Below is an exerpt from my book “Billionaire in Training.” This is a sample of the teachings that I gave at Prairie Meadows on Wednesday, October 24.
So often I meet people who think they’re in business for themselves, and yet by my definition, they’re not. Let me explain.

My definition of a business is the following: A Commercial, Profitable, Enterprise, that Works Without Me.

Anything else has to be classified as something other than a true business.

As with most things in life, there are so many different levels to ‘being in business.’ Lots of people say they play sports, but at what level? Lots of people say they’re in business, but once again, at what level?

It’s not just ‘getting into your own business’ that will make you rich. Just as it’s not just doing some exercises that will get you to the Olympics. There are specific strategies, skill and so many more things you’ll need to follow to turn your business and wealth dreams into reality.

As you most probably know, it’s quoted that 80% of businesses fail within 5 years of startup. I imagine these numbers are true but I want you to remember this – Most businesses do not fail because the owner didn’t work hard. They don’t fail because the owner wants them to fail; they failed because the owner didn’t know what to do. They failed because the owner never ever got past Level 2 on my Entrepreneurs scale or learned the rules of the game.

I’ve always believed business is a game and if you want to play the game you better learn the rules. What’s more, you’d better learn them from someone who has succeeded at the game. Not from scorekeepers, rule makers, the spectators, the money holders and collectors, and definitely not from other ‘D’ grade players. You’ve got to learn from the best players and the best coaches.

Being an entrepreneur is about becoming a generalist, rather than a specialist.

A specialist is easily replaceable. A specialist is taught to follow. A specialist ends up working for a living, rather than living a life.

Generalists, on the other hand, think for themselves. They are great leaders, they take on risks and reap the rewards from things like tax deductions and more importantly, they collect long-term income from the work they do today. They also enjoy the profits, as well as so much more. The generalist, the person I refer to as the entrepreneur, works today to make money for the long-term. They work to build wealth rather than make income.

Becoming a generalist is the first major task of anyone considering venturing into business for him or herself. This is the single biggest mindset change to make your business work.”

The 5 Levels of the Entrepreneurial Ladder are 0) the Employee 1) the Self Employed 2) The Manager 3) The Owner/Leader 4) The Investor 5) The Entrepreneur.

I encourage you to identify where you are on the ladder and where you would like to be. That is the first step.

Brad Sugars is a respected entrepreneur, author and speaker. He started his main company ActionCOACH in 1993 after he realized that business owners needed help. A sports enthusiast – Brad knew the merits of having a coach. He also knew that most people in business need help, encouragement, support and accountability in order to be successful. Today the company is an international brand operating in 32 countries around the globe.

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