| The main reason why the majority of business | | | | becomes totally incompetent and lost as an |
| owners fail (over 90%) is because most people | | | | entrepreneur. |
| who start a business have no idea of how to build | | | | What's worse is that this Chef will probably spend |
| and run a successful business. They lack the | | | | most of his time in the kitchen doing the |
| critical skills sets. | | | | operational work of preparing food, cooking, |
| Then, why do they start businesses? What | | | | tasting etc... (because that is what he knows how |
| makes them think they can succeed? Well, what | | | | to do). |
| kills most people from the start is an assumption | | | | As a result, he will not spend essential time on all |
| they all make. And it is a 'fatal' assumption. | | | | the other important facets of the business -- like |
| They all assume that as they know how to 'do' | | | | marketing, finance, brand development, customer |
| the technical aspect of the business, they would | | | | service and management. |
| therefore know how to run a business that does | | | | What I just described is the typical scenario that |
| that technical work (a famous quote by business | | | | happens to most people who were once |
| guru, Michael Gerber). | | | | employees specializing in a particular technical skill |
| In other words, they assume that just because | | | | (i.e. cooking, hairdressing, accounting etc..) . They |
| they know how to cook well, it means they can | | | | go on to start a business, only to discover that |
| run a successful restaurant. They assume that | | | | they lack the skills necessary to run the business. |
| just because they can teach well, it means they | | | | To summarize, there are six entrepreneurial skills |
| can run a successful learning centre. They assume | | | | sets you must have in addition to the technical |
| that just because they are great at cutting hair, | | | | skills to build a successful and enduring business. |
| they can run a successful hair salon. | | | | These are the skills of: |
| Nothing could be further from the truth. In reality, | | | | 1) creativity and innovation, |
| the chef who out that he knows very little about | | | | 2) organizational development, |
| marketing, branding, managing and training staff. | | | | 3) management & people development, |
| And he probably knows even less about | | | | 4) sales and marketing, |
| operations, cash flow management, accounting | | | | 5) money management and |
| etc... From being great at his job as a cook, he | | | | 6) operations and systems development. |