Posted by JuJuan Buford @JSBUFORD
THIS IS AN EXCERPT FROM A BOOK I'M CURRENTLY WORKING ON TO HELP ENTREPRENEURS MAKE THE SHIFT FROM A TEAM OF ME TO A TEAM OF WE.
“Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better.” — Jim Rohn.
- 70% of entrepreneurs fail.
- Roughly 5% of the American population makes 6 figures
- 6% of all entrepreneurs achieve 6 figure business success, only 2% ever achieve 7 figure success, and more than 50% of all business owners never exceed $25,000 each year.
In other words, achieving the financial outcomes that many entrepreneurs take aim at is an extraordinary achievement... emphasis on the "extra". Because the truth of the matter is it will require more than the super-majority of people are giving at their jobs. It will require more of you behaviorally, psychologically, mentally, and personally, especially at the beginning. And require that you become more, different than you are at present. It's going to require extra.
This article wasn’t curated to dissuade future entrepreneurs or defecate in the cornflakes of dreamers. Rather, it was written to prepare you for the journey ahead, and part of being prepared is understanding that entrepreneurship is difficult. Your primary enemies - boredom, impatience, frustration, failure, and a culture that thirsts for immediate gratification - are relentless and ever-present.
And that is why being able to answer the following questions are is so important.
- Why does your business exist, beyond simply making a profit?
- What do you want your impact or legacy to be in the world?
- Who do you want to serve? Describe them from head to toe.
- What is your WHY?
Being able to answer these questions is important because it's hard to expend your life's energies on a compromise, and success is an inside job. There is not enough motivation in the world (books, podcasts, videos, seminars, etc.) to feed you and push you to achieve your best life. At some point, you have to identify the values, beliefs, and ideas that give you energy. You need to have a well to pull from that will propel you forward before the recognition comes; create accountability when people are not looking; and push you to be excellent before the rewards become apparent.
Answering these questions will also help you frame your value proposition to the rest of the world. They will help you determine how you show up at an initial meet-up, at networking events, when you give an elevator pitch, and how you communicate your value to the world via social media and elsewhere. They are essential to helping you attract your tribe: the business partners you will eventually work with; your staff or employees; your ideal clients; and those who are willing to support and advocate for you when you're not in the room.
And just as important, answering these questions will help you stay focused on your focus. I've read that a light bulb and a laser use and produce the same amount of energy. However, while the light bulb’s energy illuminates and dissipates into a space, a laser's energy is focused allowing it to cut through, chisel, and curate the environment around it.
When you're flying from project to project, and you lack focus you'll find that while the calendar moves, you haven't progressed any further toward your goals. Additionally, you are unable to resonate with your tribe, because people don’t know who or what you are from day to day, and therefore you fail repeatedly to gain the traction (trust) and momentum (social evidence) required to push your business endeavors forward.
There's a hidden inertia that exists in business, akin to pushing a 5000 lb vehicle. In the beginning, it's tough, but once the wheels get rolling you and those observing you may marvel about how easily you're able to achieve progress. You begin building skill stacks, belief, the confidence of those around you, and wisdom. The inertia allows you to accomplish more, attract more, and invest more in your endeavors as opposed to being bogged down with the psychological strain of surviving day to day.
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A disturbing news report was released recently regarding the (double-digit) decline in the wealth of African American communities over the last decade, juxtaposed against the increase in wealth of U.S. households.
What does it mean for cities like Detroit? How can the entrepreneurial community offset this decline? Special guests Jeffrey Edwards and Godwin Inhentuge join JuJuan Buford at NextOppSocial to discuss! Learn more about NextOppSocial at www.nextoppsocial.com Join the Aftershow Discussion at www.facebook.com/groups/nextoppsocial.
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JuJuan Buford is a CEO, Co-Founder serial entrepreneur, writer, and public speaker. JuJuan started his career in the banking and investment advisory industry, transitioned into business ownership, and is enjoying entrepreneurial success in multiple industries: business coaching, real estate, direct selling, business technical assistance provider, ghostwriting, and publishing.
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