If being an entrepreneur is one of the most challenging and rewarding experiences you can ever have in your life, why are so many entrepreneurs failing?
Statistics show that if you are a business owner, the odds of you being in business five years from today are less than 15%. That means over 85% of businesses will fail within the first five years.
How is that possible?
How is it that with all the desire people have to start a business there are such high failure rates?
That’s what we are going to talk about in this article. I am going to give you the number one most important asset to being an entrepreneur.
Who Am I?
My name is Andréa Albright. I am the CEO and founder of Beverly Hills Publishing. We are disrupting the publishing industry by creating value for authors. And as an entrepreneur myself, I have discovered there are a lot of opportunities to start a business, but very few people actually succeed in making it to the five-year mark and beyond.
I want to go deeper into what I see as missing from entrepreneurs who set out to start a business, but ultimately end up failing and having to close their business down.
I have been an entrepreneur for over 16 years. That means I have not worked for another person or received a paycheck as an employee for over 16 years. I have become my own independent business owner.
Why Are So Many Businesses Failing?
I’ve learned a lot and I am writing books about entrepreneurship. Today, I really want to think and focus on this one key ingredient that hardly anyone is talking about.
We hear all of these failures and about the businesses that are closing, as well as the entrepreneurs who can’t make their businesses succeed. What I want to share with you in this article is what I have discovered. What I consider to be one of the most important assets of every successful entrepreneur I’ve ever met over the course of my 16-year career. And that is, out of all the business owners who start businesses, which ones make it, which ones fail, and why.
What These Failures Are Not
Let me tell you what these failures are not. You need to have intelligence in order to be a successful entrepreneur, but that’s not the key ingredient. Yes, you need to be innovative in order to see what’s trending and where the market is evolving. Then you need to be able to see how your business can create value that no other competition is creating. But that’s not the most important asset either. Yes, you need to have the best product and or service and you need to deliver quality. But that is also not the most important asset to being an entrepreneur.
Okay. Are you ready for it?
I know I’ve built it up enough.
The number one asset for being a successful entrepreneur that lasts beyond the statistics of five years, ten years, even twenty years and beyond. The number one asset is what I call ownership of outcome.
I repeat…ownership of outcome. Let me explain what I mean by this.
When you are a successful entrepreneur, you have to take radical responsibility for everything that happens. I know, I know, but it’s so easy to focus on all the things that are “outside of your control.” But I will tell you that the most successful entrepreneurs I know never see anything outside of their control. In fact, they take 100% radical responsibility. In other words, they have ownership of outcome.
This Is Why So Many People Are Failing
So many people are failing at entrepreneurship because they don’t take ownership of the outcome. I see entrepreneurs who are blaming the government, or the economy, or a global pandemic. And while all of these events, and we could say outside sources, can influence how you navigate business, marketing, value creation, and thought leadership, it will never take you out of the game of entrepreneurship when you own a hundred percent of the outcome.
Entrepreneurs who succeed know that when you take responsibility, you now have the power to control and to influence. If you are an entrepreneur who is giving your power away by blaming an outside source of influence, regardless of how many facts or how much evidence you have to back up your claim, you will never be an empowered entrepreneur. And we need empowered entrepreneurs more than ever.
Entrepreneurs Are The Problem Solvers of Humanity
I believe entrepreneurs are the problem-solvers of humanity. We are the visionaries who see a new possibility for society, culture, and the earth. It’s also how we will all communicate and collaborate as one human race.
If you have a vision and a dream, and if you have a gift that is meant to be shared, then it is your duty and responsibility to make sure that it serves the people whom you are meant to serve. And by taking ownership of the outcome, you will now focus all your attention on the only place that matters—your choice, your power, and your vision as an entrepreneur.
Taking Radical Responsibility
When you take this radical responsibility and you have complete ownership of the outcome, now you will be playing a game that you are in control of. You will be able to win. You will be able to succeed regardless of what is changing around you.
I have been through catastrophic events as an entrepreneur. I have seen markets completely change. I have been through a horrific divorce. I have been on the verge of bankruptcy. I have been through so many obstacles as an entrepreneur. And I will tell you the only reason why those obstacles didn’t take me out was that I took responsibility for what was happening. I also chose how to navigate through all of those situations and circumstances.
Overcoming and the Ownership of Outcome
Every time you take ownership of the outcome, you now get to celebrate when you overcome it. I believe the greatest journey to knowing yourself and to growing as a human being is to start and run your own business. It is only from this place of ownership do you eliminate all the excuses for why you are not successful or why your dreams are not coming true.
Losing the Victim Mentality
When you start a business and accept the responsibility and ownership of outcome, you give up the luxury of being a victim. It’s just not in the cards. You’re not playing that game. You have no time to complain because you are so busy in service and in action to whom you are meant to serve.
If this is the kind of game that sounds like a rewarding journey, then you are destined to be an entrepreneur. Most people are not up for this game. Most people do not want to give up their security blanket of excuses. They are not willing to take radical responsibility for every aspect of their life.
And that’s why entrepreneurs are rare. We are special. We are different. So if you have this desire in your heart to create something that has never been created before, I want to help you. If you want to serve on a bigger level and have the deepest fulfillment and meaning in your day to day existence, then I want to help you.
I Am Here to Help
I want to help you be the most powerful entrepreneur you can be and destroy the status quo of the 5-year, 15% failure rate. We need to change this. It starts with you as the entrepreneur taking 100% responsibility today, right now. Not waiting. Not somebody giving you permission. You own it. You claim it. And it is from this place of empowerment that you will find you create your vision into reality. I want this for you.
Let’s Take This Journey Together
I am here to help you. I’m here to serve you. It is my mission to serve every visionary entrepreneur who is here to make a difference. I’d love to continue the journey with you. And, I have a free gift for you. Make sure you sign in to get that free gift. And if you prefer videos and want to follow along on YouTube, you can do that too. Just don’t forget to subscribe.
We’re just getting started. There is so much more I want to share with you. I am here to serve you. Let me know where you are stuck. What obstacles you are facing as an entrepreneur. And, how I can support you.
The more we support one another the more we will be able to solve humanity’s problems. That’s really what this is about. And may you find the strength within you to let the opinions of everyone else go. It is your journey, yours alone, and it starts the moment you take radical responsibility and ownership of outcome.
Thank you for reading this article. And, thank you for sharing your gifts. The world needs your vision. If you would like to connect with me, you can reach out to me at Beverly Hills Publishing.
I’ll see you next time.