It is almost impossible finding data on how much the average entrepreneur earns in the UK. However, I guess the fact that over half fail in th
e first year and close to 97% in the first first years implies that they don’t make much. In the US, according to the Kauffman Foundation, ONLY 5% of entrepreneurs actually make more than $100k in their own business?
What does this mean for you as a business owner?
I just wanted to draw 2 quick insights from this information.
- Firstly, in my opinion it means that the ability and information to succeed and make a good living from your business is definitely not available to the masses. If it were, so many business would not be failing. Although, information abounds these days, it takes more than information to succeed in business. It takes a commitment to action not just desire.
- Secondly, to succeed and join the even smaller class of business millionaires you need to do something very different from everybody else. People rarely try new things. In my experience helping business owners who want to increase their revenues and profits, you find people doing the same things they have been doing for years even when results show that it isn’t working for them. Anthony Robbins said, “If you do what you’ve always done, you’ll get what you’ve always gotten.”
So if you want to change your business fortunes, do something you’ve never done before! What new strategies, products, marketing campaigns etc have you been thinking about introducing into your business but haven’t committed to because it just isn’t “YOU”? Pick one and go on and just do it. What have you got to lose? The worst is to find out that it isn’t for you – if it doesn’t work! Is that such a bad thing?