Why do 95 percent of businesses or entrepreneurs fail?
Well, there’s a lot of factors, but I’m gonna give you the number one reason I believe that most entrepreneurs fail in business.
Case Study 1: The Million Dollar Entrepreneur
I wanna share this with you in the form of a story, and actually two specific case studies.
So we did one of our workshops about, I’d say five years ago, and this was done in Florida, and we had about 12 attendees.
One of the guys that joined us, I’m not gonna name his name because there’s no need to, but he joined us at the workshop, and he was just kinda getting started in his business.
He had had developed a product online, and he was committed to making this thing work. So he showed up at the workshop, we went around the room and talked about what everyone was focusing on, and all that stuff and he said, “The only thing I’m focused on is making this one offer, this one product that we have, or this one program specifically, work like gangbusters. That’s all I’m gonna commit to.”
We speak sporadically throughout the year.
Fast forward five years later, and he is now doing more than a million dollars per month in revenue.
Just incredible stuff, I’m super super blessed to have him as a friend. I’m not taking responsibility for that success because he’s the type of person who would’ve done that anyways. We just created a bit of an environment to jumpstart him into some new possibilities.
So that’s one example of someone who’s done things properly.
Case Study 2: The struggling entrepreneur
By contrast, a little while ago, one of our results coaches had a call with a prospective client, and this client was a health expert who had wisdom that could help a lot of people, and ended up telling us that she has less than a thousand dollars in her bank, and was not able to invest in our support to help her get past a lot of the issues she was dealing with.
She thought that based on the things we were telling her, that she could figure this out on her own.
And that is the number one biggest mistake right there.
I told Amy, who is our results coach after the call, because I was listening to it that I can guarantee that this individual is never gonna get what she wants.
She will be exactly where she is right now, a year from now, five years from now.
Why is that?
Number one, she’s not coachable. She was not coachable in the sense that she thought that she had pieced together a couple of different things from me, some other gurus in the space, and she thought that she could piece together some type of success plan based on that.
Now she had been in business for quite some time, couple years, and the reality is like, “Listen, if you’ve been doing this for a couple years, and you have less than a thousand dollars in your bank, you need to look in the mirror and cut the bullshit, because what you’re doing is not working.” But that’s a mindset thing.
Not seeing that and not being realistic about the fact that what you’re doing is not working, that’s gonna hold her back for a long time, and obviously, I’m sorry to say that, but that’s just the reality. So she was not coachable.
The second thing is she was playing too small. Her mindset was so limited. Asking her “What do you wanna achieve in the next 12 months”?
Her answers were to not have to sell her house, and to be able to put food on the table. I understand there’s a lot of people in that situation. I understand there’s a lot of people that don’t have a lot of disposable income. But here’s the thing, guys, is if that’s the extent of your dream, you’re not gonna get there.
If you don’t have a bigger vision, you’re not gonna be pulled forward to make big things happen in your life and your business. So this limited small thinking is a big reason why so many entrepreneurs fail, is that they’re just so small-sighted or so narrow-focused, not narrow-focused in a good way, narrow-focused in they just wanna pay their bills, or they just wanna cover their debt.
Well, what happens when that happens? Well, listen, if your goal is to pay off your debt, that’s your thinking. You’re always gonna find more debt to pay off, even when you’ve paid off your initial debt.
So you need to expand your horizons, and the only way to do that is to get around other people who are playing at a bigger level. I go back to my friend in the first story, who’s now doing more than a million dollars a month in revenue.
The big thing that he did, the one decision he made was he came to our event. He came to our workshop, he surrounded himself in coaching and other great people who are crushing it in business.
We humans learn by osmosis. That’s how we learn. You learn how to walk because how? Your parents helped you. You learned how to drive because how? You probably had a driving instructor. How did you learn to speak English? You went to school and learned from a teacher. Yet we think we can build a business all by ourselves? It’s never gonna happen. I can tell you this, I can guarantee you this.
If you’re serious about succeeding….
If you’re serious about succeeding in business, if you wanna take your health coaching business to whatever level that is, you have to be surrounded by other people who have done that already. That is the only, that’s the fastest way, really, and the most sure way you will get to where you wanna get to.
So the reason 95 percent of businesses fail, why entrepreneurs fail, yes, there’s obviously cash flow management and stuff like that, but I believe it starts with a mindset.
Trying to figure it out all by yourself is a losing mindset, but being realistic with yourself and telling yourself, “Listen, I don’t know this stuff. I need to find someone who does and surround myself with people who can support me.” That is the one big thing I’ve seen consistently that separates six, seven and eight figure businesses from everyone else who fails.
So if you’ve enjoyed this, give it a thumbs up, share with an entrepreneur that you need, or you think needs to hear this message.
An open invitation
If you’re serious about stepping up and playing at a bigger level and really building a business that works for you, to follow a proven strategy to attract more clients, convert them much more easily and deliver an amazing result for them, then I invite you to join our free online training. It’s called The 7-Figure Health Business Blueprint.
You’ll discover the new and the quicker way to build and scale a high six or seven figure health coaching business. No nonsense, just proven four-step strategy called the Perfect Client Pipeline that we use in our business, and we help our clients use in theirs. I know it’ll work for you as well.
So if you’d like to join us for that, it’s completely free to attend. To join us, simply click on the link below.
Free Online Training: 7-Figure Health Business Blueprint
Hope you’ve enjoyed this video. Hope this found you well. And, I look forward to seeing you soon.