We may misread them, misunderstand them, or simply ignore them, yet they do not lie.
Of all the gin joints in all the towns – wait wrong line, of all the businesses in all the world only about 2% are run by people who think anywhere near big enough.
According to John Warrilow the author of “Built to Sell” and the man behind the Value Builder System (used to maximise the value of a business before exit) about 75% of all businesses are set up and run by crafts people, these are the people who are great at what they do and would rather work for themselves rather than for others, it doesn’t matter if they have a limited company or are a sole trader these are the self employed people who do the work that earns them money and it is rare indeed if they ever employ anyone directly.
23% he calls Freedom fighters these are the people who build a business because they also do not want to work for others and see a business as the only way to achieve the independence and freedom that drives them. They loathe being tied down, seldom sell equity or raise finance for growth as they avoid debt like the plague, once they achieve a level of income that makes them feel free the cease to grow.
The 2% he calls Mountain Climbers, they want to change the world, build empires and change they way things are done, at the top of that mountain are the Elon Musks, Richard Bransons and Jeff Bezos, these are the people who dream big dreams, take calculated asymmetric risks and blaze a trail and are Ironically the only ones who ever achieve the true freedom the Crafts people and Freedom fighters really want.
So, what is the difference that makes the difference for them?
Here are 5 that I notice.
- Networking: I don’t mean a local networking group. Top entrepreneurs often seek guidance from others, Branson famously asked Sir Freddie Laker for guidance and what to avoid when creating an airline. They seek out mentors who so they can access valuable advice, industry connections, and support. These seek insights into navigating complex business scenarios, avoiding pitfalls, and capitalising on opportunities.
- Continuous Learning and Adaptation: The most successful in all arenas including entrepreneurship are avid learners. They constantly seek to improve their knowledge, stay up to date with industry trends, and adapt their strategies accordingly. They recognise that the business landscape is constantly changing, and staying ahead requires continuous learning and multiple viewpoints not just their own.
- Risk Management: They manage risks better. By learning from others’ experiences, they are aware of potential mistakes and costly errors before they make them, they do not believe in trial and error and learning from their own mistakes they believe in learning from others mistakes and this allows them to make better calculated decisions and reduces the costly mistakes.
- Efficient Resource Allocation: The top 2% allocate their resources (time, money, and manpower) more efficiently. By gaining outside insight and support they have a clearer picture of which areas to focus on and which to delegate or outsource, they optimise their efforts and maximize results.
- Mindset and Persistence: Mountain climbing is simply not something you should attempt on your own, it is way too difficult and demanding on your mental state, you need focus, determination, and persistence, you need people in your corner encouraging you to push through challenges and setbacks, which are inevitable on the path to massive success. The top performers out there surround themselves with people who share and support that mindset, never with sycophants.
These are not the sole determinants of success. Other factors, such as creativity, innovation, market timing, and perseverance, also play vital roles in entrepreneurial success.
The key thing is, if you want to change the world, think bigger, network with those that can help you, learn every day, manage risk , focus on the things that move you forward ad get your mindset right and you will be amazed at what you can achieve.
If you want to know more get in touch
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