Lesson 2: Becoming an Entrepreneur

Do you own a business or is it just a job?

Key Takeaways

  • We tell ourselves lies every single day. One of Matt’s favorite lies to think about: I own a business. What does he mean by that? If your business depends on you to operate in the day-to-day, you don’t own a business. You have a [difficult] job.
  • As a business owner, you have to be a mix of being an entrepreneur, a manager, and a craftsman.
  • Entrepreneurs look at tomorrow and make decisions about the future. 75% of your time should be dedicated to this role.
  • Managers look at yesterday. They dig through the data to decide what works and what doesn’t. 20% of your time should be dedicated to being a manager.
  • Craftsmen are performing the actual work that needs to be done today. While many of us in the auto recon industry got started as craftsmen, less than 10% of your time as a business owner should be dedicated to this role.

Additional Resources

The E Myth: Why Most Businesses Don’t Work and What to Do About It.

What To Do Before the Next Lesson

  • Write down some of the lies you tell yourself. Why is it a lie?
  • Ask yourself: Do I own a business or is this a job?
  • Think about how you spend your time at work. What amount of time do you spend thinking about the future, the past, and the present? Write down the percentage of time you spend on each.
  • What would you call yourself today? Are you primarily an entrepreneur, a manager, or a craftsman?