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.
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 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.
Entrepreneurs Galaxy: A. Shining Stars- entrepreneurs have all the skill sets necessary to run a successful business. Shining stars reside at the top of the pyramid and only represents 5% of all entrepreneurs. B. Fast Trackers- entrepreneurs have been trained at a growing company but still need some form of management support. 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 share the weight and mass of the pyramid together with Wannabe’s, even though they are do not share the load evenly. Existing talents represent 20% of all entrepreneurs in the galaxy. D. Wannabe’s- entrepreneurs lack most of the skill sets, knowledge and core competencies to run a successful company. Wannabe’s use trial and error and pay the price statistically for it. They represent 60% of the universe and the largest numbers.
So what’s this first key tell us? The galaxy tells us and the statistics will confirm that 95% of all entrepreneurs lack one or more of the skill sets to successfully run a business. That means, the opposite side of the same coin then tells us, 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 e-commerce businesses are profitable. 50% of all businesses close in the first two years.
Take a quick look inside you. Your future earnings and business future count on it. They tell the story and it’s up to us to strengthen the skills we really need to successfully run a company. It’s a life long process and one that requires a paradigm shift.
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.
Learn more about galaxy of entrepreneur’s. Visit their website where you can find out all about skill sets and what it can do for you and the future successes of your business.
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