Roadblocks business owners face that 9 out of 10 never overcome
Lesson 2: Overcome business myths and create your “Mission With Meaning”
Included FREE in this lesson: Fill out your “Mission With Meaning: Statement
Hope is not a strategy.
Like the little boy in the film, “ The Sixth Sense”, everywhere I go, I see thousands of dead and dying businesses in every city and country I visit.
Shuttered retail space, shattered dreams, bankruptcy, empty offices all highlighting the same failure.
So why do these new businesses fail in their hundreds of thousands every year and why do so many owners fail to consistently attract and retain customers?
Why do so many intelligent, well meaning, dedicated passionate people start businesses only to fail within one to five years?
Failure happens when people don’t know the things they should know.
The answer lies in three beliefs held by almost all owners of businesses consciously or sub consciously that always leads them to doing the wrong work, which leads to failure.
They almost all run their businesses with three disastrous beliefs:
- Running a new business isn’t as difficult as some people make out.
- If I build it, they will come.
- Intensive customer engagement isn’t necessary for success.
1. Running a new business isn’t as difficult as some people make out!
Just between us, admit something to me.
You’re secretly hoping that your business will make it big, make you rich and if you’re really lucky, make you famous too.
After all, you’re an expert in your field and your skills, college qualifications and life experience so far and this should be enough to run a business so surely it can’t be that difficult? Wrong!
Running a business is not just about your particular skills that made you successful up to now.
It requires you to have skills in areas you perhaps don’t possess, such as marketing, sales, supply management, design, finance, administration, payroll and IT.
What about all those businesses before you that fell by the wayside?
Surely it can’t happen to you?
You’ve got a great idea, you’ve got the money, the perfect location and you’re an expert.
Not surprisingly, almost 76% of the major cause of new business failure is due to a lack of robust planning, incompetence and a lack of managerial experience, with the major pitfalls being emotional pricing, living costs too high for the business, no knowledge of financing and no record keeping experience.
High on the list were also wasted advertising budgets and carrying the wrong inventory.
2. If I build it they will come!
Oh no, they won’t!
This belief is the most common one held by all aspiring entrepreneurs.
With hindsight, most owners of companies that failed consistently cited the same mistakes as the underlying reasons for their failure:
- Going into business for the wrong reasons
- Advice from family and friends
- Being in the wrong place at the wrong time
- Family pressure on time and money commitments
- Pride and ego
- Lack of market awareness and
- Wasted advertising investment
Let’s take the last point (wasted advertising) as an example.
On average, we’re exposed to nearly 5000 advertisements a day and whether you have a brilliant or an average product or service to sell, not only are you permanently competing with the business across the street and across the world, you’re trying to get your message across to jaded customers overwhelmed by conflicting messages.
And yet most owners continue to follow the path laid out for them by existing media (local or national press, radio, magazines, leaflets and coupons) or new media offering seductive but expensive online campaigns that create a rising sense of panic when they don’t work.
Ouch! Having sacrificed all that time, energy and effort into creating something meaningful, seeing it all collapse is devastating.
I know because I’ve been there and I learned the hard way.
So, as we go through the next few days, I’ll explain exactly how you can avoid the pitfalls that almost all businesses fall into.
3. Amazing customer experiences aren’t necessary for success.
Most business owners do all the hard work in setting up their business then fail to build strong relationships with their customers due to a lack a clear focus, over commitment to other tasks, being worn out or underestimating what needs to be done.
If you’re just starting out and you’re really frightened about missing out on the steps you need for success, don’t be afraid.
Firstly, you’re not alone, it’s not unusual and secondly, we will address every single concern you have.
If you’re like me and everyone else starting out for the first time, here are some of the problems we all worry ourselves sick about when we think of starting out on our own for the first time:
Common myths, problems, roadblocks and questions:
- I don’t know if my idea will work
- I don’t know where to start
- I’ve never run a business before and I’m so scared of failing
- I don’t understand finance and how to get funding
- I don’t know how to do a business presentation to obtain funding
- I don’t understand marketing
- I don’t know how to attract customers
- I don’t understand websites and how to market my business online
- How will I know if my store is in the right location and at the right cost?
- What will I have to do to grow my business?
- How much money will I need to start and grow my business?
- How will the business impact my life and my family?
- Is NOW the right time to start this business?
- I don’t know how to plan my business so what will I do every day?
- What if there are too many competitors around me? What if they undercut me?
- When will I start to make decent money?
- Will this business take over my life?
- What if I need help as I start the business? Who will help me?
- How will I know if I’ve got enough cash to manage the business and survive?
