Why are there so few 6-figure entrepreneurs and 7-figure success stories? According to the Kauffman Foundation, only 2% of all entrepreneurs ever reach 6 figure business success, but more than 50% never exceed $25k. Why do you think that is?
The reason why most people don’t achieve a six or seven-digit income from their businesses could be because they have no idea what it takes to build such an enterprise. The sad truth is that many small business owners will not even make $25K annually–but why aren’t more of us building thriving companies?
One of the most important things to remember for entrepreneurs is that they need a certain mindset, market, and message. Without these three factors in place, it’s nearly impossible for someone with goals like earning six figures or more from their company, to make it in the long run.
Mindset
Your mindset sets the stage for your everyday life. It can also set you up to have a successful business if you have one that is both empowering and positive, or keeps you from success if your mindset derails down the negative road.
When we don’t believe in our abilities to build our businesses, mistakes are made. And this is exactly what can cost us confidence, and contentment with what’s already been accomplished so far as well as connection and community with like-minded individuals who share the same interest as ours – all without even realizing that these things could eventually lead them down this road before they’ve begun!
In the world of business, it’s all about mindset. It is what separates average entrepreneurs and those who are able to earn six figures in income from their company. If you want to be an entrepreneur with a healthy attitude that leads you down the path towards earning big bucks then make sure to have faith. That is not it as you also need to believe in yourself and your abilities so when working on whatever project at hand; always remember that anything worth achieving requires hard work!
Market
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I know it can be really tempting to focus on clients who are easy or desperate – but trust me, in the long-term, you’ll end up feeling worn out and resentful. Plus, when we attract only one type of client (those that need a quick fix) we often don’t have enough time for those people who may not fit our mold of r “ideal” customers.
So what’s my recommendation? Diversify your mix! It may seem daunting at first as so many times I fell victim to this same trap myself… But remember: if you want to achieve true transformation with your business then there has got to be some effort that you need to put into defining yourself and attracting like-minded prospects rather than settling for second best all the time.
Targeting the wrong clients can be a recipe for disaster.
A small business owner who doesn’t know their value and worth in the marketplace will start discounting his or her incredible factor which puts them in an awful position. This is all mainly because they cannot build their business, get access to what is needed to grow, and invest in themselves and their company.
It’s so easy to just pull prices out of our back pockets that it’s not really surprising why many entrepreneurs are stuck at square one with nothing but regret on top; you see, six-figure businesses need more than just discounts from your pocket!
Market research can help entrepreneurs turn their passion into profit. Market research is the process of collecting data and information about customers, potential customers, or competitors in order to gain insight into how they buy goods either now or potentially in the future. The result will give you insights into what products you need to create for them that are not currently available so you don’t have any competition at all!
By investing time and energy in marketing yourself through market research there’s no telling where your business could go!
Message
If you are unclear about how to set yourself apart from others in your field, then it is time for a marketing makeover. Using social media as an example, jumping on the latest bandwagon and becoming another so-and-so takes away what makes YOU different than anyone else out there – thus being unique will help you stand out!
The most important thing is to find a message that speaks directly to your audience’s concerns. For example, research shows that entrepreneurs who are proud of their work and offer solid support tend to be more successful than those who don’t.
This may seem like an obvious statement at first glance but when you stop for a moment it becomes clear how powerful such simple messages can be in shaping the way people view themselves, which consequently shapes what they’re willing to do next.
Take Away
The best way to make a business successful is by being proud of your work and offering solid support.
Your customers will respect you for it, which makes them more likely to want to buy from you in the future!
