Entrepreneur: Most valuable asset

Being an Entrepreneur or a small business owner is not for everyone, nor is it an easy thing to do.  If you ask 100 people what they would like to do with their lives, as far as who to work for/with (if they had a choice), over 75% would say for themselves.  Well, as we all know the majority of people do not become entrepreneurs or small business owners, although the numbers are higher than they've ever been due to economic reasons and the advancements of technology, which have made it easier and more affordable than ever to start and grow a business (if you have a well-defined plan and understand how business works).  According to Forbes, nearly 13% of American adults are involved in startups in 2012 (record high), and nearly 400 million entrepreneurs world-wide (54 countries).  These numbers are great news for the future of the global economy, not to mention the fact that entrepreneurs are ranked as some of the happiest people on the earth.  Do keep in mind that there is a difference between a small business owner and an entrepreneur, just because you work for yourself does not mean you are an entrepreneur.  That is another topic for a separate blog post.

So with that in mind, let's continue on to the topic of this blog post, "Most Valuable Asset".  What I'm saying here is: What is the most valuable asset to an entrepreneur or a small business owner, other than the obvious, capital, of course.  First, let's breakdown a typical scenario that virtually every entrepreneur or small business owner is in, or has been in at one point in time.  Typically a small business or entrepreneurial startup has access to limited resources, including people.  Most of the day-to-day operational duties would be/are handled by the owner or owner(s), with very little time to do anything else.  An entrepreneur or small business owner will work 6/7 days a week and any where from 12 to 18 hours a day.  Some of you just made a face as if your stomach just dropped, yes, this is true and necessary for the business to thrive and grow into a mature entity.  However, no need to feel sorry for these risk takers, as the long hours are typically well worth it for the sole reason that entrepreneurs usually love what they do and would rather be doing nothing else but running their business.

Now that we have a general overview of what it's like to be an entrepreneur/small business owner, what is their most valuable asset (other than capital)?  As stated above, an entrepreneurial enterprise typically will have limited access to resources, particularly people/employees, which brings me to the point I am trying to make, people are your most valuable asset.  And it's not just people in general, it's high quality people; people that understand what it's like to run a small business or startup - "go-getters" as they say.  It's not like a corporate gig where you work in one department and have one or two basic job duties and you work 9 to 5.  No, a typical employee at a startup will easily have five or more duties on a day-to-day basis.  Much of the time these duties will range from low-level intern/entry level type work, data entry, coffee, research, answer phones, etc.; to executing business / marketing plans, financial forecasting, business development, operations management, ordering supplies, traveling, etc., on top of working 12 - 16 hour days.  Sound fun?  Well, if so I'd recommend finding a startup or starting your own business.

My point here is this, not just anyone can fill these positions.  As an entrepreneur or small business owner, you are only as strong as your support (team) staff, whether it be 1 or 2 people or 5 or 6, you need high quality, motivated, intelligent, tech-savvy, diverse, individuals.  People that can multitask and add valuable input everyday, all day.  People that can think outside of the box and create new operational processes or marketing techniques and implement them on the fly.  This is your most valuable asset (people), so you better make sure they are appreciated and taken care of - even before your own needs are met, because once you lose a good one it is extremely hard to replace them - not to mention the loss in productivity, capital, and potential revenue over time.

As always, I'd love to hear your comments on this topic, so please leave comments if you desire.

PS - If you are in need of any Business and Marketing consultation for your small to mid-sized business/start-up feel free to shoot me an email at: modernbizstrategy@gmail.com.

Cheers,

ModernManTellsAll

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