LEVERAGE: The Physics of Online Business Success
Learn More about Bobby Freiler & How to Successfully Build an Online Business
The Physics of Leverage and Online Business Success Running an online business requires the same types of investments from the entrepreneur as an offline business. Leverage provides advantages that help you accomplish your goals without completely expending resources. What Is Leverage? Leverage is generated by decisions used to ensure your business choices work for you and not against you. Consider the physics behind the working of a lever; on one side of the lever, there are customers, leads, staff and partners. On the alternate side of the lever are your goals, ideas and your business vision. How do you create enough weight on the resource side so your business plans are successful? Learn From The Experience Of Others Success is not a direct result of personal experiences. Though experiences can bring knowledge, gaining information is possible through other means. A seeming lack of experience should not hold you back from achieving your goals. You can help shape your perspective through the experiences of others. Mentors are a rich source of leveraged experience. Without expending the time it would take to enter an experience and the resources to go through it, you can leverage the successful strategies, technology, techniques and methods used by others. Get Help From Specialists This type of leverage is common in businesses, and can is equally considered outsourcing. Entrepreneurs, owners and CEOs cannot possibly attack all of the day-to-day work of the entire business alone, nor would scalability allow it. Enlisting the help of volunteers, hiring professionals and trained personnel gives the business owner the opportunity to work in the areas they excel. They maximize their
strengths, and minimize their weaknesses, and use leverage in the areas they lack time, knowledge or other resource. Successful entrepreneurs understand this principle: Do what you're good at, and delegate tasks that others will handle better, and for a lower price point than the value of your time. Do what generates the most amount of revenue for your business. Partners, employees, consultants, etc. are all effective forms of work leverage. Why Use the Talents of Others? The bottom line really revolves around scaling your business. No CEO of any business does all of the tasks necessary to make the business operate profitably. It's impossible, and the model for growth doesn't allow it. The opportunity cost of a CEO is the highest within the company. If he or she is spending their time on activities or jobs that are not producing the highest amount of revenue for the company, then they are using their time ineffectively and inefficiently. For example, a business owner's time is worth much more than $10 per hour. So if that task can be delegated to another individual or outsourced for a cost of $10 per hour, then it makes sense economically to do so, even if cash flow is tight. When properly leveraging the time, experiences, knowledge and finance of others, individual resources are available to reinvest in growing your business. It is important to remember a CEO or owner of any business has the responsibility of working on their business, not in their business. Bobby Freiler is a successful online business serial entrepreneur, serious about teaching and educating others to duplicate his success.
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