If you've seen the popular TV show SHARK TANK, you know it's tough to start, manage, and grow a business by yourself.
Entrepreneurs and Inventors, aka Business Owners, come to Shark Tank for money, because they're beyond their own capabilities and are running out of financial resources.
The Sharks are hard on them. "Mr. Wonderful" is frequently mean. Sometimes the entrepreneurs break down and cry...sometimes they become combative...sometimes they are very defensive.
At the end of each episode there's a final answer - the entrepreneur either got a deal with a Shark or else got rejected. Sometimes the Sharks have to tell the people to go...NO, they they didn't get a deal...no more begging...it's over...they have to leave the TV studio.
It's the perfect show to see business frustration and anguish up close and personal.
Sometimes these Shark Tank deals go on to make multi-millions of dollars. Scrub Daddy, Bombas, and Squatty Potty are the show's three most successful businesses.
Scrub Daddy Sales: $209 million—before Shark Tank, the company had $100,000 in sales— but before appearing on the show, founder Aaron Krause was ready, as he is quoted saying, “What I learned is if you’re unprepared, you’re the bait.”
Others leave Shark Tank without a deal and you get a sense they're desperate and know they aren't going to make it. The product or service they offered just wasn't different or attractive enough. They were struggling because no one was buying.
The Entrepreneur, aka the Business Owner, had come to the Shark Tank as a last resort...and nobody offered a deal. They rejected the Business Owner and the "brilliant idea" presented.
According to data from the U.S. Bureau of Labor Statistics, 20% of U.S. small businesses fail within the first year. By the end of their fifth year, roughly 50% have faltered. After 10 years, only around a third of businesses have survived.
And the stats only get worse...
About 90% of startups fail. 10% of startups fail within the first year. Across all industries, startup failure rates seem to be close to the same. Failure is most common for startups during years two through five, with 70% falling into this category.Th
These statistics are from pre-pandemic times and don't include 2020 and 2021. So, you can see, things are always tough for small business owners.
Why do Businesses Fail and could this happen to Your Business?
According to a recent report from the U.S. Bureau of Labor Statistics, there are 7 Key Reasons Why Businesses Fail. Here's the list from their report:
Business Owners - does that mean you are doomed, no matter what?
No, not necessarily, but it should put you on high alert so you know the traps to avoid, how to recognize your risks, create a solid plan and, for sure, get help doing it.
The thing is...you can keep doing what you're doing, stay stuck in your rigid thinking, don't take action to grow your top line and protect your bottom line, and continue to work 60 - 80 hours a week.
You can continue being full of frustration, totally exhausted, keenly disappointed and, worst of all, ready to give up and get a job...is that you?
Have you bought into the "4 Hour Work Week" and the empty promises of overnight 10X Your Business BS that's so prevalent online right now?
There's a better way to be successful in business than the endless road to nowhere...
There is hope and a solution to beating the business failure odds and being one of the successful business owners...
You can grow your business with a plan that makes success attainable and rewarding. Not only in your bottom line, but in the freedom and flexibility you will have in your life.
We know business owners at your stage of the game don't want to walk away...they're not looking to retire...or exit.
What business owners like you are looking for is the 'next big thing.' That's the 'thing' that moves your soul, that you know will make an impact in the world...it's the representation of your deepest values.
But, you can't do the 'next big thing' while this business is running you...clearly, it's taken over all of your life, not just "the 9 - 5."
Question is...how do you get out from under this business that you built, that you love (...and resent sometimes), and that you don't want to give up on.
Leadership Glue is what you need now...a proven process to be the GLUE in your business without getting stuck in the Daily Grind.
Being the Glue in your business means your vision and values are protected when you're in the business and when you step out for your 'next big thing,' (a collaboration, writing that book inside you, starting a foundation or non-profit, going on a mission trip, or hitch hiking a ride with Elon Musk or Richard Branson on their next trip to outer space!).