Focus on working “on the business”
Rather than “in the business”
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about growing your slice of the pie by creating a bigger pie. Collaborating with more people lessens the percentage you take, but with everything growing exponentially, what you receive ultimately increases as well. In this episode, Jason shares his insights on Phantom Equity and other viable options to grow your business, as well as how exactly collaborating with more people would help him develop his businesses in the long run.
3 KEY POINTS:
- Realize that you can't do everything on your own.
- Allow key people to partake in the upside.
- Focus on working “on the business” rather than “in the business.”
EPISODE HIGHLIGHTS:
- Allow others to partake in the upside as this may be the driving force for others.
- Over time, you need to let go, trust, and delegate your other responsibilities.
- Creating a separate legal entity to manage a different business has been complicated due to separate tax returns, bank accounts, payrolls, etc.
- Jason came across the idea of creating partnerships with other clinical experts to grow the pie.
- Jason recommends exploring Phantom Equity as an option for your company.
- As Sam Walton mentioned in his books: Allow key people in your company to partake in the upside.
- Sam Walton's slice of the pie got smaller in terms of percentage, but since the pie got bigger, the value of his percentage grew exponentially by giving away stocks.
- Jason is currently teaching 3 courses that have been developed over 5 years. To lighten his load, he wants to partner with others that can provide coaching on his behalf.
TWEETABLE QUOTES:
“If everything always has to go through you, that may eventually become a bottleneck in your business.” – Jason A. Duprat
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“Find people who can lead so you'll have more time to work ‘on the business' rather than in it.” – Jason A. Duprat
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RESOURCES
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RELATED EPISODES:
- #46: TACTICAL TUESDAY: LETTING PARTNERSHIPS EVOLVE NATURALLY
- #38: TACTICAL TUESDAY: CREATING ALLIANCES THROUGH NETWORKING AND BUSINESS PARTNERSHIPS
- #28: TACTICAL TUESDAY: EXPAND YOUR BUSINESS WITH STRATEGIC PARTNERSHIPS AND ONLINE TRAINING PROGRAMS
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