SMEs fit into one of the three (3) categories of SME I defined in the previous three blog articles.
So where do you fit. Are you a survivalist? Are a lifestyle entrepreneur? Whatever you are, it is important to know!! The lifestyle entrepreneur is the most difficult to motivate to change his or her ways.
Are they worth changing? I think that there are undoubtedly many worth changing, but the question is how to do so. It is a very difficult process, and I have yet to succeed on a significant scale. I believe that only they can change themselves. As I have stated previously, it is all about the ego. Unless they can manage their ego to the point where they can acknowledge they are wrong, they will never change. The ego will ensure that they do not change.
The survivalist, that is the one who was previously employed, may be able to break out of the mould he is in. but it is almost as difficult. These people seldom have egos. They have very low self esteem, and this has to be changed, by themselves. they need to build their own self-esteem, to the point where they believe they have the skills to do more. I do not know if they are able to grow into high growth ventures, but they can most definitely grow beyond their current position.
Which brings me to another option. An option that most entrepreneurs avoid like the plague. The partner/fellow director.
Research points to the fact that those businesses with multiple owners are generally more successful than those with single entrepreneurs. There is no doubt that 1+1=3 when it comes to multiple directors. One secret is to avoid partners with competing skills, rather seek someone with complementary skills. Accountants often make good partners, especially if you are technically or sales oriented. Give it some thought and remember that the main purpose of starting a business is to create wealth. Nothing else is important, and everything else eventually links back to this wealth creation.
