how many small business fail
Entrepreneurial Mindset

how many businesses fail

The reason how many businesses fail is counter-intuitive.

As soon as you get this though, your business will ca$h-in.

Ready?

Mistakes are Mandatory.

That is, if you want massive success.

For every entrepreneur I meet who isn’t afraid of making mistakes, there are 99 others that let fear control their day.

I can’t do anything for the 99%.

But the one percent? It’s the ace in the hole that help their business scale fast.

The underlying reason how many businesses fail is simple.

You, me, and EVERY entrepreneur WILL absolutely, undoubtedly, positively…

Make mistakes.

It’s only a matter of time.

The one percent are entrepreneurs who jump without a net.

It doesn’t mean they’re fearless.

It means they take action in spite of fear. 

They pack their parachute on the way down. AFTER jumping out of the plane.

In other words – one percent of entrepreneurs practice speed of implementation (SOI).

Simply, SOI means they learn something new and go try it.

Even if ‘something new' is data from a failure

Because 80% of the time, whatever we try doesn’t work.

This by no means is easy.

But it’s how many businesses fail, separating the winners from the losers. 

Because the data and knowledge we get from a failure lead to the next idea or test using SOI.

Take for example, a simple Facebook Ad.

A recent conversation with a client will help me show how this works in real life:

A client wanted to run a Facebook Ad campaign.

The first try was to sell a product he convinced himself the market wanted. 

He based his assumption on video views and a tonne of free opt ins.

So, we ran traffic to it.

Needless to say it didn’t sell.

Now, the first thing most (99%) entrepreneurs do, is outcast Facebook. 

Or, say “advertising doesn’t work.”

Why? Because they’ve “lost” money.

But here’s the difference between the 99% and the 1%:

We learned what the market DOES NOT want.

We also learned the audiences he thought were prospects, actually sucked as targets for advertising.

So, this “mistake” was an INVESTMENT in his business experience.

It is knowledge acquired that he won’t forget.

And, it’s knowledge that gives him an edge over competitors.

So I made sure we celebrated.

We didn’t frown about the money “lost” – even though it hurts.

Because had my client not run ads, he would NOT know the audience he first targeted are the wrong people.

Had he worried about making mistakes, and run ads only when things are “right”, we would still be waiting years from now.

Businesses fail because entrepreneurs try to get it “right” before doing anything.

It’s no wonder their business fails.

So, it’s kind of funny when we think about it.

THE BIGGEST mistake is avoiding mistakes.

KaPOWW…

My head just exploded…

Here are three points you might want to print and slap above your computer monitor:

  1. STOP trying to get it right the first time
  2. MAKE MISTAKES to find what doesn’t work faster than your competition
  3. FAIL FORWARD FAST and often

The last one means – every failure leads to the next step. That step might be another ‘failure’. Or, it could be the final piece that illuminates the bulb.

Ask T. Edison 😉

Anyhoo, here’s the point  – cut and dry:

Mistakes don’t COST money…

“Mistakes MAKE Money”

(print that one out too)

It’s the counter-intuitive part of how many business fail I told you about at the beginning.

I’ll let it sink in.

Because mistakes make money ONLY if you:

  1. don’t repeat them
  2. are willing to pivot from the mistake and try something else
  3. willing to accept yet ANOTHER mistake until you succeed

Read that last one again.

I’ve watched too many entrepreneurs give in too soon and businesses fail because of their lack of commitment.

EVEN when they say “I’m ok with making mistakes.” The truth is, they’re NOT ok with making mistakes. 

They are ok with making one or two…after that, they throw in the towel.

So there you have it.

Are you ready to apply these business essentials? You can choose to be part of the 99% or the 1%.

Whenever you’re ready for the 1%, I can help you. The first thing we’ll do is design a blueprint for your business – preparing for mistakes ’n’ all. 

To set up a time to talk, here’s where you go: Blueprint Strategy with Joey

Have an awesome day!

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making excuses
Entrepreneurial Mindset

The Truth About Making Excuses

This quote might help if you're into making excuses about moving your business forward:

“People are always very confident to give you a reason why they can’t do something, and not at all confident to give you a reason why they can.”

