Learn, Expand and Generate Wealth
By Erwin P. San Luis
It is said that a good and successful entrepreneur can make his business stand alone by itself - a business with a built-in auto pilot system that enables him to sleep well at night, have time for his family, learn new stuff or even travel around the world but still gives him income every day. A good source of income is not when you earn much by putting a lot of time and effort on it but when you earn a lot while you have more time and energy to do other things, especially those which can improve your earnings. It is suggested that once you have built the auto pilot system for your business, the extra time that will be given to you should be used to expand your business, either branch out or diversify your products or invest in marketing your product. When done right, it will increase your earnings and your sources of income by folds. But there is a big a problem about the auto pilot business system. Building an auto pilot system requires you to leave your business to other people, and when it comes to letting other people, especially if those who are unrelated to you, handle the business, more problems will arise. And will result to losses instead of income.
According to a business study, the top 3 sources of business losses are composed of misused of supplies, employee theft, and customer pilferage. Most business managers and owners find it easy to avoid misused of supplies and customer pilferage but when it comes to employee’s theft there are quite few solutions. In fact it is considered as one of the greatest problems in corporate history that until now, remains unsolved. Therefore a lot of companies, to lessen this burden, tightens their security but then sets aside an account of loss from employees. This helps them not to put too much time on thinking and solving the problem, and on the other hand, gives them more time to think on how to increase their profits.
If we learn to accept some losses, then it will give us time to learn more on how to expand our income. Think of the losses as risks you have to accept to earn more profit. “The greater the risk, the higher the return.” If we take investors as an example, we will see that investors don’t put all their money into only a single investment. Instead they diversify their money to different investments so that if they lose on an investment, it will simply be offset by a gain from another investment. This is known as Diversification of Risk in finance. The only question left is that what if you lose on all your investments? On the other hand what will happen if we look on the bright side, what then if you gain on all them? This is all of a matter on how we take risk, but I am not saying that we must always be risky; we should learn to diversify it. Only take risks for those you think you can gain. As for our example of losing in all of our investments, then I think we got a problem of not researching well before investing our money
To sum it all up, building an auto pilot system on your business will require you to let other people handle your business. This might result to losses on your part due to theft or mismanagement of your employees, which will also reflect the negligence on your part. Like investors, you much research and decide well on who you will choose to depend on to manage your business. But never forget that the one who must govern and guide them all is you. And that negligence on their part is also negligence on your part as well. Also we must accept the fact that our employees can commit mistakes, because of human nature, which will result into inevitable losses. It is good to set aside a fund for them, so that it won’t get on our nerves worrying on such problems. Furthermore, the auto pilot system on your business will let you have more time to plan for expansion of your income, and what’s best is that it will give you more time for you together with your families, friends and above all, a time with God.