- What if I can’t go into work for a few days – what happens to my business?
You’re Not Alone. We’re In This Together.
Everybody who starts a business for the first time struggles to answer these questions.
The good news is that the answers to all of the questions and problems above are in this series of lessons and resources that follow and above all, my commitment to you.
As you set up your business in a structured, well thought out approach, the answers to the questions above are revealed to you.
And when you struggle with something, we’ll jump on a call and sort it out.
You’ve already made a start with the Ultimate Business Plan Checklist from lesson 1.
If you haven’t had time to complete it, I get it. You have so many other things to do.
Not everyone has the time. But get it here and just get started.
We can’t go a mile every day. But we can move forward an inch.
So just GET STARTED.
Remember, there are only two things you need to do to be successful:
- Implement all the tactics, tools and techniques from the lessons I send you and,
- Relentlessly focus on creating a consistently excellent customer experience, no matter what your business is.
I know what you’re thinking, “ Why can’t I just start my business and why should I do all this hard work?”
But here’s the issue.
“If you can’t visualize the difficult parts of your business, how will you be able to focus on them and solve the problems that hit every entrepreneur?”
“If your business is easy and has no difficulties that you can imagine, what makes you think that your project has any value to your customers or to your investors?”
No Friendship Is an Accident
Five people truly made a huge difference to my life, told me secrets I never know and changed my life forever.
These five people transformed how I think, design, market and operate any business I’m involved in and I’d like you to meet them.
They will change your life and business too.
They are Simon Sinek, Gary Vaynerchuck, Russell Brunson, Professor Kit Yarrow and Ryan Deiss.
I’ll introduce them to all of you and they’ll make a huge difference to your life too.
Let’s start with Simon Sinek.
Described as a “visionary thinker with a rare intellect”, Simon teaches leaders and organizations how to inspire customers and employees.
He’s best known for popularising the concept of WHY in his first TED talk, the 3rd most watched talk with over 28 million views.
Simon is the author of 3 books, the most notable being the global best seller, “Start With Why: How Great Leaders Inspire Everyone to Take Action”, and his unconventional and innovative views on business have uncovered remarkable patterns about how customers and companies can inspire each other.
Simon Sinek’s detailed analysis of the most successful companies, small and large, revealed the ONE thing that made them successful.
“You have to know and communicate WHY you do WHAT you do.
Starting with WHY is what inspires people to act”.
Creating a “Mission that has genuine Meaning” for your business based on WHY you do WHAT you do gives your customers something to believe in.
Your Mission With Meaning
And when you are clear about your WHY, something amazing happens to your customers.
- You give them something to believe in.
- You provide them with something they can share with their like minded friends.
- You give them a common bond and shared beliefs that create a “movement” around your brand and business, inspiring trust and loyalty to you.
- You give them words that inspire them.
Your cause or “mission” has now become their mission.
Now it’s your turn.
Read through the following “Mission With Meaning” statement.
Your Mission With Meaning Statement
FIVE Steps to Create Your Extraordinary “Mission With Meaning” Statement
If you’re crafting a purpose statement, start with WHY. Create a one sentence statement that expresses WHY your business exists (what problem or need are you solving).
What does your company do to address these problems / needs?
Create a one sentence statement that identifies the result your customer will achieve by your company’s activities:
Why is your product / service different and therefore why will your customers buy from you and not your competitors?
Identify the result in (2) as an outcome that you can express emotionally in a way that engages your target customers:
When your customers experience your company’s products or services, what emotions does that experience create?
Your Mission With Meaning statement also personalizes your business and brand. It makes your company human.
What promise does your brand make and what type of personality do you want to convey? Fun, lighthearted, authoritative, exciting, safe, etc:
Summarize the results from 1 to 4 into your final “Mission With Meaning” statement. Keep it short (ideally under 10 words so that it’s easy to repeat and remember).
Download the “Mission With Meaning” PDF here and create you’re your own Mission With Meaning Statement for your business.
Take Action Now:
Read the “Mission With Meaning Statement” above.
- Download the “Mission With Meaning statement” PDF here and create you’re your own Mission With Meaning Statement for your business.
- If you need inspiration and examples of other great Mission statements, check out the following articles:
- Hubspot’s 12 Truly Inspiring Company Vision and Mission Statement Vision Examples
- Alessio Bresciani has compiled a list of 51 Mission Statement Examples From The World’s Best Companies
PS – If you’re stuck, email me directly at firstname.lastname@example.org and I’ll personally help you through your business issue. No call centres, help desks or chat bots. Just me and my futile affection for Arsenal Football Club.