Are You Building a Simple Business or a Legacy for Decades?
Are you ready to sacrifice part of profit today for a legacy of decades?
The lady selling you trinkets like fridge magnets/ souvenirs at a tourist spot is technically a business owner, right?
The lady running a restaurant close to the same tourist attraction is also a business owner. Correct?
Now imagine that the largest vendor of this restaurant is another lady, who’s company supplies all sorts of kitchen equipment, food supplies, raw material to this restaurant and to over 2000+ restaurants in the city.
Now, this food supplier is also running and managing a business, right?
Let’s take it up a notch further.
The food supplier buys products like cheese, sauces, fresh produce, packaged goods (like noodles/ seaweed), meat and poultry from other corporations.
Each and every corporation is also technically a “business”, right?
Are you seeing the picture I’m trying to draw for you?
A person selling trinkets on the road and the corporation supplying sauces, cars, cell phones to businesses and consumers across the country (and sometimes even to people across the globe) are all termed to be a “business”.
Just because in principle all of these examples get termed as business, I hope you will appreciate the fact that not all businesses are made equal.
In fact, within the same industry, there could be two businesses which provide similar products/ services, and yet the scale of both the businesses could be poles apart.
Example: a marketing agency could be a team of 2 people, or it could also be a team of 20,000+ people spread across multiple continents.
The reason to share this fundamental fact/ situation with you is to make you think about this situation and apply your mind.
In an ideal world, every business owner should have an idea what would be the scale that they’re trying to achieve for their business/ their company.
Of course, thinking about the scale is no guarantee whether a business will actually achieve that scale.
There are million restaurateurs across the world who dream to become a multiple restaurant chain (and they will never go beyond one location).
On the other hand, I’m sure Apple, Alphabet, Microsoft didn’t achieve the scale they have achieved, just because they dreamt of being a big company in the future.
In fact, for many of these outliers, they have surpassed the scale that they imagined at the time of conception of the company.
However, with the world shrinking and getting smaller with every passing day, knowledge becoming more easily accessible, it’s important that every business owner understands the importance of scale, vision and clarity.
There is nothing wrong in becoming a business owner that serves a local community (read: pharmacies/ stationery stores/ grocery stores) and just the fact that you can create a roadmap for a business that will be 10X the size of Apple in 10-15 years doesn’t make you commendable.
Getting clarity of the expected scale helps you decide the way you will run, manage, operate, and grow your business.
Your expectation of scale will help you make decisions that will be in favour of the business you wish to make and not just the business that you’re operating today.
Clarity of your end goal doesn’t guarantee you will achieve your gal, but having absolute clarity of your end goal helps you in every step of the way to approach your business and take decisions that will allow you to unlock the growth you desire down the road.
The scale you’re trying to achieve will allow you to forgo part of profits for a couple of years, if you’re trying to build a legacy business that will be run by a professional management for decades after you’re gone, because that’s the nature and the journey of legacy businesses, and if you’re building a business to support your life, people dependent on you, your decisions will be made in a manner to optimise on the immediate profit generating transactions.
Do you have absolute clarity of the size of business you want to create?
Do you have a tentative roadmap of the milestones you will have to cross to achieve those goals?
Are you working towards achieving those milestones, every day?
Drop a comment with details of the business you’re building or post a question below to support this post.
Keep Going Keep Growing 🚀
Thank you for reading the full post. Since you read this till the end, it’s safe to assume you found value in the content.
Please consider sharing this post with your audience on social media. You may end up helping someone who’s struggling in their career/ business because they don’t understand the importance of building their personal brand.
I’m sure if you think hard, you will easily come with a few names who you know must read this.
Share this with them, help them and earn your blessings.
If you’d like to get notes like these on the subject of money mindset, the law of attraction, financial literacy, and a lot more, make sure you subscribe to The ProfitClan.
The ProfitClan is an email newsletter by Paycheck To Profit (founded by Manish Ahuja) where you’d access to daily exclusive newsletters, freebies, notifications of new podcasts episodes when they go live, access to The PROFIT Masterclass, and a lot more.
Further Recommendations:
Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine two business owners in 2 frames. One is working under stress in a glamorous office and the second is working alone burning the midnight oil, happy with a smile on their face”