Ken Okazaki Blogging is serious business

30Jan/102

E-Myth

I've been listening to an audio-book the past few days by Michael E. Gerber. It's called E-Myth and covers a lot of good information on entrepreneurship, namely the pitfalls which cause most small businesses to fail within the first five years.

He said something that really stuck with me: we all have three people in us. The entrepreneur (forward thinking, disorganized, inspirational, and visionary), the manager (organized, efficient, dislikes anything new that will mess things up), and the technician (skilled at doing technical work ie: cooking, graphics, mechanics, computer, video, etc. Dislikes being managed, works very hard).

The majority of those who have what he calls an "entrepreneurial seizure" and one day decide that they want their own business are technicians in one way or another. At the time of their "entrepreneurial seizure", they are being controlled by the technician in them, and think that because they know a skill very well they can run a business with their skills.

I used to think that too. I thought, until just a few days ago, that if I'm good enough at a certain skill then I should be successful at running a business out of it.

What I've learned from him is that your most important asset when going into any new business is your business savvy. The ability to have long term plans and stick to them. The ability to abandon what you love for something else that can and will become your main business. When you love something too much then it will cloud you. You will not see clearly when it's time to stop certain things, start chopping some limbs, and focus on what aspects of your business really do work.

From now on I want to make an effort to not be a professional ... whatever! Whether it be a cameraman, editor, effects guy, web designer, or layout guy. I realize that there are so many like me who could do better than I can, and for leas then I'm willing to do it for. Just look at China and India! No, I refuse to compete on those terms!
I can, however, see a future instead in using their skills instead of competing with their skills and at their rates. Coming up with a turnkey solution, a business plan that will capitalize on this trend instead of fighting it.

I wish no longer to be a technician but a true entrepreneur who can have a hundred technicians like myself, doing what I am doing right now, contributing happily to the hopefully successful plan that I will have laid I place.

23Jan/100

Stuff I’ve read lately

One direction that I've taken a stab lately is in furthering my education - and by that I don't mean going back to school, although I wouldn't rule that out for the future. I've mostly been reading lots of books that I feel will help to propel me in the right direction for me to become more financially literate.
I started with a famous one: 'Rich Dad, Poor Dad' by Robert Kiyosaki, but since I ordered it from the States to try and get a discounted price, I had to pay in terms of time, 2 weeks to be exact.
So what did I do while I waited? I ordered another book from the same author: 'Increase Your Financial IQ'. Seemed like a good idea to me. It was informative, and gave good advice on various topics, but since the author is involved directly in the real-estate business, much of the material in this book is quite focused on that. Also, he keeps referring to his past, being a helicoptor pilot in the Vietnam war, starting a very successful company in his 20's, etc., which sometime instead of encouraging you that "You can too!", it leaves you wondering if you even qualify to become as successful as he has.
In hindsight it was a good, informative, educational book, but not a good one to get started on if you're on the same journey as I am.

Enough for today.