blog-post-12-2One of the reasons some businesses are so much more successful than others is that they are run by people who act as entrepreneurs rather than as business owners.

What’s the difference?

Here’s an example – and this is SO critical to your overall success.

  • Business Owner: A jeweler who owns a jewelry store.
  • Entrepreneur: A person who owns a jewelry store to build a list of customers and also has web offers, runs jewelry parties, organizes tours to diamond mines for rich clientele to pick their own diamond, has other luxury product stores and affiliate relationships with them.

So how do you move from one to the other?

Well, two different opportunities to go from business owner to entrepreneur are vertical and horizontal expansion.

Vertical Expansion

Vertical expansion is where someone buys (or re-creates) their vendors or the businesses they sell to. You go up and down the supply chain and buy those businesses.

Horizontal Expansion

Horizontal expansion is realizing that the real asset is the value of the relationship with the customer. You can buy or start related businesses that your list is already buying from.

This could be a restaurant owner who starts a catering business, an event planning service, a D.J. service, a professional photo shop, a wine store, limo service etc…

Be an entrepreneur!

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This is an excerpt from my book, “9 Rules For Business Prosperity in the New Economy”.  The book may be purchased in both printed and Kindle editions at: http://arizonamarketingassociation.org/9-rules-business-prosperity/