While there may not be any real absolute in business, this lesson will get as close as possible. We begin with our company axiom. It will give you some understanding to what’s in store as a entrepreneur. “Entrepreneurship is living a few years of your life like most people won’t, so they can live the rest of their lives like most people can’t.” The number one key is in knowing the entrepreneur’s universe.
All entrepreneurs compete in their own galaxies and universe, metaphorically speaking. This discovery is a look at the galaxy all entrepreneurs compete in. This discovery is bundled and tied it to 2 simple keys that ensure your future successes in business.
Entrepreneurs World: A. Stars That Shine- business owners have all the knowledge needed to run a successful business. B. Fast Trackers- business owners are coached at a growing company and still require some form of management aid. Fast Trackers reside in the midst of the triangle and total 15% of their world. C. Existing Talents- owners have been partially educated but are missing sound judgment and hands in governing a business. Existing talents split the load and mass of the triangle along with Wannabe’s, even though they do not actually assist with the load on an even basis. Existing talents total 20% of all owners in their world. D. Wannabe’s- owners do not have most of the skills, knowledge and core competencies to manage a successful enterprise. Wannabe’s use trial and error and pay the price statistically for short comings. They total 60% of their world and that is the biggest category.
So what does the first key say? The world shows us with numbers to prove that 95 % of all businesses lack one or more of the skills to be successful at managing a business. That leaves only 5 percent that have all the skill sets required to be successful in business.
Here are the industry stats: 40 million businesses, 25% change hands yearly. 90% of all businesses make under $300,000. 20% of internet models are profitable. 50% of all businesses close in the first couple years.
Take a quick look at yourself. Your future income and business successes count on it. They tell the story and it’s up to us to strengthen the skills you require to successfully run a company. It’s a life long journey and one that requires a new mind set.
It’s apparent that few entrepreneurs competing today have all the skills and disciplines necessary to successfully run a growth company or business. The statistics are too convincing to believe otherwise. If you want to guarantee any degree of success as an entrepreneur, you must learn to develop the skill sets you lack.
Want to be shining star? Then learn to make a small shift in your orientation towards goals. We need to move away from a single goal orientation and add a learning orientation to it. Sometimes the trouble with success is, once you’ve achieved it, you have nothing to look forward too or to challenge you. Not so with a life long learning orientation where you will always have something new to learn, as you grow personally and professionally.
Want to be more successful? Then learn to make a small change in your orientation towards accomplishment. We need to move away from a single goal orientation and add a learning goal to it. Sometimes the problem with success is, once we’ve accomplished it, we have nothing to look forward too, or to challenge ourselves. Not so with a life long learning orientation, where you always have something new to learn, as we grow personally and professionally.