There are certain business and entrepreneurial philosophies that prove universal. While thousands exist, only a select few are pertinent. Here’s #1:
1. You can only rely on yourself:
As an entrepreneur, I have come to realise that a part of the reason for my success is that I take it upon myself to learn what I need to learn and become less reliant on outside sources.
People think that connections or people whom they know will take care of certain aspects of their start-up because they are experts in their field and the person has some connection to them.
What these individuals fail to see is that you cannot always rely upon someone just because they may be available at this very moment. There is an inverse relationship that exists between how reliant a business executive is on others and their company’s profit potential.
Even if and when you have employees, if you become too reliant on what they can do, you are going to be in big trouble and you’re eventually going to find yourself in one of the following situations:
A. That employee leaves the company and you find yourself more reliant than ever. You to fill that gap more desperately than you would have predicted. You will also find yourself less effective than you would have been if you didn’t let the situation get out of hand by not keeping up on your own self learning and self growth.
B. The employee demands a significant raise that you cannot say “no” to, yet you cannot afford. Don’t mistake this philosophy for not challenging and growing your employees as people. Just diversify some of that challenge and growth throughout the employee base, thus not making you as needy and reliant.
C. The employee demands to be a partner. By the time this happens your company is probably doing quite well and you are used to this employee being an employee not a partner. Just like the above, the employee would receive more than in the past just via a different compensation avenue, but the balance is changed for good. Therefore, the change in relationship is going to not only hurt wallets, but egos as well. And it is going to increase tension in the workplace.
If you want to be successful in business, you must get the phrase, “If I just had someone to do this for me, I’d be rich,” out of your mind.
The main reason that’s just a pipe dream is that if someone could do it for you, that person would be doing it for themselves. Get in the habit of learning new things and relying upon yourself as much as possible.
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