Research shows that 25% of small-medium businesses do not make it past the first year. Only 50% make it through their fourth year and by the 10th year more than 90% of all businesses have either closed up shop or filed for bankruptcy. Now, many business owners and entrepreneurs are constantly searching the web for a reason why such high number of businesses cannot make it out there in the real world.
The best way that I can illustrate this is by a quote from Richie Norton.
As Richie Norton once said, “Attempting to succeed without embracing the tools immediately available for your success is no less absurd than trying to row a boat by drawing only your hands through the water or trying to unscrew a screw using nothing more than your fingernail.”
While that might sound blatantly obvious the number of individuals who even apply such a simple concept in their life is small. You see, we live in a world where things are constantly changing and what worked yesterday might not work today. Let’s take the most notable change that has occurred over the last decade – the advance in technology. While this has been a good thing for the world, it has increased competition among business owners and entrepreneurs. As a consequence, business owners & entrepreneurs are left having to innovate and market better than anyone else in order to maintain a competitive advantage
What Is The Problem?
However, that still does not answer the question as to why over 50% of business owners & entrepreneurs fail. It really all comes back down to “one thing.”
Researched revealed that the reason why business owners & entrepreneurs fail is because they do not have the skills required to succeed. It turns out that you cannot just create but have to earn the title “Chief Executive Office.”
How to Solve This Problem
Become the best in your industry.
Nobody has to know more about your product or service better than you.
So, how do you become the best?
The most practical way to achieve this is to work on your skills for a minimum of one hour per week. Set aside a day and time that you are going to sit down and either learn or enhance a skill that will help you become a better business owner or entrepreneur.
In case you are wondering what kind of skills you could work on, here are a few example to get you started.
Fundamental Skills Every Business Owner & Entrepreneur Must Have
- Productivity (i.e. this can be company or personal productivity)
- Business Psychology
- Employee Motivation
- Perfecting Leadership
- Marketing Strategies
Make sure to add the skills that you know are needed in your Industry. In the most simple’s words, this is basically to prepare you with the basic knowledge needed to begin.
You might be thinking this is such a simple solution, but the sad truth is that less than 5% of business owners & entrepreneurs actually work on their skills every single week.
Only way you are going to be able to achieve this is with constant discipline and dedication.
How to Get Started
- Go online and search for the bestselling books within your industry (read at least the top 10). Make sure that you are increasing your awareness and knowledge of your industry.
- Follow the gurus of your industry. Find out who are the people who have mastered what you are trying to accomplish and do some research as to how they were able to succeed.
- Research, Research, Research, Research……………
- Although research is important, do not get caught up on the theory and concept of things. There is nothing more powerful than execution.
If you are currently a business owner or entrepreneur make sure that you change your routine and start working on you skills. Do not become another number that adds on to this ridiculous statistic.
If you are a future business owner or entrepreneur make sure that you take the action necessary to sharpen your skills and gain the knowledge and become competent within your industry.
For everyone reading this, I leave you with a challenge:
What are you going to do today to make sure that this doesn’t happen you?
Let me know in the comments below.