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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 have been trained at a growing company and 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 not fully trained and really lack judgment and experience in leading a company. Existing talents share the weight and mass of the pyramid with Wannabe's, even though they do not 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 1st key say? The galaxy says and the statistics confirm that 95% of all entrepreneurs lack 1 or more of the skills to successfully manage a business. That also means only 5% have all the skills needed to be successful.
Industry numbers confirm: 40 million businesses. 1/4th change hands annually. 90% of all businesses sales are less than $300,000. 20% of online businesses are profitable. 50% of all businesses close in the first 2 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 star that shines? Then learn to make a little shift in your orientation towards goals. We need to move from a one goal orientation and add a learning orientation to it. Sometimes the trouble with success is, once you've accomplished it, you have nothing to look forward too or to challenge us. Not true with a life long learning orientation where have something new to learn, as you grow personally and professionally.
As Chief Officer, with over 450 personnel, I trained 100's of entrepreneurs and managers on some of the most vital skill sets including strategic organizational leadership. Here's a small listing of some of the skill sets available for everyone 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 night at local community colleges also.
In conclusion, the couple of keys to the kingdom of your business fortunes have been dropped in your hands. Start now and commit to learning new skill sets. There are plenty of skill set seminars in business, so prioritize them to your own needs for a quicker start. Learn to work on your business as you work in your business. Good luck.
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 have been trained at a growing company and 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 not fully trained and really lack judgment and experience in leading a company. Existing talents share the weight and mass of the pyramid with Wannabe's, even though they do not 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 1st key say? The galaxy says and the statistics confirm that 95% of all entrepreneurs lack 1 or more of the skills to successfully manage a business. That also means only 5% have all the skills needed to be successful.
Industry numbers confirm: 40 million businesses. 1/4th change hands annually. 90% of all businesses sales are less than $300,000. 20% of online businesses are profitable. 50% of all businesses close in the first 2 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 star that shines? Then learn to make a little shift in your orientation towards goals. We need to move from a one goal orientation and add a learning orientation to it. Sometimes the trouble with success is, once you've accomplished it, you have nothing to look forward too or to challenge us. Not true with a life long learning orientation where have something new to learn, as you grow personally and professionally.
As Chief Officer, with over 450 personnel, I trained 100's of entrepreneurs and managers on some of the most vital skill sets including strategic organizational leadership. Here's a small listing of some of the skill sets available for everyone 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 night at local community colleges also.
In conclusion, the couple of keys to the kingdom of your business fortunes have been dropped in your hands. Start now and commit to learning new skill sets. There are plenty of skill set seminars in business, so prioritize them to your own needs for a quicker start. Learn to work on your business as you work in your business. Good luck.
About the Author:
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.
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