- April 3, 2018 -
I was not part of the "gifted" class in school.
You know, the really smart kids 🙂
I remember my older and younger sisters being tested to see if they were eligible to be part of the "gifted" class...so one day I went home and asked my parents why I wasn't tested.
They just looked at each other and didn't say much as I recall. Something along the lines of "It's alright, Arthur...you play the trumpet very well." lol
So that meant scholarships unfortunately weren't in my future unless they handed them out for street smarts.
And that's ok because as entrepreneurs...
Plumbers can often have higher business IQ than many other service based businesses.
Here's how I discern what a business's IQ is when talking with prospective clients...
Do they treat their business more like a business or a JOB?
If you haven't read The E-Myth Revisted by Michael Gerber, seriously add that to your list.
The two myths he addresses for the small business owner are these:
1) The myth that most people who start small businesses are entrepreneurs. Most are not.
And don't even get me started on the idea of "serial entrepreneurs" - that's just a term for people who are great at starting something but not seeing it through to completion. Thus, they start another business instead of developing a plan for exit and acquisition.
Sorry to burst any bubbles.
2) The myth that someone who understands the technical work of a business can successfully run a business that does that technical work.
The question you need to ask yourself is this...
+ If you got sick, do you have people and systems in place to keep everything going?
+ What if you wanted to take an unscheduled week off to travel? Could you?
+ What if you find yourself at the age where your buddies are all retired? Are you in a position to retire yet keep your business going?
If the answer is "No" then what you've got is a "job", not a business.
Sounds harsh, but you know I call it like it is, people...
For example, real estate agents generally have a low business IQ and treat their business like a sales job. It takes a lot of work to get them to use automation to leverage follow-up.
With our investment properties business, at one point I found myself falling back into the "technician" role.
Doing too much myself because I didn't feel I could afford another employee and didn't want to take the time to train them...a sign of low business IQ.
Small mindedness on my part. My business coach got me back into the right frame of mind - and IQ went back up when I removed myself from being the technician.
If this resonates with where you find yourself right now, then set up a free consult with us. We can help.
Back at you tomorrow!
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