Hello and welcome to Business 300. My name is Philip Kulenshov and this is 300

seconds about business. We're all a busy people, so I have five minutes or less to get my point across.

This shouldn't take long. As a business owner, whether you're a passive partner or an owner-operator, you need to be able to think like an investor.

This means that you evaluate the business performance objectively without having your emotions and ego tied in with your decision.

That's not to say that having emotions and ego connected with your decisions is a bad thing.

On the contrary, you won't make solid decisions with removed emotions.

If you don't care about the outcome, if it doesn't affect you and hence your affections aren't stirred,

then the level of attentiveness will be missing.

If you don't have skin in the game, and by that I mean more than just money,

if you don't have committed effort and care put into the work being done, the soundness of your

decisions will be compromised. For example, who is more qualified to make decisions for a child,

their schoolteacher or their parent? Even though teacher unions and their members might

argue otherwise, the reality is that the child's parent, the person who isn't just responsible for

their well-being, but is fully invested with their entire mind, body, and soul into the life of this

child, is much more qualified to make sound and good decisions for this specific child.

Every child is unique and different, and even though there are general principles that apply

for everybody, the unique love a parent has for this child, as is demonstrated in their

lifelong investment, is what enables the parent to make case-by-case decisions for the child's

well-being.

In a similar fashion, a passive partner who is removed from the day-to-day

operation might be able to apply a general principle to the specific situation the business is in,

but it doesn't have the level of committed investment required to understand the details and

...