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

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Edmonton Business Consultant | Entrepreneur Myths – Part 1

Cool. Thanks guys for coming today. You know, we, we put these on because I’ve seen way too many of those types of seminars and people spending thousands of dollars to really not gonna make any more money. They’re kind of like, you know, there’s motivational seminars. They’re like massages. I like getting massages, but they’re not gonna make me run my business better. I’m not going to make any more money because I go to get those massages. I’m, I feel a little bit better, but there’s no real actionable strategies that we’re going to have here. So, um, you know, the reason why I, as a Edmonton business consultant, do this here is, you know, a lot of people really, truly, they don’t understand entrepreneurship. So the first thing that we need to understand is the failure rate for entrepreneurs. And it’s a hard thing to talk about, but it’s a very real thing. So I’ll get everybody in the room to stand up. Everybody could stand up.

Okay. And a little bit of distribution here. So what really happens in entrepreneurship? We’re going to get everybody here up to that blue shirt right there. I want you guys to sit down. Just the blue shirt. You can sit, you can say, you can say right there. Yep, Yep. Water bottle. Yup. [inaudible] sit down. This is what will happen. The first year of entrepreneurship, we’re all entrepreneurs. By year one, 50% of the entrepreneurs will fail. And then everybody there, you guys can sit down by year to 30% will fail. And then right here you guys can sit down by your five 50% will fail. Those are the most optimistic numbers that I can find on entrepreneurship. A lot of people say that it’s an 80 to 90% failure rate. So, and people think that business failure is, um, it’s like a video game. You know, businesses failed.

They start again. They don’t actually realize the consequences to business failure. So once you’re to look at these people, you guys stay stand. I want you to look at these people here, these people. What really happens in failed with failed businesses is there’s a, is extremely, is a human element that what happens, a lot of people, it’s not the optimal a lot, but there’s a lot of depression. There’s families that break up, you know, people lose their entire life savings. And you know, there’s a very real consequence to it. You know, we hear a lot of both human rights issues and, um, you know, uh, people’s personal rights and we think that business consequences doesn’t have a human costs. They try to separate it, but it’s a very real cost. And so approximately 4% of our population is self employed, but 50% of all jobs in this country are created by these small business owners in here.

50% of all jobs. So when we have a failure rate that is high as it is, it has a very meaningful impact on the Canadian Academy. And it’s not just the business impact this a significant human to it. And you know, why I do what I do is, you know, these businesses, they fail for very predictable reasons. From what I’ve seen as an Edmonton business consultant, there’s really only three reasons why businesses fail. Uh, 80 to 90% of the time. It’s one of the three reasons that, number one, they can’t get enough customers. 42% of failed entrepreneurs will say they couldn’t get enough customers. Number two is they’re going to run out of cash. 29% of entrepreneurs who fail said they run out of cash and number three is team. 23% of failed entrepreneurs will say they couldn’t find the right team. If you solve those three problems in small business, you would have a success rate that will be higher than most union paying.

Uh, pension jobs. Like you would have a extremely, uh, success rate. Uh, extremely successful small business owners and really the strategies that are used to fix these things can all sit down though if I had to set up the on base. The strategies from an Edmonton business consultant that successful business owners are using to fix these problems are, you know, very predictable. Now most people make the mistake of thinking that their business is a unique snowflake. They think their businesses a unique snowflake. You don’t know my business that won’t work in my industry. We hear over and over and over again. But when we pull back the veil and we start looking at a successful dentist, he’s doing the same thing that the successful plumber is doing. And if we see an unsuccessful plastic surgeon, he’s doing the same thing that an unsuccessful electrician is doing, that the patterns for success are very predictable and things that we’re going to teach you today.

They’re not the only way to do things. But what I’ve been doing is I’ve been studying entrepreneurship for, well probably the last 21 years. I’ve either been running, owning, uh, or advising small business owners, and you start to notice these patterns. And then I realized that there’s a lot of data that actually supports the patterns that I’ve been noticing myself. Since I’m an Edmonton business consultant, what we’re going to teach you today is not the only way to do business, but my job is to, I want to take the average small business owner and make them into, you know, someone who can make $100,000 more than they would make if they’re an employee and build a company that’s, you know, 1 million bucks, 2 million bucks, $3 million, $5 million. I’m not teaching you how to make a $10 million company because the odds aren’t very good in your favor. But I believe the odds, if you’re trying to build a successful small business that will probably make you the richest person in your family, depending on your current family circumstances.

