- If you are a business owner,
what I'm about to share with you in this video
will have a profound impact on your business.
Over the years I have started a lot of businesses.
I failed in a lot of businesses,
and some worked and some didn't.
And I'm always very fascinated by the question
why some businesses are more successful than others.
How come some businesses
can never even break through that six figure,
and how come there are businesses
that's worth a billion dollars, the unicorn?
Put aside the entrepreneur, put aside timing,
put aside luck, put aside even skill,
and how could I take some of these findings
and implement it in my own business,
and also teach other business owners?
Now in case you don't know some of the statistics,
in US alone there are 28 million businesses.
And out of those 28 million businesses,
there's what I call the valley of death.
96 percent of those businesses
never surpassed the one million dollar mark,
96 percent.
Only four percent
bypass, surpass, exceeds
that million dollar mark.
And out of those, think about it,
96% don't do that.
That means most businesses don't make it.
Out of that 28 million businesses,
only 0.4%
ever get to the 10 million dollar mark,
0.4%, think about it.
And even less,
only less than 17,000 of those businesses
ever get to the 50 million dollar mark.
That is a tiny, tiny percentage
compared to the 28 million businesses in US.
Now think about in other countries,
Because I know I have business owners watching me
and follow me from other countries,
those numbers are even lower.
If you're in Canada, just do the math,
Because we have way smaller population
compared to the US,
so that's a very, very, very tiny percentage.
So today I'm going to share with you
what are some of those distinctions?
What is truly the difference
between a business that's doing six figure
versus a business that's doing seven figure
versus a business that's doing eight figure.
You got it, okay.
So I believe at the six figure level,
let's say from zero to a million dollars,
zero to a million dollars.
Your focus are three things:
sales, marketing, and offers.
When you are a startup,
when you are just trying to get
the first group of customers,
what we need to focus on at that level, the level one,
is how do we get customers in the door?
How do we make those first few sales?
How do we make those few sales profitably,
generating income, generating profits, right?
And then think about what are our offers?
What does the marketplace want to buy?
And once you have an offer, you're bringing people in,
how do I offer more things, more products,
more services to my existing customers?
That's our focus,
sales, marketing, and offer, those three things.
Once you bypass that,
now you've cracked that code
that people are coming into your business,
people are buying from you,
you are building a customer base.
And now you're also expanding your team.
By the time you get through that million dollar mark,
you're no longer doing everything yourself.
You've got a team around you.
Not maybe huge team,
but you do have a few people around you
that's helping you, assisting you
to do some of the work to deliver the results,
to deliver the products, right?
From that one million to 10 million dollar mark,
your focus will shift
from not just focusing on sales, marketing, and offer,
now you're focusing on systems
and processes and procedures,
meaning that not only you want to create a result.
You want to create a system
that would create those results predictably
even when you are not there.
This is where most entrepreneurs got stuck
because at the zero to million dollar phase,
you are the go-to person.
Chances are you're the number one salesperson
for the company, you are the rain maker.
You're the one that's connecting with customers.
You know all the customers.
You have the relationships.
You're bringing in the money.
You're doing probably a lot of the work
still at that level.
But now you can't
because the capacity issue, right?
You hit that glass ceiling.
From one to 10 million, now you need systems.
Why do you need systems?
Because then you can bring in people
who are better than you that could run those systems
to create the same result as if you were there,
from that one to 10 million.
And this is what stops most entrepreneurs.
Because what got you to that one million
won't get you to that 10 million.
A lot of habits, a lot of things that worked in the past,
that you could grind it out,
you cannot grind it out at that new level.
I always say you could hustle your way to six figure;
you cannot hustle your way to seven figure.
At seven figure, you need leverage.
And you leverage people, systems, processes
to create more results, to create more impact,
to create more value in the marketplace.
Does that make sense?
Comment below.
Now once you get past that 10 million dollar mark,
now you're at the next level.
Now at this level,
a lot of businesses don't make it
because the systems break, right, things break
when you are, especially if you're growing
at a hyper speed.
It was working fine six month, a year, two years ago.
Suddenly all those things don't work anymore.
Now transitioning from an entrepreneur,
now you're acting more like a CEO,
as a chief executive officer.
So beyond the 10 million dollar level,
what you now need to focus on is leadership,
culture, and most importantly,
strategic decision making.
Now you're thinking for the future,
what's coming down the pipeline?
What are some of the risk, right?
What are some of the things
that your people won't be able to see
Because they are in the trenches, they're working,
but now you're from the 30,000 feet above view,
okay, what are some of the strategies that we need to do,
we need to implement?
What are some of the things we want to focus on
the next one, two, three years?
What are some of the things that would happen
that might disrupt our industry?
And now you have culture
because culture is the glue, right?
Culture is how your people would behave
when you are not there.
Culture is what you use
to attract the best talents to your company.
So leadership and culture,
very, very, very critical.
Now you're no longer the best salesperson for your company.
You're no longer the best marketer for your company.
You're no longer the best operation person in your company.
You've got now an executive team, chances are,
a senior leadership team or a C suite.
They are the ones who are helping you
with a lot of the day-to-day
so you could focus on being the visionary
coming up with ideas, coming up with strategies
to move the company forward.
Now your job is to think.
Now you don't get paid to do,
you get paid to think.
That's why you are the CEO.
And, in some cases, some entrepreneurs
may not be the best CEOs for their companies
because they like to do,
that's what they like.
They like to be in the trenches.
But as a CEO you cannot do that.
You have a much more important job to do
and it's to think ahead,
to conceptualize, to strategize.
That's what I see.
So from zero to one million,
that's how you get over that death of valley,
from one to 10,
and then from 10 to probably 30 to 40 million,
by the time you get to 30, 40 million,
now there's a whole set of problems that will come up.
Now every level is an other devil.
And this is something that I coach
and I train entrepreneurs and I help them scale
through my advisory board called Dragon 100.
If you have a business that's doing,
at a very minimum,
at least 100,000 a year,
but you're not quite at that million dollar level
and you want to break through that,
you want to get to that next level,
or you have a business that's doing a million,
between one to 10 million,
you want to break through to that 10 million,
Dragon 100 is where you need to be.
To see if you qualify, click the link below
and see if it's something that would benefit you
and benefit your company.