Business Mindset 33
Difference between Good Business Vs Bad Business
Any business that consumes less hours and it is flip-able/Sell-able/Transfer-Able is called a good business. Whereas any business that requires more hours (Your Ghantas) and is not sell-able, not transfer-able, not flip-able is considered a bad business. In this case you should call yourself self-employed. Not business owner because any money making activity that requires your hours is considered a self-employment regardless how many employes you have.
So ask yourself this question. What kind of business owner are you? Are you able to sell your business to someone today? Are you able to transfer ownership of your business/Money making process to someone in a flip? If your answer is No, then it means, you have a bad business. You don’t own a good business because a good business is always like a tangible asset which can be flipped, sold or transferred from one hand to other hand against goodwill money.
Majority of people don’t even understand the definition of good business vs bad business. They are confused. They have wrong assumptions. They work hard 14 hours a day and make good money and assume themselves to be business owner where the fact is opposite.
Now your next question would be. So how do I transform my bad business into good business? Well my answer is, I don’t know since every business is different. I can’t give solution specific to your own business but all I can tell you is the definition of Good business and Bad business. As long as you understand this definition, I am very sure, you will find solutions yourself. I am very sure once your concepts are clear, you will start working on building more automation in your business + lessen down your working hours + making it more structured, well organized with processes and work flows to make it more like a tangible asset that can be sold later. As long as you able to transform your money making activity into a tangible asset, you will finally consider yourself a business man.
And this is the reason why I love Amazon FBA becuase it is very much like a tangible asset which can be easily flipped, sold, transferred and yet occuping least amount of your hours and that is the reason it is called a very good business.