Research shows businesses are killing their owners.
Every day 3,076 companies go out of business.
In this episode, listen as I share one valuable piece of advice I learned from one of our executive coaches, Jerel Benjamin.
Wisdom comes when you start realizing that you really don’t know as much as you think.
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*this transcript was mostly generated by AI, please excuse any mistakes
Amanda: [00:00:00] Every day, 3,076 businesses shut their doors. 46% of all business closures are chalked up to owner incompetence and being a business owner has been proven to lower your life expectancy by five years. Woo. Okay. That’s in the preface of the new edition of the ultimate sales machine. Those are some pretty crazy pieces of market data.
So 3,076 businesses shut their doors every day. So if you today are having a difficult day or the next time you have a difficult day, take a moment, take a deep breath and recognize 3,076 businesses did not make it today. And you did. Okay. That’s the value of knowing that you made it through today?
One of our executive coaches, Jerel Benjamin teaches something that I think is so valuable to that second piece of market data that I give, which is 46% of businesses fail due to owner [00:01:00] incompetence. So he teaches something which I love. If you imagine a circle and you drew just 1% of that circle, that’s the percentage that we know.
Then, if you put another 5% of that circle, 5% is what we’d like to know. Or we know we don’t know it, but we’d like to find the answer to it. 95% of that circle is the things we don’t know that we don’t know. I know the saying, you’ve heard the saying of the more I know the more I realize I know not, or the wisdom comes when you start realizing that you really don’t know as much as you think, the beauty of being youth and thinking that, everything , but so Jerel thought this to me, which I’d never heard of that pie graph before.
And I thought it was, it stuck with me for a long time. Because I can see how valuable it is and why he gets so many results with our clients. Because if you come into every situation thinking that all that’s why nearly half of businesses fail is because the CEO or the [00:02:00] owner feels the necessity to always have the answer or always have the solution.
So you don’t have to always have the answer. It’s just a matter of utilizing and calling out to those around you to make sure. That we can find the solution. If we don’t know it, we’re looking for it and we’re going to get there, right? It’s the confidence in finding the answer, but not always that, you know it.
And then that will make that last stat of the fact that business owners have five years, it cuts five years of their life away. And it’s so interesting when I tell this stat to different business owners, you get a percentage of them. They go, yeah, of course duh, it would, you would lose five years of your life because owning a business is so bloody hard.
It’s so hard and it can be so lonely at the top. So you have a percentage of them that really get that and go, of course. And then you have another percentage that go really. I find that so odd. I can’t imagine. [00:03:00] And I find that those are the ones that are doing a great job of collecting a group of people.
That they can elevate up and they rely on those others that have their expertise in their particular fields of what they do best at, so that they raise together as a team. So in your business, really think about this next week. One, be grateful for the fact that you’re not part of the 3,076 businesses that shut their doors today.
Two, be open to all the things you don’t know, you don’t know, so that we can appreciate the fact that we can learn something from every scenario and number three, make sure that you facilitate ways in which you can delegate what’s going on so that it’s not always you having to find every answer. You don’t have to find all the answers.
Okay. Let’s just be the discerning factor to bring everybody together and be that heart that carries everyone forward until next daily dose.