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Sunday, November 1, 2009

Entrepreneur's Galaxy Reveals 2 Keys To Success In Business

Posted by patrick

By George Napoli

While there are no certainty in business, the galaxy of entrepreneurs will get you as close as possible. All entrepreneurs compete in their own galaxies. This insight ties two easy keys that ensure your future successes in business.

Key 1 is in understanding the galaxy. We use a pyramid diagram as a model for our galaxy of entrepreneurs. There are 4 components in the pyramid. Facts confirm these galaxies and the tales they tell about business owners.

A. Shining Stars- entrepreneurs have all the skills needed to run a successful com[any. Shining stars reside at the top of the model and only represents 5% of all entrepreneurs.

B. Fast Trackers- entrepreneurs have been trained at a growing company and still need some form of management support. Fast Trackers reside in the middle of the pyramid and represent 15% of the galaxy.

C. Existing Talents- entrepreneurs have been partially trained and really lack judgment and experience in running a company. Existing talents share the weight and mass of the pyramid together with Wannabe's, even though they don't share the load evenly. Existing talents represent 20% of all entrepreneurs in the galaxy.

D. Wannabe's- entrepreneurs are missing many of the skills, education and core competencies to run a successful business. Wannabe's use trial and error and pay the price numercially for it. They represent 60% of the universe and the largest numbers.

So what's this first key tell us? The galaxy tells us and the statistics confirm that 95% of all entrepreneurs lack one or more of the skill sets to successfully run a business. That also means only 5% have all the skills required to be successful.

Industry numbers confirm: 40 million businesses. 1/4th change hands annually. 90% of all businesses sales are less than $300,000. 20% of online businesses are profitable. 50% of all businesses close in the first 2 years.

Key number 2-is in understanding where you are in the galaxy. Personally, I'm one of the fortunate ones. I learned later in life about the galaxy and went on a 6 year retooling program. First, I checked my weaknesses since those were so obvious, then I devoted the time to improve my skill sets that would ensure my future successes.

It's obvious that not many entrepreneurs competing today have all the skills and disciplines required to successfully run a growth company. Take a fast check. Your business and future income depend on it. This will tell the story and it's up to you to strengthen the skills you require to successfully run a business. It's a life long procedure and one that requires a different mentality.

Want to be star that shines? Then learn to make a little shift in your orientation towards goals. We need to move from a one goal orientation and add a learning orientation to it. Sometimes the trouble with success is, once you've accomplished it, you have nothing to look forward too or to challenge us. Not true with a life long learning orientation where have something new to learn, as you grow personally and professionally.

As CEO with over 450 employees, I coached 100's of entrepreneurs and business managers on some of the most critical skill sets including strategic organizational leadership. Here's a short list of some of the skill sets available for you to learn: people skills, accounting for non financial managers, marketing, sales, communications, internet marketing and SEO, team building, project management, human resources, etc. Look to business classes in the evening at local community colleges also.

In conclusion, the couple of keys to the kingdom of your business fortunes have been dropped in your hands. Start now and commit to learning new skill sets. There are plenty of skill set seminars in business, so prioritize them to your own needs for a quicker start. Learn to work on your business as you work in your business. Good luck.

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