The same concept applies to business.
You start by established your product/service, your marketing, your staff and all those other things that make your business work. Then you get a sense of security, knowing that it will all carry on again next week. The sense of security increases inversely proportional to how much of your presence is required to keep things working.
This is the whole working in your business that everyone talks about. The working on your business comes as you move up the heirarchy to become established within your industry and your customer communities. Esteem comes when you are recognized as a leader and self actualization comes when you teach or mentor.
Your job as a business owner is to move your business through the security phase to the community (love /belonging) phase to begin working on your business as Michael Gerber exhorts us to do.