The U.S. Bureau of Labor reports that around 20% of all small businesses fail within the first year, if that isn’t scary enough by the end of their fifth year, roughly 50% of the remaining will close their doors for good. Some of the more common reasons are lack of capital, poor management, no infrastructure, and unsuccessful marketing initiatives. All of these are usually overseen, fulfilled, and ignored by one person, the business owner.
In most small businesses the owner plays three crucial roles; they own the place, they manage everything, and some even are the company's only employee. This usually means they spend most of their time working in the business and little to no time working on the business. Ironically, if they would switch their priorities, focus, and time, they would join the top 10% of companies that are not only to stay open but bring in a profit year after year.
In this episode, you will discover:
One of the most successful CEOs of GE, Jack Welch lived by the following "Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion." Jack highlights two great key points in his famous quote, the first one is a business leader. A leader has followers and those followers work to implement the vision. One cannot do it alone; you need a team of individuals to help bring your vision aka business to life. The second key point is the focus and drive on the vision not the application as that is for the employees, the leader must stay relentless to the vision, not on the work. Join us this week as we show you how to set your business up for success, so you can start taking action towards your dreams and future today.
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