Most business owners seem to work harder than any of their people, and many seem to make less income than they could make elsewhere.

From what I've found, people start their own businesses for one thing and one thing only: freedom. Whether that is working for themselves, having more time to themselves, financial freedom, or just the freedom of knowing that they're in charge of their lives.

Many people with little interest in ever captaining their own ship argue that they're far from in charge when exposed to the volatility of owning a business. I retort with this analogy: I may have 100 different customers. You on the other hand have only one-your boss. If I lose half my customers I still have 50 left. You just need to lose one to be singing for your supper!

Yet despite this longing to be in charge, for most business owners the exact opposite becomes reality. Most end up having the businesses run them, instead of their running the businesses. In fact, they end up with the very thing they didn't want, a. job.

In effect, they've taken great risks and expended vast energy, and all they've done is bought employment.

My Definition of a Business

Getting rid of the job is why you've got to understand the real definition of a business, my definition. A business is a commercial, profitable enterprise that works without you.

One more time: A business is a commercial, profitable enterprise that works without you.

Let that sink in for a moment.

I know it seems to be 180 degrees away from what you've been taught in the past. Think about it: why build a job for yourself, when you can build an income stream that keeps on growing whether you're there or not? Remember this one simple fact: The only reason you would ever start a business is to sell it. Your business is your product, it's what you're building, and it's where you're ultimately going to make your profit-selling the business. 8