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Why are you in Business?

Ask most entrepreneurs what their business does and how it does it and you will get a clear answer.  But ask WHY do you own your business and the answer is often a bit fuzzier.  Yes, there is the immediate – I want to make money.  But what is the rest of the story?  Ask yourself:

  • Do I want to create/carry forward a family business to the next generation?
  • Do I want to ultimately sell the business to outside buyers (financial or strategic)?
  • Do I want to take the company public?
  • Do I just want an income and I am not worried about after I am finished in the business?

Each one of these WHY’s requires you to manage and invest in your company in slightly different ways.  There is no “best” WHY.  Rather it is your WHY.

One of the major failing I see with entrepreneurs is being inconsistent with WHY.  For example the WHY maybe to build a business to sell to outside investors – yet they do little to invest in the platform capabilities of the business or build operating systems that let the business function without the owners constant direction and intervention. This type of disconnect can and most likely will derail the successful execution of WHY.

Understanding the purpose behind your ownership will help you stay consistent and keep you on track. Understanding your WHY will help mitigate risk and improve the overall value you are attempting to create.

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"This quick, thorough read is designed to help any sized owner or entrepreneur improve their business and its chances for survival in today’s tough economy." – Dr. Benjamin Ola Akande, Dean of George Herbert Walker School of Business and Technology at Webster University"