There’s a common parable about a village with a problem: it had no water unless it rained. To solve the problem, the village elders decided to solicit bids to have water delivered daily to the village. Two people volunteered and the elders awarded the contract to both of them.
The first volunteer, Ed, immediately bought two buckets and began running back and forth along the trail to the lake, which was a mile away. He immediately began making money, but he worked terribly hard, waking before the rest of the villagers to run down to the lake for the morning haul.
The second volunteer, Bill, disappeared and was not seen for months. Instead of buying buckets to compete with Ed, Bill had written a business plan, created a corporation, found four investors, employed a president to do the work, and returned six months later with a construction crew. Within a year his team had built a large pipeline, which connected the village to the lake. Bill’s pipeline delivered cleaner water than Ed’s and it supplied water 24 hours a day, seven days a week. Bill was also able to charge 75% less than Ed.
Of course, Ed ran ragged while Bill was able to enjoy life—making money even while he was on vacation.
So the question is: Are you hauling buckets or building pipelines?
As you’ve seen, you may have to haul buckets for a while by yourself. That’s okay. But once you’ve proved market demand and are generating consistent revenues, it’s time to start building pipelines. You build systems so that you can largely step away from the business while other people run the systems for you. You still manage the whole process, but you don’t have to be physically present to get the work done.
Four Levels of Entrepreneurs with 5 Day Weekend Lifestyle
Level 1: “Wantrepreneur”
“Wantrapreneurs” have plenty of ideas, but rarely take massive action. They struggle to get anything off the ground, but that’s okay because they have a new and better idea lined up.
Level 2: “Solopreneur”
“Solopreneurs” invest in their education and start a business working for themselves. They take action but, unfortunately, they own a job with active income and the business is 100% reliant on them. This category includes professions such as doctors, dentists, lawyers, and accountants. As Robert Frost wrote, “By working faithfully eight hours a day, you may eventually get to be the boss and work twelve hours a day.”
Level 3: Operator
Operators have an idea and create a business. They start generating money and their business is doing increasingly well. They suddenly realize they are victims of their own success and that the business owns them. They are ultimately the operator, in the trenches and stuck in their business. Business owners will need to disconnect themselves from this hub-and-spoke business paradigm. The spokes of the enterprise will collapse without the business owner, rendering the business worthless.
Level 4: Owner
This is the highest level of entrepreneurship. This is where you experience the pinnacle level of fun, freedom, and fulfillment. You focus on elements of the business you are most passionate about and you outsource specific tasks to specialists within the company.
The liberated owner is the musical conductor with an ensemble pit of musicians (specialists) who are tasked with the running of the enterprise. There has never been a better time in history to launch your own entrepreneurial business and take control of your work life. With the explosion of the Internet and mobile devices, almost all of humanity is connected. Entrepreneurs are the truly the key to solving the world’s problems.
In my next post I outline for you the steps that can help you transition from “solopreneur” to actual owner.
I’d love to hear your thoughts on entrepreneurship, and the kind of operator you believe you are at this moment – “wantrepreneur,” “solopreneur,” operator or owner. Thank you for sharing.
Secure your copy of the “5 Day Weekend” book. 5 Day Weekend: Freedom to Make Your Life and Work Rich with Purpose [Nik Halik & Garrett Gunderson]
Leave a Comment