Page 188 - Midas Touch

unfortunately, business in the S, B, and I quadrants requires discipline.
Doing your own thing usually leads to failure or financial struggle.

The fact is that surviving in the S quadrant requires more discipline than
surviving in the E quadrant. The S quadrant requires new levels of
personal, financial, and business responsibility. When you become an

employer rather than an employee, a whole new set of laws—such as labor
laws, tax laws, and environmental laws—begins to run your life.

The B quadrant demands higher discipline than the S quadrant. Success in
the B quadrant requires a greater focus on systems—such as operations,
accounting, employee, finance, legal, and payroll systems. It also requires
more talented and higher-paid employees for growth.

The I quadrant requires the most discipline. When raising capital,
investment laws from government agencies, such as the SEC, demand
much more discipline. Most of the entrepreneurs in jail broke laws in the I
quadrant.

In other words, if you want to just “do your own thing,” it’s best to stay
small.

Learn a Lot and Learn Fast

As you know, there is a lot to learn to become an entrepreneur. If you do
not like to learn about a lot of different things, and learn fast, it is best to
stay an employee or stay small in the S quadrant.

I have a friend who is a chef. She has her own catering company in the
wine country of California. She works hard, has a loyal staff of eight, and

makes a good income in the S quadrant. The problem is that the only
educational classes she takes are more cooking classes. She is always
competing against other chefs to win the hearts and stomachs of her
customers. She has no interest in studying business or investing. She plans
to work hard all her life doing what she loves, and staying small in the S
quadrant.

In simple terms, she is doing what she loves, which is to be a chef. But she

is not doing what she must do to be an entrepreneur.

As you may have noticed, I believe the biggest little thing for
entrepreneurs is the lifelong commitment to education. That counts more