Letter To All Entrepreneurs (cont).
I am sure many of you have heard about the passion concept- if you have passion for something and you do a great job the money will come- I’m sorry but that’s the biggest pile of crap ever- if that was the case why would over 80% of all businesses fail within the first 18 months? Does that mean that 80% of the entrepreneurs’ that start businesses aren’t passionate?
Think about this for a second, cooking is known as one of the most passionate, cultural and bonding experiences in the world. Chefs are extremely passionate about food and creating culinary experiences for their customers yet restaurants have one of the highest failure rates of all types of businesses- I would argue that passion doesn’t breed profit, and neither do emotions, a profit mindset breeds profits.
We work with entrepreneurs’ all over the country and what I found is that most struggle with raising prices, of cutting operational expenses in order to make a profit- many don’t think they can raise prices or do without all the shiny objects that make them feel like a business owner. To me this is 100% mindset-
Business owners deserve to make profit
Business owners deserve to have a business that is profitable
Business owners deserve to make a salary that not only compensates them for the work they do but also the risk they take
Business owners deserve to have money to pay taxes
You deserve to make money!!!!
At a certain point a line needs to be drawn in the sand and you need to decide “ I like to not make profit” or “ I will and deserve to make profit”
OK so you have decided you want to keep losing money and not change your old ways- just keep in mind you are not just putting yourself at risk- if you have a family you are putting them at risk, you put your suppliers, vendors and employees at risk and the industry as a whole at risk- Please think about the other people you are affecting and do us all a favor- just find a job somewhere.
The rest of you that have decided to make a mindset shift to being a profitable , people pleasing, owner of a highly profitable business, lets get to work. Stop chasing revenue and only chase profit.
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