It's from Steve Sims…the author of Bluefishing: The Art of Making Things Happen

Even though this is not about the book, it’s about the simple concept that’s IN the book.

So I highly recommend you get Bluefishing now…and read it immediately.

Here’s why.

EVERY person I’ve met tells me how much they want to do something.

I’m told how they want to better their lives, get more money, time, freedom…

They want to stop trading time for dollars…and make sure they’re around for their children as they grow up.

 

Problem is, they’re working ‘round the clock.

 

Or they’ve got a “good job” that they’re “OK” with…(read: they don’t HATE the job)…

…so rather than pushing forward on the dream…they push the dream BACK.

The simple reason is, their making excuses that their job is EASY – and of course, they’re making da moola.

However – WHAT are they TRADING away for that “comfort?”

You know already that in order to do anything impactful in our life, we MUST get into uncomfortable situations and stop making excuses.

I’ve known this all my life.

And I continue to do it.

Am I successful all the time?

Hell no.

In fact, I fail 80% of the time.

But it’s the 20% that matters.

It’s 20% of wins that make up 80% of my success.

Is it easy?

 

Let me assure you;  taking on the demons, negative thoughts, fears, and so on to chase your dream is the HARDEST DAMN THING YOU’LL EVER DO.

 

And that my friend, is why only 5% of the population are truly successful.

NOT just with money dude, with EVERYTHING!!!

Listen, I’m no smarter than you.

And, the point of my examples is not to disrespect anyone with what I’m saying about how “they” make up excuses not to do something more in their lives.

I’m just stating the facts.

THAT’S who I am.

I make people get shit done because I won’t accept their excuses.

And if you've been in any one of my coaching arenas, you know what I’m talking about.

Perhaps you know someone who lives by making excuses all the time.

Believe it or not, people are MOST comfortable when they’re in a rut – not knowing what they don’t know.

People are COMFORTABLE in mediocrity and complain about it all the time…

…because they’re ‘confident’ in giving excuses for why they CAN’T do something.

That’s the truth.

The End of the Week is Well-Known for Making Excuses

What have you accomplished this week?

Where did you step out into something you had no clue was going to work?

What did you learn from it?

These are the questions I ask myself every week.

Guess what – sometimes I don’t get ‘em all because I too, fall into the same category of excuses.

What kind of a friend would I be to you if I stood on my soapbox and preached down to you like I’m a freakin’ god?

Truth is…we ALL get in the ruts…it just matters how FAST you shake out of it and get moving again.

Here’s the secret to success and recipe to stop making excuses: (stolen from my man Steve Sims)

Move, act, do go.

Action is everything.

I call it Speed of Implementation.

That’s why I TOTALLY COMMEND people who go to a workshop or something and then implement a piece of it right away.

My coaching clients are like that.

Or they wouldn’t be allowed in my personal tribe.

I can’t STAND people waiting around and giving excuses.

If I find that you specialize in giving me reasons you’ll fail, you won’t be in my tribe very long.

That’s just how I roll.

I work with action takers.

And YOU should work with action takers…beginning with YOU!

Do you know what will happen when you take action – EVERY DAY?

You’ll move forward.

You’ll also fail, but know what NOT to do again…and you’ll KEEP moving forward.

While I’m at it – let me share this last bit of gold with you:

When we say we’ve ‘failed’, that’s the END. Entrepreneurs don’t FAIL, we discover…and keep moving to get that dream fulfilled.

I wish ALL of your dreams are fulfilled – and fulfilled SOONER rather than when it’s too late.

Whenever you’re ready to tear down the obstacles and jump into your dreams without the excuses you may have held onto up to now, hit me up.

We'll sit down for a serious no-BS, anti-sales pitch blueprinting session for your business…and you can join my inner circle tribe when you like what you see.

Here’s where you do that.

By the way, here's a cool post on How to get life balance you might enjoy also.

If you want to learn a bit about Business High-Performance Behaviours, click here for some tips.

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business lessons from wonder woman
Entrepreneurial Mindset

Business Lessons from Wonder Woman

 

Listen to the podcast

Business Lessons from Wonder Woman Transcript:

~ begin transcript ~

Yesterday, I saw the Wonder Woman movie.

Powerful…is the best word I can use to describe this movie.

