How I Found My Endgame and How to Find Yours
Originally published by Creel Price on LinkedIn: How I Found My Endgame and How to Find Yours
There once was a lady who made incredible pies. She was passionate about it and everyone loved them. Encouraged by her friends, she decided to quit her job and start a pie-making business. Things were going great – too great. She soon discovered due to its runaway success she ends up managing people to make pies rather than making pies herself. In other words, she is doing HR, Sales, Marketing, Finance and Management not her vocation of pie making.
This example told in Michael Gerber's legendary book 'The e-Myth' talks about the 'entrepreneurial myth' that catches many hopeful entrepreneurs. It's what happens when what you love to do doesn't align with your endgame.
Who you want to be in business, whether that is an employee, self-employed, business owner, entrepreneur or serial entrepreneur, should take into consideration your endgame. Your endgame is your internal compass of what you want to get out of business.
Recognising your endgame is about exploring the lifestyle you want and the legacy you want to leave behind. Your lifestyle is basically what would you physically like to do on a day to day basis – how and for how long do you want to work? How do you spend your time ? Legacy is about your purpose in life - what do you want to create? What would you like to see changed? How will people remember you?
The purpose of the work you do and the value you add is to help you achieve your desired level of income and equity so that you can in turn enjoy your desired level of lifestyle and legacy.
The endgame I set for myself in my business was to uncover the formula for why some businesses grow and thrive and others wilt and die and then to float the company for over $100 million. This would ensure my personal return would allow me to retire by the time I was 35 so I could help incubate the next generation of entrepreneurs.
Each type of occupation will have a different endgame. Here are a few examples to get you thinking about yours.
1. Employee – Someone who works for a business without an ownership interest.
Employees are often motivated by the income they receive so that they can live the lifestyle they want, although some may have found a job they truly love as well. Your endgame could be moving up the corporate ladder or retiring with a certain amount of financial stability. The lack of freedom, fulfilment and long-term financial security, however, often provides the catalyst for the employee to get into business for themselves.
2. Self Employed– Someone whose business is largely about selling their own time.
Those who are self-employed often make more money and have more freedom than being an employee, although you are still selling your time for money. Your endgame is usually to either achieve your desired level of income for the least amount of effort so that you can pursue your vocation outside of your work. Alternatively, if your vocation is the industry you are working in then your endgame might be to make a name for yourself as the best in your field.
3. Business Owner– Someone who owns a business (often in a traditional industry) that employs staff whose efforts create value that can be sold to derive an income.
The endgame of a business owner might be to build the business up so that it is deriving an income for them to spend on their lifestyle regardless of how much of their own time they invest. Alternatively, the endgame might also include becoming the best in an industry or creating a legacy that will benefit many generations. Essentially, business owners plan to have their business indefinitely.
4. Entrepreneur– Someone who owns a business (often with an innovative product or service) with a goal to pay themselves a wage and to exit the business for an equity windfall
The entrepreneurs' endgame is similar to that of a business owner, but with a much more time condensed purpose - essentially to start, grow and exit their business for an equity gain. They might enjoy an industry or love working in their company but if they can't see themselves doing it until they retire, then this is not their ultimate vocation. Their vocation is probably to sell their business so that they can either invest their time and money on a legacy outside of business.
5. Serial Entrepreneur– Someone who loves playing the game of business and is always starting and exiting business for gain.
Serial entrepreneurs love the game of business so much that their vocation is not any one business, but business itself. The endgame is usually to amass some combination of wealth, power and influence.
Most of the elements of this endgame came true for me. I did come up with a business growth formula and retire by the age of 35. And whilst we sold the company rather than floated it – it was uncannily close to my original goal of $100 million. This outcome has allowed me to work in my chosen vocation of training and developing entrepreneurs of all ages – which was the mission I first set myself on all those years ago.
Does this help you clarify your own endgame? These are broad categories but do you think there's any types that haven't been included? Let me know what you think and why / why not.
