While there may not be any absolute guarantees in business, this discovery will get as close to one as possible. Let's start with our company motto. It will give you some insight into what's in store for you as an Entrepreneur. "Entrepreneurship is living a few years of your life like most people won't, so you can live the rest of their lives like most people can't." You begin with Key number 1: learning about this new universe.
We use a pyramid model for our galaxy of business owners. There are four elements to the galaxy and all entrepreneurs exist in this pyramid. Facts show these galaxies and the stories they tell about business owners.
Entrepreneurs Galaxy: A. Shining Stars- entrepreneurs have all the skill sets necessary to run a successful business. Shining stars reside at the peak of the pyramid and only represents 5% of all entrepreneurs. B. Fast Trackers- entrepreneurs are trained at a growing company but still need some form of management backing. Fast Trackers reside in the middle of the pyramid and represent 15% of the galaxy. C. Existing Talents- entrepreneurs have been partially trained but really lack judgment and experience in running a company. Existing talents shares the weight and load of the pyramid together with Wannabe's, even though they are don't share the load evenly. Existing talents represent 20% of all entrepreneurs in the galaxy. D. Wannabe's- entrepreneurs lack many of the skill sets, knowledge and core competencies to run a successful company. Wannabe's use trial and error and pay the price for it. They represent 60% of the universe and the largest numbers.
So what does the 1st key tell us? The galaxy shows us and the statistics will prove that 95 percent of all business owners lack 1 or more of the skills to successfully manage a business. That means only 5% have all the skill sets required to be successful in business.
Here are the industry stats: 40,000,000 businesses. 25% change ownerships each year. 90% of all businesses gross less than $300,000. 20% of online companies are profitable. 50% of all businesses close in the first two years.
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.
Key 2-is in understanding where you fit in the galaxy. I'm the fortunate one. I personally learned later in life this discovery and went on a 6 year retooling program. I assessed my weaknesses first, since those were so obvious, then I devoted the time to systematically enhance my skill sets and core competencies that would ensure my future successes in business.
Take a quick assessment of yourself by looking at the model and determine where you fit. Your future profits and business successes depend on it. This model tells the tale, and it's up to you to strengthen the skill sets you need to successfully run a business. It's a life long process and one that requires a different 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 compelling to believe otherwise. If you want to guarantee any degree of success as an entrepreneur, you must learn and 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.
As CEO of a company with over 450 employees, I coached 100's of entrepreneurs and business managers on some of the most critical skill sets like communications for managers and assertiveness training. Here's a short list of some of the skill sets available for you to learn: people skills, accounting for non financial managers, marketing, sales, communications, internet marketing and SEO, team building, project management, human resources, etc. Look to business classes in the evening at local community colleges also.
Want to be successful in running your own business. Learn more about Universal World, then visit the site to learn moreburning brighter than rest of the stars for your needs.
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