I recently presented The 3 Laws of Empowerment- www.RShawnMcBrideLive.com – to an audience, and I got a very interesting question. “How do I use The 3 Laws of Empowerment if it’s just me in my business? Do they apply? Particularly, how do I protect myself?” It’s a very interesting question. What do you need to do if you have a single owner business? How do you make sure you’re protected? Does this stuff even apply?
I believe The 3 Laws of Empowerment are important to the single owner businesses. You still need to prepare, you still need to plan, and you still need to protect. You still need to understand your business and where you’re going, and how you’re executing your plan. These principles apply across any business. However, what’s different in the single owner business is the protection. You need to stop for a second. Who’s relying on you? Who do you need to protect beyond yourself? There are probably a lot of stakeholders in your business, even if it’s just you. You may have family that relies on you for a certain income. You may have employees or independent contractors that rely on you. You certainly have customers that expect you to perform whatever you agree to perform.
I think The 3 Laws of Empowerment are very applicable to a single owner business. Perhaps, even more so. The single owner business needs to make sure that they’re protecting all the constituencies, which are probably broader than just the economic holders of a multi-owner business.
What are your thoughts? What do you think about single owner businesses? What do you think about protection, if it’s just you that owns the business? Give us your thoughts below. We would enjoy discussing with you in the comments.
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/Photographer weird-maex.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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