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Tax Splash Blog

Entrepreneur or Business Owner?

By June 10, 2016 October 4th, 2016 No Comments

Okay, you’re self-employed. You’re a business owner, but are you an entrepreneur? Being self-employed and a business owner makes you an entrepreneur, right? Wrong. The difference in the two are like saying your daughter’s kitten is the same as a jaguar.

Business owners consider themselves successful if their enterprise achieves modest growth each year. They believe a 10% over last year increase to be solid growth. Entrepreneurs will be leveraging the business in new directions to double and triple their income. Hiring an additional staff person, expanding existing product lines, and earning a comfortable living are not the essence of being an entrepreneur. True entrepreneurship does everything a business owner does and is never satisfied with a business owner’s modus operandi.

Entrepreneurs are like the hunting falcon; they are always searching for the next kill. When the prey is spotted, they stop circling and swoop in on the opportunity. They will evaluate and if they deem it a good fit, they will commence implementation, adjusting as they go. This is not the “next shiny object syndrome” suffered by some who cannot maintain focus. An entrepreneur discovers, evaluates, tests, and then either implements or abandons. This is the Entrepreneurial Method (EM). She is not distracted by the next shiny thing that catches her eye without completing the EM on the current undertaking.

My firm was a traditional CPA/EA firm for many years. We became frustrated with the lack of research materials, educational opportunities, and inability to find like-minded practitioners. This led to the creation of the American Society of Tax Problem Solvers. Today, we have thousands of practitioners and members throughout the USA who study our courses, attend our seminars and webinars, and meet like-minded colleagues at our many events.

Currently, we are working on a new activity that will integrate with tax problem resolution and could be integrated into a tax problem resolution practice. We have completed the discovery step and are presently evaluating. When this process and the testing are complete we will invite ASTPS members to participate.

As you proceed on your entrepreneurial journey, look for opportunities to catapult your practice to bigger and better ambitions. If you discover a new enterprise, approach, or endeavor we will be available to help you evaluate and implement it. If desired and appropriate, we will assist you in bringing it to the membership.

Breakthroughs come from unconventional views of business; look at your business as an entrepreneur, not just as a business owner.

By: Lawrence Lawler, CPA, EA, CTRS

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