The traditional entrepreneur will spend 100% of all their effort to do business. This sometimes means instead of being a business owner, the business owns you instead. Think about it. How many business owners are the first to arrive and the last to leave? How many business owners have the money to be comfortable but don’t have the time to enjoy the privileges it brings? I grew up with some kids of business owners and though they were the envy of most of the kids at school, they had one major paint point…they didn’t spend enough time with their parents. Besides the implications on family life or just lifestyle in general, it means you work very hard all the time, for every bit of income you earn.
Leverage is a concept that I grasped and I felt all warm and gooey inside because it meant I can earn 10% of 9 people’s effort and me being the tenth person. Leverage in it’s simplest form is what a child does to get their way, and they use the,’ mummy said or daddy said’ ticket with siblings. In business you can leverage on someone’s time, reputation, brand, effort, economy,influence, fame, innovative apps, personality, network, gift or skill to boost your income through brand exposure to a totally different audience. Think about influencer marketing, direct sales companies, affiliates and sponsored ads.
A business owner may not be able to attract the traffic a famous person does. So instead of working hard to compete for the already fought for attention of existing and potential customers, the business owner could partner with an actor, make him/her a brand ambassador or influencer, and leverage off their hard work to build that fame. The advantages are great. The brand reaches a totally different audience and depending on the level of engagement, it can drastically change the profit of the business.
Another example – real names changed. A famous talk show host reads a book, invites the author and experts in the field and recommends it to her audience during her Book Club. That book sold out in all the languages, in many countries and for years after that the book kept selling. The beauty of leverage! Use it in your business to have competitive edge and work smart. You don’t always have to sweat hard for every cent. #WorkSmart.