see them treating patients for money full time I will be disappointed. By that time I want them to own a real business, having other newly graduated manual osteopaths as employees and they only treat patients on a part time basis, not for money but because they love to do so. Only then they will have the freedom to do what they want.

Some love to be an employee and there is nothing wrong with that if this is what they want. But those who wish to become wealthy have no choice but to own a business. And to own a business, you must not be the one who does the technical work. A business has three parts, the technical part, the management part and the entrepreneurship part. A true businessperson who is destined for riches becomes the entrepreneur and let others do the management and the technical part of the business, with his/her only job being to come up with ways to improve business. It is okay to initially the owner do all the three parts by him/herself. But he/she must have a timeline when he/she delegates the other parts to others if he/she desires to become wealthy.

Becoming wealthy is not just to make more money. It is the freedom to do what you like, when you like and where you like to do it. That for me is the definition of success. The ability to do what you love to do without worrying about getting paid.

Becoming wealthy gives you this chance and I wish all my students become successful entrepreneurs so they could benefit from the freedom they acquire.

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