Every financial advisor needs to act like an entrepreneur. It doesn't matter whether you are a self-employed business owner who coordinates all of your firm's moving parts yourself, or you're an employee at an organization with a huge infrastructure. Either way, you've got to manage your business wisely so that you can create long-term success.

Of course, doing so is one of the biggest challenges any advisor will face. My friend Michael Gerber, author of the bestselling book The E-Myth, recently summed it up nicely for me: People who go into business to do work they know how to do often make a fatal assumption - that because they know how to do that work, they therefore know how to build a business that does that work.

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