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E-Myth – “Why most small businesses don’t work & what to do about it”

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Business Boot Camp Intro Part 2 | Edmonton Business Consultant

15% of all businesses will fail in the very first year. 30% of businesses will fail by year two and 50% of businesses will fail by year five. That’s according to Industry Canada. And that is the most optimistic stats I’ve ever found on the subject. A lot of them will say 80 or 90% are going to fail.

Yeah, I can see why. Because it’s mad.

I’m going to have Chris Wilkie, Aka Tony Robbins, not that tall BMW garage door. And we’re going to talk about some of the common myths of entrepreneurship.

MMM.

So first of all, we’ll go through why this is, is kind of important to me. People don’t, some people don’t quite understand it.

MMM.

15% of all businesses will fail in the very first year. 30% of businesses will fail by year two and 50% of businesses will fail by year five. That’s according to Industry Canada. And that is the most optimistic stats I’ve ever found on the subject. A lot of them will say 80 or 90% are going to fail. Edmonton Business Consultant, so what I’d like to do is everybody in this room stand up,

sorry.

And everybody from the green shirt that way, all of you guys on this side of the room, I want all of you guys to sit down.

These are the businesses that will fail if we do nothing else. These are the businesses that will pay off. We do nothing else. Sorry for the people on that side of what we tend to do. I want you guys to keep standing here on this site. What we tend to do is we trivialize business failure. We don’t look at, you know, the human element of it. And you know, really me as an accountant, I get to see unfortunately what happens to the bitter end. You know, what happens because we have a file right to the bitter end, but long after they stop serving customers and you know, what happens, you know, we talk about all these other human issues, but you know, there’s things like depression, families break up, people lose their life savings and you know, suicide’s rate increased. Edmonton Business Consultant, it’s a very serious issue that can be, and that’s why I care about small businesses the way that most people care about things like a human rights or the environment or baby seals.

And not that those things aren’t important, but I’d have no idea how to fix them. I know how to fix this. So we often trivialize these, um, you know, business issues because we think there’s no human element to them when there’s a very real human element of them. And the other part is people don’t understand how significant this is. 5% of the Canadian population is self employed. Approximately 5% of the Canadian population is self employed. 53% of all jobs in Canada are created by small businesses. So 5% are self employed, 53% of all jobs. This issue is affecting Canadian household at an absolute epidemic. Um, and, and so you’ll get an amount that this affects the Canadian economy’s grossly underestimated. People will look at, you know, what are we doing with minimum wage? Are we building a pipeline? Nobody is talking about this. No one is talking about this at all.

And the that’s are are, you know, really quite bleak on it. And you know, I’ve been studying, you know, I’ve been studying, running, advising, small businesses for over two decades now and really I started to see trends. The same thing starts working over and over it again and the same thing starts failing over and over again. And when you really break it down and you study small businesses, there’s only really three problems that you have to solve is number one, they fail to attract enough customers. That’ll be the most common problem. Number two is they’ll run out of cash, okay. And number three is they can’t find the right team. So not enough customers. They ran out of cash and can’t find the right team. Everything else is noise like it’s just white noise and people are opting in and focus on the wrong feet so we could solve those three problems. All of these people, we’ll start from here. You guys can stand back up again and just a little, and you guys, since they said you guys stand up, stand up, stand up, sign up, sign up, sign up, sign up, sign up, body set up, set up in the middle here. If we could solve those problems, those three problems, these are the only failure is that we would have, we would be able to keep 90% of the businesses. Okay. Edmonton Business Consultant, I’ll let everybody sit down now. Thanks for letting me do that again.

This rate of failure is entirely unnecessary because there are proven strategies that work over and over and over again. You know, Edmonton Business Consultant, you know, my experience is that sex, successful entrepreneurs, they do the same things and they do the same things that are written in the top business books. You know, you take out the one or two outliers here and you start reading all the books and they start saying there’s some, you know, outlier ideas. But then a lot of the ideas that are just repeated over and over and over again. And when I look at successful entrepreneurs, they start doing the same thing over and over again. And I’m not telling you, this is someone who, you know, I think as smarter than you, I’m telling you as someone who’s probably tried the other way already, um, you know, and just thought, I’ve tried the way that doesn’t work so well and you know, and now after 20 years I’m starting to get a little bit good at it.

Um, so I, you know, that’s what I want to show you guys today is, you know, avoid the 20 years of learning and there’s so many people who have gone before us. Um, and so it’s not what, you know, keeps me up at night is the fact that 50% of businesses fail is that they’re failing for tiredly preventable reasons. You know, let’s think about if you knew that there is a, Edmonton Business Consultant, a really significant form of cancer and it was affecting 53% of the Canadian households and you knew exactly how you could reduce that, that if you know that that rate of a cancer dramatically, you know, you could two thirds of it, you could solve it. Okay? That’s what keeps me up at night. And a lot of it, you know, it often gets buried in these timeless strategies get varied in this kind of, especially now in this entrepreneur culture. You know, the, the Hashtag, Edmonton Business Consultant, entrepreneur life, I don’t know if anyone is, if we look at this stuff on Instagram, so let’s, uh, let’s do it. That’s the quick search here and see if I can find, so, hey Josh, I’ll pull up. Mine were like you did last time. Wasn’t have a good hair day.

You don’t have it yet.

You just search it. They can just go with this hashtag entrepreneur, well, Google is smarter than Instagram. Here we go. We get the Lamborghinis fairly at this demonstration. We need the Instagram. Those are pretty good. If you’ve walked entrepreneur, you’ll get all those videos. Yeah. So I’ll put, if you pull out your phone right now and you do a search of entrepreneur on Instagram, you’re going to see Lamborghinis and girls in bikinis and stacks cash, Edmonton Business Consultant, floating there. And that’s not what entrepreneur life is really about. So,

so the problem with the strategy that actually work is they’re difficult and you know, they only work if you do type of thing. Um, but if you execute them, you know, if you decide, hey, I’m not going to be, I’m not banking on winning the lottery, I’m not going to be that 1% of the 1% and I just want to be the guy who, you know, counts the cards at the blackjack table and I know exactly what’s going to work 90% of the time, you will win 90% of the time and you can just do it over and over and over again. So we’ll flip to the mist and we’ll start with the myth one here.

So myth number one is that you could only work when you are motivated. Chris, you get to only work when you’re motivated. Oh Man. If only. So, uh, yeah. Edmonton Business Consultant, a lot of the times, uh, I will, I come home from a really busy work day, um, uh, route five, six o’clock after I’ve just installed the two doors and introduce yourself. So, Oh, I’m cross referrals. It’s Berlin associates, Chris Milkie CMW we got Kevin say halo power. We’ve got to turn her salads inspired method and we got Matthew, Matthew to financial and we got y’all away from always bookkeeping. Edmonton Business Consultant, but I recognize us from our spotting a flyer. It’s pretty sweet. Yeah.

Anyway, I’m sorry. So yeah, a lot of times I will get home at six o’clock at night and my phone will ring and someone spring is broken and I really, really don’t want to go to that call even though it’s, so you look at that already, like people will call it what people will call and I’m in a meeting, I can’t handle it. I’m not motivated to go do that. But I will answer that phone and I will go out to that, to that call because that, that person is not just one job. That person is 10 jobs versus 20 jumps. That person is 30 jobs depending on how many people can tell about you. And I guarantee you, when you’re, when you, when you go to their house at nine o’clock at night and get their car out, Edmonton Business Consultant, because you’re, their daughter has a dancer spot sidle tomorrow, and they absolutely have to be there at 6:00 AM they’re going to remember you. And they’re going to remember that, uh, the extra mile.