The common myth:
As a consultant and a subject matter expert, I always like people who are businessman and those who aspire to be a businessman to talk about the BUSINESS. Having said that, I have come across people who dearly wanted to do business, but have no idea about “What is Business?” A friend of mine wanted to do business, but when I questioned what the product is or service he is focusing on he was not aware of that. He replied, “I want to do business, because he can employ people and can have more relaxed time at home. This is definitely not businessman-ish.
I see a variety of people who want to do business, but couldn’t start a business. One person says he has the idea, but he doesn’t have the fund. Other one says, he has fund, but not sure if it will be adequate. One more says, he has sources from where he can fund his business, but no business ideas are there. Most people think about business when they are presented with extreme challenges in workplace or when they face tough bosses. They assume business as a refugee spot where all their worries, challenges can be traded for money. So the first two cases mentioned above think they need money. The third case however thinks business is all about him. He thinks, he has no business idea and thus there is no business. Business is always about the people and the market
What is Business?
- Employed –Earn money but make more money for your employer and loose a significant part in taxes.
- Self-employed – Earn money a bit more than employed but still lose a significant part in taxes
- BUSINESS- People will help you earn money and lose some part of it in wages and taxes
- Investment- The money from other people’s work (BUSINESS) is working and brings more money. No taxes.
In my opinion one has to go through this as a hierarchy. One must first be employed, in order to learn the skills and the market behavior. Then he has to be self-employed to validate his learning about the skills and the market behavior. As he had gone down the rabbit hole deep enough, he understands certain problem of the market or issues in it. He CREATES a solution for it. Then in becomes business. This solution would bring him more money than his skills. Then the money which is flowing in must be diverted into investments, which in turn makes more money or at least grows a bit, beating the inflation.
A Map is shown below, which is my take on the process of becoming a successful businessman and going further than that.
“I am not a Businessman; I am a business, man”. These words are by Jay z, acclaimed pop artist. Those words are very true and we shall all try to be a Business, rather than a businessman.