This is a blog for the doctorok business section.
Many people who go into business for themselves have no training in being in business.
Sure, you may have marketable skills, such as knowing how to make a product but unless you have some kind of business training it is highly unlikely you will succeed. You may even have remarkable skills but they might not be around how to turn a profit.
Some 50% of businesses fail and lose their investment in the first few years. If you do manage to keep your business going, it may not be performing to the level that allows you to build the company or build your wealth.
Recently I was asked to invest in a business that has failed twice. The owner of the business made exactly the same mistakes during the second failure as they did the first time they lost their business. During the running of their second business it was pointed out to them they needed to make fundamental changes to their business model. They ignored that advice and the business got into trouble again. They were offered an opportunity to get some help and they turned that down.
After five years, around 80% of new business go bust and the owners lose a large part of their investment.
You would think that during those five years the business owner would have taken opportunities to train in better business skills but they generally do not.
I became aware of man who has committed himself to a very large project. He has some experience in the industry but this kind of project is way out of his experience. The financial commitment he signed up for already is very large and he did that without even securing any investors. His plans for the business are vague and not profit-focused. It is clear to any experienced business person to see he has put himself at risk of bankruptcy before the business has even opened.
Remember only one in thousands of businesses makes it big. The rest are just people working for themselves but really it’s just a job by any other name.
You probably work much harder than you ever did and wonder if it the business can make it through the month, pay the wages and make it to the next month.
If this is the case, you are making basic fundamental business mistakes.
The problem is that if you are not trained around being in business you probably don’t know what those mistakes are; so you make them over and over again and wonder why your business is not fulfilling your dreams.
If you do know what those mistakes are, you may not know how to fix them. You may take years learning the experience of how to fix those mistakes. In the meantime you have lost profit opportunities.
You may allow your ego to get the better of you and be too proud to get help and admit you made those mistakes, and this of all mistakes, is the most deadly to any business.
You may be thinking of beginning or have just begun a business and you just do not see the point of spending money on being trained as a business person by people who actually have great experience in making money. You think reading a few books will give you what you need. Another fatal mistake.
Being in business and making the business profitable takes a large myriad of knowledge and skills. Without those you will make really fundamental and even fatal mistakes and often repeat those mistakes. So if you are going into business or in business you need to take the step to up your business training today to make your business successful.
Are you willing to learn how to become a better business person?
If so, I invite you to join me at my next introductory event, live in Sydney, on Wednesday 25 May, 6pm to 8.30pm: