I often wonder, we all have the same 24 hours per day but, some entrepreneurs are able to create massive success and wealth, and others end up struggling to break even.
Here, I am not talking about the people who grew up rich. I am pointing towards the people who are able to create massive success out of nothing in those same 24 hours a day.
Today we will be having a discussion on how the entrepreneurs with massive success can leverage their time and are able to earn more from working less.
So, how you can use 24 hours to build your wealth over time?
Learning about success stories of entrepreneurs show that one thing which is common and followed by successful entrepreneurs is the “SYSTEM”
This concept of using the system gave the insight to Master and Slave Concept.
Let’s try to grasp the logic behind it.
Master and Slave Entrepreneur
In today’s modern-day, entrepreneurs are the most prevailing and influential people in the world. With their money, products, and services; they are changing the world. Let me introduce master and slave entrepreneur. As they are the opposites, one can take in success and one takes out.
Let’s find out!
If you want to be a successful entrepreneur, stick around to know how to excel in this life.
It is often said that the master entrepreneur works for himself for others.
This is confusing. Right?
Well, it makes sense if you think about it deeply.
The master, works for himself, as he is not employed by anyone.
He is working for others as his work is dedicated to bettering the lives of others.
So, what makes a master entrepreneur successful?
The master entrepreneurs build themselves an automated system. It is a system, which transforms human energy into profit.
Building a system allows him to focus on the scalability or building up other sources of income.
Let’s understand with an example,
Let’s say you have a food truck. You buy ingredients, cook food and you sell the food as well. You have a successful small business.
Due to more work and less time you are unable to serve each of your customers and some people don’t even get to enjoy your delicious food.
You have everything but you are the bottleneck of your business. But, what if you hire employees to take care of these tasks?
You can have somebody to cook, take care of customers and get service, which delivers ingredients in case you start running out.
Without even knowing, you have a system of business that no longer needs you.
Now you can open as many food trucks as you want as long as it is profitable.
Through the system, you can serve more people, make more money because with the system you focused on scalability instead of just tasks.
Think about KFC and many of these fast-food restaurants. They have a proper system. They hire staff to manage workloads. They hire people to take care of the tests while the executives focus on high-value work, like marketing and advertising.
This is why the owner of the company makes much more money than an ordinary worker even when they work the same 24 hours.
Moreover, a master entrepreneur uses the latest technology for working like different software such as CRM (Customer Relationship Management) and sales funnel management.
CRM improves business relationships as it helps the company to stay connected to customers, streamline processes, and improve profitability.
Sales funnel management to allow the entrepreneurs to have a smart buying process that companies lead customers through when purchasing products.
For entrepreneurs, this happens on a tiny scale but does wonder.
As the system grows, chaos tumbles down on them and their clients.
This is what allows him to work less and earn more.
Now, that we know what makes a successful master entrepreneur, let’s understand who slave entrepreneurs are.
Putting it simply, a slave entrepreneur is the one who is less smart and do most of the work himself.
Indeed, the story of the slave entrepreneur is a sad one. The saddest part, he doesn’t know that he is enslaved. He enslaves himself to get happiness, freedom, and fulfillment, but he never really achieves his desires. Such people become a slave to money.
The problem lies in his handling and managing of the work. He does all the work by himself and does not have a proper system to manage his work.
Working more and earning less frustrates him. He invests his energy in tasks that do not produce any profit. It doesn’t make any difference to the business.
In this case, money controls him. Money defines and makes decisions for him. He manages all work by himself to save money. In reality, he is contributing to his self-destruction.
Many of us, including me, thought that working hard or double shift would give us success. But we forget that the most precious thing we have is energy and time. Both of which we are ruining while working so hard.
You have enslaved yourself to a non-system, system.
Now, you know how some entrepreneurs build companies like Walt Disney, Amazon, Facebook, Netflix, and Google & why others struggle to manage some of their clients.
You have to understand it clearly, using a system to manage workloads makes you output bigger than your input. Your one input may render hundreds of results, and thus “profit”.
When you work all by yourself, your output is much less. It is much smaller than your input. Maybe you invest 100 input and get 10 output.
Now, the picture is pretty clear why some people are billionaires and others are broke, when all people have the same hours per day.
See it wasn’t bad, right?
It is simple to understand what you have to do to get hold in the world of success.
Every billionaire’s secret is to work less and earn more. This idea, if implemented correctly, can change your life.
It is possible by using an automated system, so that, energy inputs come from money, machines, and customers, not your own human flesh.
Boiling down to the conclusion, this is what entrepreneurship is all about.
BUILDING A SYSTEM THAT PRODUCES MORE WITH LESS.
After all that we have discussed, you must have understood the concept. Consider this concept and you will be a successful entrepreneur. If you dismiss the concept then you may end up being a slave all your life.
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