Where is the value in the the work that you do as an entrepreneur?

I think the farther you can get from the commoditized skills the more money you’ll make.  A commoditized skill is anything that you can easily and simply abstract and have done else where.  Here are some examples of commodity skills:

• Basic accounting
• Website design
• Customer support
• Writing/Research

If it’s possible to use a service like Elance to connect you to people that will do the work cheaply and quickly, why would you want to compete in that space?

The real money is to be made in the skills that deliver the competitive advantage to your business.  At the highest level that is the strategy.

Being a good business strategist and knowing how to execute the strategy is like having a license to print money.  It’s a skill that I’m beginning to learn and will continue to try and master for the rest of my life.

Currently I’m doing a lot of the grunt work in my business.  I’m writing the reports, doing the research, designing the websites, and doing the promotion.  It’s a lot of work and it reveals a lot of inefficiencies.  The things that I like to do get done quicker while other parts get delayed and hold up the progress.

As the business grows more and more of that work will be taken off my plate and I’ll get to spend more time doing the higher value things like structuring offers, inventing product ideas, and networking with partners.  Those are the things that will really accelerate your income.  They are also skills that are hard to learn from a book or course.  You really need to spend some time in the trenches, make mistakes and continue on the path to mastery.

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This entry was posted on Tuesday, September 30th, 2008 at 1:07 pm and is filed under Business, Internet, Passive Income. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.