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March 14, 2017
Kim: Women have a stronger tendency to go into a service based business than a product based business. The reason for that is because it usually doesn't require much, and start up cost to start a service based business, obviously, if I want to teach piano lessons, I could just pass out flyers, you know $10 at Kinko's, and voila, I have two clients. But the problem with that is, it's not scalable on training time per dollars, I can't grow that business beyond my own time. So, the solution to that is, either go to a product based business, which will require more start up cost, obviously if I'm going to manufacture pianos, I'm going to have to get a big loan or get an investment, and then I can scale that business as much as I want to scale it. Or, if you have a service based business like I do, be willing to scale it, and that means be willing to understand that you are replaceable by employees, and you have to be replaceable. Your position in the company is to oversee the company and not to actually be in there working as an employee in your own company.