Um, you know, it is actually very predictable and I can teach you how to be like a card counter at the Las Vegas blackjack table. I’m just going to teach you what works. And if you just keep taking the odds every time your chance for success just go dramatically up. And the common thing is, well, I know somebody did that way. It’s like, yes, but most people who do it that way are going to have a lower probability for success. So if you deploy these strategies, you’re just going to be more successful. So we’re going to go through, um, some of the common myths cause some of the problems that what happens with entrepreneurship is about the common myths. So the things that you learn about entrepreneurship, primarily like every youtube video that you see where some guy has rented an Airbnb, um, some guy has rented an airbnb and he’s rented a Lambo and he’s going to talk about entrepreneurship. You probably shouldn’t be looking to those to those guys. Um, and a lot of people who are giving business advice like most of the seminars, like yeah, you have the Tony Robbins seminars that are like over the top, but you also have all the other seminars. And most of the seminars are done by, um, bankers, software salespeople or these business coaches or experts who have never managed to scale their own business. They don’t have a team at all.

You’re welcome anytime it can cause distraction. Um, and here’s the stats behind it. Everyone wants to, you know who are, I was in the back there so I didn’t say it. So who owns a business again? Who has given you business? How many of you received business advice from friends and family so far? Okay, I’m going to tell you like the sobering stats on this. This is what I’ve noticed as an Edmonton business consultant, so 4% of the population is self employed. 4% others, sorry, I’ll rephrase it. For every 100 people in Canada, there’s about four businesses. Okay? We’ll pretend for a second that successful entrepreneurs don’t own more than one business. And we’ll pretend just for a second that each one of those businesses is owned by an individual person. That means for every hundred people that you talk to, uh, for our business owner, okay? If you take that, you multiply it by the 50%, only 50% will ever figure out how to get to year five.

You take that again, only 46% will ever figure out how to grow a company to five or more employees longterm. So for all of the people you talk to, if you talk to a hundred people, the less than 1% of them will have any idea of what they’re talking about. And most of the business advice that you’re probably getting is by someone who has never built a business that’s last longer than five years and it has more than five employees. And the common thing is, you know, if I’m in this business, I talked to a designer the other day and she’s like, I fired my business coach because I wanted a design specific business coach. And I was like, okay, and how’s it going with that? It’s like, I don’t know if it’s going so well. I was like, let me ask you the real question. How many employees did either of those coaches have anal?

The answer was zero. I like to call it these business coaches with half a secretary, some remote person or works part time or something like that. And they’re supposedly going to tell you how to grow your business. You would be better off if you want to start a flooring business. I mean, you would be better off listening to someone who had run a restaurant for 20 years and built it to 30 people. They would have more insight and better advice to you than someone who’s suppose an exer, you know, expert who’s never done it before. So I’m going to have Chris Milkie from CW garage door and we’re going to go over some of those common myths that are being thrown at you.

[inaudible] music. [inaudible] alright, let’s do it, man. [inaudible]

okay. So open your package. We’ll go through the commonness partnership. Maybe if we can anyone’s, cause there’s so many.

Um, number one [inaudible] you can only work when you’re motivated. So only after you come back to the Tony Robbins con conference for the first three days that you can only work when you’re motivated. Oh Man. So if I only worked when I was motivated, since I’m an Edmonton business consultant, I’d probably be, I don’t know, like I, I’d be looking for another job. Like I couldn’t, I couldn’t get started. That continued my business doing that. You have to work when the work arrives. You have to work when the call, when the phone rings, you have to work at three in the morning when the little old lady started her garage. [inaudible] you haven’t worked whenever that, whenever, whenever the opportunity arises as the only way you’re going to get anywhere, uh, in, in, in business. Um.