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The most valuable businesses, the ones that buyers will pay a premium for, are companies that run on autopilot. In contrast, owner dependent businesses attract a steep discount.
The test of a healthy business is that it can run in its owner’s absence. Can you pack a bag and jet off to Costa Rica, right now, for a month? And will your business survive, let alone thrive?
Most entrepreneurs have a clear vision. Their problem is that they don’t communicate it well. And while that may go unnoticed in good times, it leaves employees feeling uncertain, and leaders feeling frustrated when the going gets tough.
According to author Alex Soojung-Kim Pang, four hours’ focus is the maximum most humans, can manage. Indeed, in his book: Rest, why you get more done when you work less, he suggests the average office worker can achieve as much work in four focused hours a day as in eight.
It used to be a challenge to find information on your competition, but that’s all changed thanks to the internet. Nowadays, you hardly need to leave your desk, unless of course you’re into some serious industrial espionage. Assuming that’s not the case, your biggest challenge is going to be dealing with an information overload.
Last week I was in Berlin to attend this year’s EU-Startups Conference. The Conference is an event for aspiring entrepreneurs aiming to build global companies from within Europe. An occasion for founders, startup enthusiasts, corporates and investors to come together, network and discover opportunity.