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

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Edmonton Accountant | Chainsaw Demonstration

A few years ago at a capital ideas of it, I don’t know if anybody knows the capital ideas was really cool networking things journal put on and I’m was a good guy. So when I called him to present my previous employer and then he was so nice it taking this time to come and speak. So he’s a principal at and associates cpa just downtown where the nice offices with parking ratio front. So according to hearing what Josh had to say today and there will be time for questions, Edmonton Accountant right?

Okay. I’m happy to be here today guys. You don’t speak in front of the entrepreneurs that people were thinking about starting businesses. This is actually kind of my passion, uh, to seal the floor and they were a financial advisors and it was a little more technical. Um, you know, I actually prefer speaking in front of entrepreneurs on. I think that’s a really good fashion in what I’d like to give a hand to seal and the know the organization made because this is a fantastic opportunity that you guys have to get to learn from people.

You really get that opportunity. As I was in school, I had to learn it by the school of hard knocks, a so to speak. So it’s good that you guys, that you don’t get that diverse skill set. That was really difficult for one teacher. Did it to give you guys. So I’m so what? I’m going to have to do it. So Edmonton Accountant it’s going to be a little bit interactive here. Am I shocked? A few people here today, but we’re not going to stay completely seated here. I’m going to have everybody in the room stand up.


I’m going to divide in half, you know, kind of read there with the Adidas is there. I’m going to have you on that side. Okay. So, um, right now you guys are all entrepreneurs. People standing up here. We’re all entrepreneurs where the entrepreneurial population. Okay. So, um, what I’m going to have here is every from, from Adidas to y’all. Wait right there. That kind of third of that room. I want you guys to sit down just right now. Just so you guys, everyone else stay standing. You can look at the people sitting down. That’s good. So these are the third business owners here. These are the one third. So half of all business owners are going to fail in five years. That’s a statistical fact, Edmonton Accountant and that’s the, the most optimistic numbers I can find you the pessimistic or 80 percent. So those third will fail because they don’t generate enough revenue.

That’s us the reason, okay? Now everybody, uh, you know, these guys right here, Kevin, uh, the neighborhood there, you guys can sit down and get you guys will feed. You guys will fail because you ran cash. Second, most common reason that any business is going to fail. Take. I’m not going to have these two guys sit down right here. You guys are going to fail, okay? Because you couldn’t find the right team. Okay? So those three reasons, revenue couldn’t generate enough revenue. You couldn’t find the right team. Okay? We ran out of cash, okay? I’m going to have just one more. Just lazy Sunday. Fold out that person’s gonna fail for all of the other reasons. So all the other reasons like location, timing, health problems, they got sued. They’re very insignificant compared to the three top reasons. If we could solve those three top reasons, we would have 80 or 90 percent of the reason that people still in business.

So I want you guys to look at the other people in a city now. Now you guys all started out in this entrepreneurial journey and it can sound a little bit trivial. It can sound like a video game where, okay, you last hit the reset button, you go back, and that’s kind of the way we quantify businesses sometimes, Edmonton Accountant but really it’s not that good. Okay? What happens when businesses go under our savings evaporate? People go bankrupt, families break up, people fall into depression. It’s actually really kind of bleak and you know, it’s not really talked about a whole lot. Okay? Um, what happens in myself as an accountant, I keep seeing that after, because we see the aftermath. You guys hear about businesses when they’re in businesses, but we have to keep filing for the great until the bitter end. You see how it works out. So, and this is a huge deal, five percent of our population here, not burden pretty much Canada, it’s a little higher number, but five percent of the population, they’re entrepreneurs and what’s more impactful is 50 percent of all people who have jobs are employed by businesses with 10 people or less. So this is an enormous impact on our economy and our inability to prevent this has significant, um, you know, significant impacts so you guys can sit down here.

