The Dangers of Navigating Your Business Alone
Did you know that according to the national statistic 49% of new businesses will fail within the first 5 yrs? It gets worse. Inc magazine reports 96% of businesses fail within 10 years.
Pretty shocking, isn’t it?
That’s why it’s so important, now more than ever, for both new and seasoned entrepreneurs to actively seek out wisdom with decisions you need to make every day in your business.
What do you think is the #1 contributor to this staggering 96% failure rate?
Inc defines it as “unprofitable blind spots” You don’t know what you don’t know because you’re too close to your business.
At the end of the day, success or failure of a business comes down to what the person at the top – you, the CEO – did or didn’t do.
In the same study, Inc found that the second biggest contributing factor to the 96% failure rate, was due to MISTAKES and MISSTEPS.
In other words … poor decisions.
Now, we’ve all made good and bad decisions in our lives.
How many of you have given advice to others, maybe even to your kids and said something like …
“I wish I knew THEN what I know now” …
That’s called wisdom.
There’s a famous proverb in the bible says
“Walk with the wise and become wise. The companion of fools suffers harm.”
I love this imagery that we’re told to WALK with the wise. In other words, we do life together.
This isn’t like I just occasionally go and ask a wise person for advice. While that’s good to do WALKING with the wise is different in that we’re actually plugged in with a core group of like-minded entrepreneurs who consistently meet to support you lead you in the right direction.
So, while reading LEADERSHIP books is good, taking a SALES course is good, attending an industry conference is good, it’s just not enough to overcome the daily challenges in your business that pull you in so many different directions.
As the CEO in your own business, you’ve been gifted with your own unique superpower.
But, imagine how much faster your business could grow if you could tap into the collective force of 6-12 other superheroes in business?
That’s the power of belonging to a peer advisory mastermind group.
It’s like having a dozen real superheroes as your closest friends.
Let me explain:
- WHAT a peer advisory mastermind group is.
- WHAT to look for in a CEO peer mastermind group.
- HOW they work
- HOW much is the typical investment level
- WHY mastermind is the typical investment level