In so many ways.

I gotta admit, I was emotionally moved at points throughout the film. Just because of what Wonder Woman stands for.

Now.

What does all this have to do with our business?

EVERYTHING.

Here’s why.

(kinda spoiler alert – so if you haven’t seen it, stop reading)

BELIEVING in your fight.

That’s #1

If you get nothing else from who or what Wonder Woman is all about, I’m sure you’ll agree she BELIEVES in her cause.

She STANDS for justice and peace.

She BELIEVES in her own ability to STOP the bad guys.

She’ll shield and protect the innocent with her own life.

What about you and me?

Aren’t we doing the same thing for our family?

I would imagine that you too, would do ANYTHING to protect your family – am I right?

So the ONLY thing I see holding people back, is their BELIEF in themselves.

Even though they tell themselves how much they will do for their families.

So THAT has to be first. BELIEF. In fact, this one word is the FIRST word in my company’s creed. Because I can ONLY help entrepreneurs who BELIEVE in themselves.

At the beginning of the movie – Diana is scolded by her aunt because she backs off from the fight. She doesn’t BELIEVE in herself enough.

Without stepping into that belief, Diana would never have run into the first battle with machine guns blazing to lead the troops.

Remember that.

Which brings me to point #2

Running head first into battle without a full plan.

The ONE thing that made Diana run into battle was nothing more than her cause. Her fight.

She knew what the END result was for her.

But she didn’t have the entire battle plan of how to get it.

All she knew was where she was now (at the front of enemy lines), and where she wanted to be (KILL the bad dude who was behind enemy lines)

Diana saw the only way to GET to the bad dude (point B) was to RUN THROUGH the front line of fire. She didn’t know if she would survive. (Because at this point, she still didn’t know that she was immortal.)

For you and me, even though we’re not immortal, all the shit the world throws at us is our battlefield.

The hardship, the adversity, the fear, the how-will-I’s and so on.

I have always said…when you are faced with your biggest fears, you ALWAYS have to reach down to your ‘WHY’, your purpose, your cause, your FIGHT!

And THAT leads you through the battles.

Just like Wonder Woman.

Here’s the last lesson I want to point out:

The battles are part of a bigger journey (war) – not a final result.

Diana thought by killing the bad dude, the war would stop – immediately. But it didn’t, did it?

She was faced with the reality that this is only a PIECE of the war. Diana finally understood there is more for her to do.

So again, she digs down into the cause – the purpose – the REASON she was put on this earth.

And goes back into battle. The biggest battle of her life.

Even when she was ready to give up. Even when the first result WASN’T what she expected. She didn’t turn around and go back home.

And THIS is probably the most important lesson of all.

When we’re completely burnt out…we’ve put in everything we’ve got and STILL didn’t get the result we expected…if we reach down just a little more, we can find a bit more gas in the tank to push us forward.

We’ve come THIS far…to turnaround and give in is the WORST “solution” we can muster up.

It's at those moments that the true warrior, like Diana, come to the surface.

In life, movies, books, youtube videos, the lessons are there.

We just have to look for them.

~ end transcript ~

If you liked these business lessons from Wonder Woman, let me know below – let's get a conversation going!

Here's a great article about Facing Fears that relate to this post

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goal setting
Entrepreneurial Mindset

Goal Setting & Why I HATE This Time of Year

I don’t know how to say this…but if you're goal setting…

I may as well just come right out and say it.

(WARNING: big boy and girl language used – if that offends you, stop reading now.)

Goal Setting

I HATE this time of year.

For ONE reason.

And that is…I HATE watching entrepreneurs roll over another year without accomplishing anything they promised themselves during LAST YEAR'S goal setting routine.

I know “hate” is a strong word…I truly feel helpless when I see people struggling…

Yet they’re unwilling to really do something about it.

Listen, nobody is saying goal setting and changing things for the better is easy…

But I gotta tell you – I can’t help being pissed off when I’m around a group of people declaring how they’re going to “change their life” starting in the New Year!

First of all – you know as well as I do, most of ‘em are full of shit (and liquored up, so they will say anything)

Secondly, the statistics are against you and me.

Check this out:

goal setting stats

(http://www.statisticbrain.com/new-years-resolution-statistics/)

WOW – only 8% of people are successful in achieving their resolutions.