So it’s for that reason that I started to view businesses a little bit different than the average population. I think, you know, I, Edmonton Accountant I’ve been doing this for over a decade now and uh, you know, it’s difficult for me to not separate, but it’s not just a numbers game, it’s not just a reset button. Okay. Um, I start to view businesses, you know, the way some people would view, you know, babies, kittens and the environment, they’re living organism with real consequences and things go wrong. And so not, we’re good. We’re going to do something a little unique here might make for a little bit of clickbait here. Um, we’re, we’re gonna, we’re gonna really drive that point. Home businesses are living organisms and they have a real impact when they don’t work out. So what we have here, or we have two living breathing entrepreneur trees and these guys right here, right here, stacy’s first year. So I need you guys to step up, just take a little step back here. You guys are good except for Cole because he’s on our team and we’re all about over delivery and the Calgary flames fan. So if it’s not safe, that’s okay. We’re going to spare clothes, keep everyone in the back. So these are living, breathing entrepreneurial businesses with real consequences. If this doesn’t go right

now, nate may never let me back after that. So this is why, what do you need to see businesses know? Some people are going to look at that. That is a real treatments are fake tree. So something had to die in order for this to happen and babies are kittens were not an option. So it was going to be the tree. You guys at home, people thought it was crazy. Um, so that’s what’s happening here. Of course, that guy would keep for taxes, the one that got up, the sprawling associate’s degree is still intact, Edmonton Accountant but that’s it. That’s a different story. So that’s how we need to start looking at businesses. Is there a leap, you know, living, breathing organisms, I’m not going to sleep every night knowing that stat that’s bad enough, you know, five percent of all the population. Imagine if you knew there was a disease out there affecting two point five people that have ever imagine if it was a secondary effect of 50 percent of all the people that jobs you will be vastly different type thing.

So, but what the more important part is is that these errors are preventable and that’s where it becomes a little bit more of importance that these things here, you know, they can be prevented. And I know this because I’ve been studying small businesses for pretty much two decades. I’ve been working as a CPA for, Edmonton Accountant for more than a decade. I had another small business before that. I’ve consumed copious amounts of material hours and hours a day for, for decades at this point in time. And you start to see real common in common kind of themes on what works and what doesn’t. We have some, some favorite business books here right now. Um, anybody who goes to sperling associates right now, there’s going to be a video demonstration of our entrepreneurial tree falling down. Anybody who shares that to bring awareness to this issue, you a free copy of one my favorite books.

So just stick your phone up in the air after you get it. You all, they will come around and help. So, um, so what we, Edmonton Accountant, what we need to realize here is that they’re actually proven strategies that when you start to consume these materials, they’re very common. Some people are way out in left field, some people are way out in right field when you start to consume them, they’re very common. And anecdotally I can see it because I see business owners come in who deploy various strategies and the ones who deployed certain strategies are effective. Not every time, but it’s significantly higher percentage of the time. And that’s what I really want to bring awareness to. So the problem with these strategies is there a little bit counter intuitive with, I’m going to call it entrepreneur for sad, um, when you’re looking on instagram and you search Hashtag entrepreneur and you’re going to see a rolex watch, a Lamborghini and a girl in a bikini and a private jet and someone working on the beach for two hours and then some sort of click funnel from a guy who’s never built a business before.

Um, that’s what you’re going to see when we’re looking at entrepreneurs. And the problem with the proven strategies is there a little bit boring and they look like work and not as the issue with the strategy. So it’s not that the other strategies don’t work, it’s that they will, they will work at a far less percentage of the time. Edmonton Accountant. It’s Kinda like who’s a or they’re found in here. Does anybody a hockey fan in here? And imagine if the team designed an entire system that only worked. If every player on the team skater, like connor mcdavid, that’s what they got a little bit off so that I can tell. Um, but yeah, that is what some of these, uh, business strategies that you get and you’re going to remember a lot of business strategy that you’re getting up there for people who you might want to Google them sometime. Have they ever had a business that they have a team that they manage or are they just putting out content? Um, and that can be a little bit debate, uh, a misnomer for their own business is putting out content and, and outsourcing everything they do. And now you get started and you want to be a plumber or an electrician. Yes. What you, you can’t really outsource that electrical guys going to come in to help you to India. Edmonton Accountant Do you want to start a bakery here in town? It’s not gonna work so well for you.