Build a company, not a business
As an entrepreneur over the years I have learned there is a real big difference between a company and a business.
When you try and open up a business from the get go, all you think about is how much profit and money you can make. You forget the fundamental reason why you became an entrepreneur in the first place. The reason you became an entrepreneur was to be creative and build something that would solve a legitimate problem to make peoples lives easier and better.
When you can go back to that way of thinking and mentality that you want to solve a fundamental problem is when you really start to challenge your mind and your skills as an entrepreneur.
If all you ever think about is profit and money from the get go, trust me you won’t build anything of substance. You will limit your mind because every action you take will be dependent on wether it makes you more money. It’s a very short term and small way of thinking.
When you change your approach and focus from just being about money to being about building a great company where you have taken care of every little detail required to put out the best product or service and that’s the only thing you have focused on, trust me you will succeed.
When you build that company with the proper foundations, great employees, great partners, great service that company will automatically turn into a money making business without doing anything else.
I personally feel as an entrepreneur I stepped away from this mentality of thinking for some time with AskTheDoctor.com and started to treat it like a business and not a company, thinking about only how could I make more money right away. I’ll tell you this, it was the biggest setback my company has ever took. When I shifted back to that mental focus of how could I make my end users life easier and how could I change healthcare globally I did a 180 again in the positive direction and the valuation of my company skyrocketed on its own.
Lesson learned here is always think of the bigger picture and focus on building a great company that changes and makes peoples lives easier. If you do this, trust me you will probably end up with some good billion dollar problems …just ask Bill, Steve and Mark ;)