Working In and On Your Business

As part of this week’s lesson, we were asked to read an article that talked about working on your business, not just working in your business. The article talked about the two involvement extremes that most entrepreneurs adopt after the initial stage is over and the business is operating well. The two extremes are broken down into those that only work in the business and those that step away from the business and relinquish control to their employees. Entrepreneurs that work only in the business become entirely consumed by the day-to-day operations of their business, and allow no time for them to focus on the overall strategy and long-term vision of the company. The other extreme of entrepreneurs distance themselves from the business, and lose control over the direction the company is headed and plays no part in the strategic planning of the company.

Both of these extremes are dangerous and should be avoided. The best way to play an active part in the long-term success of your company is to work both in and on your business. When entrepreneurs are able to let go of their high involvement in the day-to-day tasks and allow their trustworthy employees to handle them that frees up time for the owner to focus on the strategic planning of the business. Being able to find a balance between working in and on my future business is something that I am going to have to work hard to find, but I know I can do it.

$100 Business Challenge Update

This week I submitted my presentation on the company I created for the $100 business challenge. In addition, I began writing the report that is due next week.