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There are two kinds of entrepreneurs.
The first type of entrepreneur spends their days slaving away on their business. They are in the middle of all the action and help keep everything running.
The second type of entrepreneur spends their days free from time, delegating tasks to a team of devoted employees. They reap all the same benefits as the first entrepreneur but have more time to enjoy their lives.
Which entrepreneur would you rather be?
That was the focus of our discussion on the latest episode of the Inner Edison Podcast with Ed Parcaut.
We spoke with Pete Mohr, a serial entrepreneur and business strategist who helps entrepreneurs simplify their businesses. He discussed part of his philosophy for helping entrepreneurs reclaim their lives while maintaining the same profits.
His philosophy can be summed up with four P’s. Read on to discover how to stop being a slave in your business and learn to manage it like a boss!
The First P: Product
In order to simplify your business, you need to nail your product.
Mohr says that many entrepreneurs in the startup phase spend too much time perfecting their product without ever testing if the market even wants it.
That’s a problem!
It makes more sense to nail down the product that people want through testing until you find out exactly what the market will accept. After that, it’s about positioning your product in a way that will help better the lives of your customers.
So to break it down into concrete steps:
- Test early and often.
- Create an offer that speaks directly to your customers.
- Adapt your product and your offer based on customer feedback.
Using these three steps, you will not only save time, but you’ll also save money. In the end, you’ll have a product and an offer that your customers desire.
The Second P: Process
Once you have a market-tested product, you need to create processes that make it easy for your customers to get your product.
Essentially, you want to trace the steps of your customer’s journey and create systems that make it easy to buy, receive, and use the product.
Mohr says it like this, you need to deliver on the promise you made to your customers.
You may want to consider these factors when creating your processes:
- How will customers buy it?
- How will customers receive it?
- How will customers get help for troubleshooting?
- How will you handle customer service problems?
- How will customers return the product if it’s not for them?
Planning through the customer’s journey from beginning to end will help you systematize your business in processes that make it easier to scale your business.
The Third P: People
Many businesses struggle with this part of their business. To simplify this approach, Mohr widdles it down to three layers:
- Your ideal customers
- Your Suppliers
- Your Team
Your processes are your foundation. They help create your guiding principles. In essence, you’re building your business around your life, not vice-versa.
Once you know your guiding principles and processes, you can find the people that match those guiding principles and systems you’ve created.
The Fourth P: Profit
Without the right product, systems, and people, you cannot expect to make a profit. In many cases, if your business is struggling, it usually boils down to one of the three P’s mentioned above.
Once you’ve started to make a profit, you can use it to buy some of your time back. You can move from a management style of business to a leadership style of business. It’s a system of delegating yourself out of your business so you can enjoy your time.
What Kind of Entrepreneur Do You Want to Be?
So now it’s time to answer the million-dollar question! Which type of entrepreneur do you want to be?
To learn how to simplify your business, please check out Pete’s podcast Simplifying Entrepreneurship.
If you’re looking for more assistance, see if you qualify for Pete’s coaching services.
For more great content on business, entrepreneurship, and more, please remember to tune into the Inner Edison Podcast with Ed Parcaut.