While there are no real guarantees in business, the galaxy of entrepreneurs will get you as close to one as possible. All entrepreneurs compete in their own galaxies. This insight ties a couple of keys that ensure your future successes in business.
1st key is in understanding the galaxy. We use a pyramid diagram as a diagram for our galaxy of entrepreneurs. There are 4 elements in the pyramid. Numbers confirm these galaxies and the tales they tell about business owners.
A. Shining Stars- entrepreneurs have all the skills needed to run a successful com[any. Shining stars reside at the top of the model and only represents 5% of all entrepreneurs.
B. Fast Trackers- entrepreneurs are coached at a growing company and still need some form of management backing. Fast Trackers are in the middle of the pyramid and represent 15% of the galaxy.
C. Existing Talents- entrepreneurs have been partially coached and really lack judgment and experience in managing a company. Existing talents share the load of the model together with Wannabe’s, even though they don’t share the load evenly. Existing talents represent 20% of all entrepreneurs in the galaxy.
D. Wannabe’s- entrepreneurs are missing many of the skills, education and core competencies to run a successful business. Wannabe’s use trial and error and pay the price numercially 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 confirm that 95% of all entrepreneurs lack one or more of the skill sets to successfully run a business. That also means only 5% have all the skills required to be successful.
Industry statistics confirm: 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.
Key 2-is in understanding where you fit in the galaxy. Personally, I’m the fortunate one. I learned later in life this insight and went on a 6 year retooling program. First, I assessed my weaknesses since those were so obvious, then I devoted the time to systematically enhance my skill sets that would ensure my future successes in business.
It’s apparent that few owners competing today have all the skills and disciplines necessary to successfully manage a growth business. Take a quick assessment. Your business and future goals depend on it. This will tell the story 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 needs a different mind set.
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 with over 450 employees, I coached 100’s of entrepreneurs and business managers on some of the most critical skill sets including strategic organizational leadership. 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.
In the end, the 2 keys to the kingdom of your fortunes have been placed right in your hands. Begin now and commit to learning new skills. There are plenty of skill seminars in business, so rank them to your own needs for a faster start. Learn to work on your business as you work in your business. Good luck.
George Napoli is Ceo of Yum Drops Flavoring with 0 calories for flavored water. George is a self proclaimed evolutionary and thrives in an envronment of change and creativityand he is passionate about working with entreprenurs. He retooled his skills and earn Master Certificates in: Strategic Organizational Leadership, Human Resource Development and is a Master Black Belt in Six Sigma. He’s coached 100′f of entrepreneurs and business managers.