Just LOOK at the other percentages!

Remember that “top 10%” thingy everyone talks about?

The “successful” 10% of people in the world?

Well, this just shows you another perspective of why most people are NOT in that 10%.

And it’s as simple as following through on our New Year’s resolutions and goal setting promises.

I’ll take it a step further.

It’s NOT just about New Years.

It’s about the promises we make to ourselves EVERY DAY, and BREAK every day.

I’ve seen it.

I’ve done it.

The “I have a ton of other things I need to get to first” excuse.

We have the same problems.

“I’m feeling overwhelmed.”

“I need another me when it’s busy.”

“I feel like I’m flailing all over the place and will never stop working IN the business.”

I could go on and on, but you get the picture.

It’s why I HATE this time of year – and the whole traditional goal setting process.

If it wasn’t for my family, the joy of freedom and being around such positive people in my life, I’d probably lock myself away until after the New Year fiasco is over.

Because I know more entrepreneurs just like you and me, are waiting for the “New Year” date to try and overcome all of it.

My advice?

Fuck it – start NOW.

Really, WHAT’S going to different in 3 weeks that will make you change your life that isn’t already within your decisive control TODAY?

Change your personal statistics.

Heck, do you want to take it a step further?

Join me in January for my Business Breakthrough Mastermind.

And I’ll make SURE you’re changing your stats.

I hope 2017 is a rockin’ year for you.

If you’ve read this far, I apologize – I know it’s been sort of a downer email…but I HAD to say it.

And I applaud you.

Because most people would not read all of this.

It tells me that you’re willing to listen – willing to stop the excuses and do something now.

It’s ALWAYS your choice.

Whether you do it today or keep waiting for another day.

Peace and love for the Christmas Season of 2016!

Let me know your thoughts below!

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marketing your product
Entrepreneurial Mindset

What I learned from the digital marketing industry

Here's the transcript from my podcast about what I learned from the digital marketing industry

~ begin transcript ~

For the past two years, I’ve been learning & ramping up my online marketing.

I’ve taken almost every course out there (in the digital marketing industry).

I’ve studied with the best in the world.

I’ve sat in highly paid masterminds with some of them.

In other words, I’ve been able to get inside their heads to see how they think.

Then I deployed everything I learned.

And just like my real estate investment business…I had to tweak things.

And I’m still tweaking things.

Is that new?

To anyone who is an entrepreneur … the answer is no.

But the point is, I’m still learning. Even though I’m teaching marketing, business development and so on to the masses.

Here’s what I ***learned*** from the digital marketing industry

  1. The market is always right. We are not. We THINK we’re right…but until the market votes with their money / approval, we have no clue.
  2. SPEND MONEY to find the answer to #1. That means unless you are putting your stuff in front of the people who will potentially buy it, you have no idea if your marketing is working. Asking your buddy or spouse if it’s a “good product or service” doesn’t do you any good.
  3. Do you have the right audience to test #2 with in the first place? For a LOT of entrepreneurs, the answer really is NO – even though they think they do. So how do you FIND that market? Refine your search…narrow it down to a specific problem. And then go looking for data. Google Analytics, Alexa, etc…And yes…PAY for the data.

I can’t tell you how important it is to invest some money into your business. Because otherwise you’re just guessing your way through.

Here’s an example: for a niche I was targeting to advertise on Facebook, I THOUGHT it was a male dominated market and had an age range from 25 – 55. For the record, that’s a big range.

After I spent some money on ads, without any response, I finally took my own advice and paid for research.

I was COMPLETELY WRONG. The market was dominated by women aged 18-24 and 34-44. BIG difference right? So you can see why an ad needs to be VERY specific to talk to the market you want to target.

The point of all this is to encourage you to do your homework and put some money into your business. In my early years of business that’s exactly what I did and it worked.

In today’s day and age with “free” internet, Facebook, twitter, linked in and so on…entrepreneurs are growing up in a world where they believe they can market for free.

Even though some of that may be true, for the most part, you STILL have to invest time, energy and money into your business to grow it 10x.

Otherwise all you have is a cool little self-made job.

– Joey

~ end transcript ~

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