When you study the Small Business Administration statistics on entrepreneurial survival past the 10 year point, you'll find that, on average, only three out of ten survive. Talk to most experienced entrepreneurs and you'll find that most have a lot of scar tissue. Why? Because building a profitable company that survives for the long term is tough.
If you look at the last 4 decades, the numbers have remained fairly constant, despite ups and downs in the economy. Is it necessary that we accept eight of ten businesses should crash and burn? It would seem that if we applied basic continuous improvement thinking to this problem, we should be able to yield a better result. Like most endeavors, the real key to understanding the failure rate is to look at what happens BEFORE the business launches.
Just like a traditional education, what you learn in high school builds on what you learned in middle and elementary school. If your basic skills are not solid, then it's likely you won't do well in secondary education. Small Business development is very similar... and there is a lot we can learn to improve the 33% survival rate... and we should learn it... NOW!
When you leave high school or college, you typically have your sights set on a bright future. Sandi Capra decided to leave college life at Florida State University and pursue a business career in the insurance industry. Initially, Sandi thought she knew the kind of job she would enjoy. Then she discovered a whole new world.
Throughout an exciting early career, Sandi found herself married to an entrepreneur at the beginning of what would become a hyper-growth company. The experience working along side her former husband was a wild ride, growing a company from $400,000 a year with zero profit to a $70 Million juggernaut. Unfortunately, some parts of the trip were quite painful.
In Episode 109, you'll hear how Sandi applied those painful lessons to bundle her passion for veterans and dogs to serve the non-profit world in amazing ways. Sandi then found herself in private conversations with Chief Marketing Officers driving billion dollar budgets for Fortune 100 companies, which then led to planning and executing a successful non-profit launch in Washington DC, with 3.5 weeks notice... on Inauguration night!
We've all heard the old saying about turning lemons into lemonade. No matter what your circumstance, there are usually plenty of well-wishers standing by to share cute phrases and pretty pictures to encourage you. While the sentiment may be heartfelt, the challenge for many people is simply moving forward. Managing your personal stress is even more complicated when you are the leader of a small business.
In Episode 108, you'll meet Tim Sullivan, a US Navy Veteran and fellow entrepreneur. Tim shares some very personal experiences that led to him leaving the service after a relatively brief enlistment and the harsh reality that awaited him in civilian life. Tim shares what 'HUSTLE' looks like in real life and how he kept creating lemonade despite seriously challenging circumstances.
If you've ever wondered (or are currently wondering) which entrepreneurial avenue is a good fit for you, Tim's insights into the lessons he learned in many different ventures will give you great comfort. Tim's journey finally led to a clear path illuminated by God's peace and forged by his perseverance and tenacity.
What's the difference between average and outstanding performance? There are as many answers to this question as there are experts selling books on the subject. Entrepreneurs, especially those preparing to launch a company or grow into a substantial growth phase, rarely ask themselves this question. Why?
Most small business owners are head-down, working inside their companies. They don't invest the time to step back and evaluate their performance versus the original benchmarks they established to measure success. A complicating factor is that most small business owners never establish clear benchmarks to evaluate their own performance WHEN THEY START-UP. Herein lies the problem.
In Episode 107, you'll meet Robert Teschner, President of VMAX Group, LLC. Rob's a former Air Force F15 / F22 Fighter Pilot who has adapted his personal and professional experiences into a proprietary process to optimize your performance in any size organization. Rob's unique insights will help you look at your capabilities in a whole new way (and be excited about the possibilities).