Why don’t we all have an Owner’s Manual for our businesses?
Whether we are domainers, domain developers, or just entrepreneurs we should have an owners manual for our business. Now I know that you may be asking what the difference is between a “Business Plan” and an “Owner’s Manual.” I’m not quite sure I can quantify that for you. The difference I see is that when I read Berkshire’s Owner’s Manual I see a guiding set of behaviors and principles that define how the business will operate. When I read a business plan I see numbers and figures and projections that tell me what the business will do.
I suppose the difference is that the BPlan tells me What we are doing and the Owner’s Manual tells me How.
I think it would be important as an investor (and if you own a domain you are an investor) to know what management (sometimes this is you) plans to do with the domain and the Owner’s Manual tells the investor (this would also be you) how management will act/behave in attempting to achieve the objectives in the BPlan.
One of the reasons that so many people fail to realize their domaining or investing dreams is that they may be able to identify a promising domain, but then they don’t have a plan in place that explains what they will do with the domain and they have no plan for how they will act as the manager of the domain.
Read Warren Buffett’s Owner’s Manual (PDF) and then think about how his “Owner-Related Business Principles” could be applied in conjunction with your business plan. How could you use these as tools to increase your likelihood of success.
Whether we are domainers, domain developers, or just entrepreneurs we should have an owners manual for our business. Now I know that you may be asking what the difference is between a “Business Plan” and an “Owner’s Manual.” I’m not quite sure I can quantify that for you. The difference I see is that when I read Berkshire’s Owner’s Manual I see a guiding set of behaviors and principles that define how the business will operate. When I read a business plan I see numbers and figures and projections that tell me what the business will do.
I suppose the difference is that the BPlan tells me What we are doing and the Owner’s Manual tells me How.
I think it would be important as an investor (and if you own a domain you are an investor) to know what management (sometimes this is you) plans to do with the domain and the Owner’s Manual tells the investor (this would also be you) how management will act/behave in attempting to achieve the objectives in the BPlan.
One of the reasons that so many people fail to realize their domaining or investing dreams is that they may be able to identify a promising domain, but then they don’t have a plan in place that explains what they will do with the domain and they have no plan for how they will act as the manager of the domain.
Read Warren Buffett’s Owner’s Manual (PDF) and then think about how his “Owner-Related Business Principles” could be applied in conjunction with your business plan. How could you use these as tools to increase your likelihood of success.
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