Auckland, New Zealand -- (ReleaseWire) -- 12/22/2017 --The US Bureau of Labor Statistics report revealed earlier this year that small businesses are failing at an alarming rate and the single biggest reason, says international bestselling author Ed Ludbrook, is that they lack vision.
The bestselling business author of 100% Confidence, Ludbrook was responding to news that US businesses surviving past the first year had dropped from 569,419 in 1994 to just 106,789 in 2016.
Bureau of Labor Statistics' says the top reasons are cash flow problems (82%), no market for products or services (42%), run out of cash (29%), don't have the right team (23%) and out-competed (19%).
'Things like being "outcompeted" are not reasons, they're symptoms,' says the author who has sold 2 million books on building high-performance communities and networks to pioneer new industries and products. "The real reason is that most small and micro businesses lack vision and purpose, so they start-up for all the wrong reasons.
'There's the 'hot face' moment when you start up a business. It's all enthusiasm and inspiration, but inspiration doesn't carry you through – inspiration has no stamina. Even goals evolve, and confidence evolves too, but vision endures.'
Ludbrook, who has seen countless micro-business owners fail says the difference between the minority who win through and the vast majority that don't, is that the few have a purpose, passion, a dream; a big WHY.
'The right way to start is to begin by asking yourself what inspires you beyond making money? Vision is your motivation, and motivation is a process.
'In my experience, less than 5% of people have natural motivation. The rest of us need a vision so that we can pay the price of success because success has a cost, and that cost is hard work, late nights and persistence in the face of failure and setbacks."
Ludbrook offers seven steps to creating an enduring vision for small and micro-businesses:
1. Your vision must be compelling. It must excite you. It must make you hot in the face. It shouldn't be based on what's nice or right or what other people think – your vision must make your blood race.
2. Verbalize your vision with one concept. For example, 'freedom' or 'family'.
3. Expand your vision with sub-concepts, e.g. The freedom to make my own choices.
4. Your vision must be congruent. It has to be believable to you. Going into space with Richard Branson at the age of 55 is congruent; setting your sights on becoming an astronaut at 55, isn't.
5. The vision can start with you. It can be personal and selfish, e.g. to set my family up for life. Eventually, it will evolve and become about other people.
'My vision is legacy,' says Ludbrook. I want to impact people and future generations.'
6. Your vision must have 'Heaven' and 'Hell' in it. In other words, your vision must take in what you want (Heaven) and what you want to escape (Hell).
7. Your vision must be driven by basic needs. Basic needs, those found on the bottom of Maslow's Hierarchy of Needs, are the most powerful. For example, belonging, and security.
"Once you have written down your vision you can go and create your story. Put it all down on a vision board and work from there," says Ludbrook.
About Ed Ludbrook
Ed Ludbrook Has sold more than two million books and audios, in more than 20 languages, on the subject of building high-performance communities and networks that pioneer new industries and products.
His focus is strategy, systems and leadership in the network marketing sector and is the recipient of a number of awards, including FTSE Company of Year, UK OFEX company of the year and NZTE Biotech Exporter of the Year.
Ludbrook's current passion is the booming area of crypto-coins and blockchain techs, where he plans to build the world's largest crypto-investor community.
CONTACT:
Name: Ed Ludbrook
Tel: +64 021 320011
Email: ed@dacxi.com
https://www.ludbrook.com/
Sources: https://www.fastcompany.com/40435072/this-is-the-state-of-small-business-failure-in-the-u-s