All right, so here we just want to look at, from a small business owner’s perspective, how does your business, your small business, fit into your overall kind of wealth plan, right? So obviously with a small business owner, their business is going to be the major driver of their wealth. So the question is, with all the variation you can get in small business, how does a small business owner understand how to think about their business in context of their overall wealth plan and financial plan? So I think it’s really important to start with understanding what do we mean in terms of businesses and what a successful business look like as opposed to having business success. So I would look at a successful business is really one we can measure by the sustainability of profits. And for a business to be sustainable it needs to keep a balance between its three key stakeholders. Customers are people who supply the revenue. think of customers as the market who find the product or service of the business more valuable than the price. And then your employees, those people who they deploy their human capital in the vision, in support of the vision of the business. And then ultimately you have your shareholders, and they’re the people who, they hold the vision of the business. They’re the ones who want to see the business be successful. And those three stakeholders are essentially vying for the same dollar, right? So keeping a balance between those, looking after your customers, looking after your employees, and looking after your shareholder imbalance is required for the business to be sustainable and obviously profitable in the long term. So that’s what a successful business looks like, but for any entrepreneur or business owner to have business success, really that business has to serve whatever the entrepreneur vision is in the first place. Okay, you can have a successful business, but if it doesn’t do what the owner wants, then it’s not a, then you can’t really say that owner has business success. And so there’s really three different types of business success, depending on the nature of the business from the entrepreneur’s vision perspective. So the business might be there purely on an economic basis. It’s there to profit from some sort of opportunistic value creation opportunity. There’s just a gap in the market and there’s a way of sort of realising that profit. It might be there to serve to capitalise on the talent, skills or lifestyle preferences of the entrepreneur, particularly creative flair or particular ideas or in some way that they want to deploy those talents. Or it might be a business that aspires to make a specific meaningful change in the world. So it’s a particular change that’s important to the entrepreneur and this business is there to try and facilitate that change in the world. And so once we understand the nature of the sort of business we wanna be in, okay, and then what keeps a business, what makes a business successful, then we want to start looking at saying, okay, well then how is the business going to support that? So really, how is that entrepreneur going to realise their human capital, that is the deployment of their efforts, physical and mental efforts, right? Is this going to be a passion business? Is it there to make some sort of specific change in the world? Is it purely an economic play? Is it there to basically take advantage of that value opportunity? Or is it there as a conduit to exercising those talents? Okay. And then once we understand that, we want to understand what type of player do we want to be, what sort of participant, ’cause there’s really three types of players, right? There’s producers, people who make stuff, there’s amplifiers, people who take stuff that’s made and make it more valuable, and then there’s arbitrators, people who basically sort of set the rules or make sure they’re in line. There are really three sort of different types of players. So our producers, we’ve got two different types. We’ve got our technicians, people who just sort of make stuff and do stuff, and then we’ve got our creatives, the people who produce something genuinely new. In our amplifiers, we’ve got promoters, people who take an existing idea and take it as far as it can go. Or we have our conductors, people who basically can take a whole bunch of different instruments and bring them together in a way that creates significantly more value than any individual part. Okay, and then our arbitrators, we have basically our referees and our legislators, okay? People who set the rules or people sort of enforce them. They’re rarer sorts of businesses. Most businesses tend to be more in the producer amplifier sort of role. But depending on what you wanna be as an entrepreneur, is gonna determine the nature of the business and that needs to be congruent with the type of business you wanna be. Is it a passion project? Is it economic driven? Or is it talent exploration? Okay, so once we understand all that, so now we understand what the entrepreneur wants from the business, right? What’s the business there? How is the business there to support their vision? We need to understand what type of business and how we’re trying to build, right? So the first one, with the different types of businesses, we can have what’s called a cash cow. Cash cow is a business that just purely looks to leverage human and physical capital, okay? Or we can have an enterprise. An enterprise, again, looks to leverage human and physical capital, but uses systems to amplify that, right? So the fundamental difference with a cash cow is it’s basically limited in its ability to grow, whereas an enterprise is systems-orientated and therefore can grow and develop value to a much larger scale. And the reason that’s important because the business type sets how your capital focus is gonna play out over time. So with a cash cow, that’s going to require that surplus cash flow generation. We wanna grow wealth, that’s gonna have to be reinvested externally to that undertaking, right? It’s gonna need to go into other enterprises or utility assets outside of the fundamental business. Whereas with an enterprise, because the enterprise itself can grow, reinvestment of capital into that business, generally speaking, will allow it to grow. So that’s often a better use of resources rather than stripping the profits out and sticking them elsewhere. So once we understand then the nature of the business that we have, we have a cash cow on enterprise, we understand what our capital allocation is gonna be. The final thing we need to look at is what our risk management strategy is. Because again, risk is the sum of all the risks that we take. So depending on the nature of the business risk we take, our investment risks, so investment into passive assets or needs to be done in recognition of that business risk, right? So we might, because the business we’re involved in is itself a relatively risky undertaking, we might wanna make sure that our investment strategy is highly diversified in passive assets. We wanna buy a whole bunch of shares and have a small allocation to dozens, if not hundreds of different enterprises. Or we wanna buy a whole bunch of properties, have a whole bunch of different utility assets that we own. or as an entrepreneur, we might wanna start a number of businesses that all have different profiles, that are, you know, we’ve got a passion project, but we’ve also got some economic ones, so that we’re diversifying our risk across those different parameters, okay? So, all right, so once we have our business profile, now we know how to focus our energy and capital allocation, right? So we now know, we have a cash cow and enterprise, we know whether that’s the sort of person are in driving that? Are we an amplifier? Are we a creator? Are we the sort of person who’s going to grow the business? We’re going to build this thing because it’s an enterprise or it’s a cash cow and therefore really what we want to focus here is optimisation of profit so that we can drag more surplus cash flow out and build our wealth through other assets outside of this particular business. Gives us a sense of our investment strategy and then the final thing we need to do is make sure So we need to protect our human capital, that’s the entrepreneur themselves, or key people, you know, either key workers or key idea generators within those businesses. That’s where our life insurance and our key man insurance and some of those sorts of things come into place. We need to protect our physical capital, our plant and equipment, property, etc. That’s where our general insurance and our fire and theft and those sorts of things come into play. We also need to protect our intellectual capital. So if there are specific ideas or IP or things, trade secrets or things that the business generates that is a significant contributor to their value, we need to make sure those things are protected as well. So that’s how as a small business owner we need to think about how our business fits into our overall financial and wealth plan.