There are over 27 million businesses in the United States. While much of the media focuses on the Dow Jones Industrial Average (representing only 30 of the largest publicly traded firms), 97% of all businesses generate less than $100M in annual sales. Only approximately 3% of our 27 million businesses generate over $10M annually, leaving an untold story for the 25M+ entrepreneurs in America today.
The Risks and Rewards of Entrepreneurship
Privately held business owners take on significant risks, with 6 out of 10 startups failing within their first 18 months. But for those with the emotional fortitude, enough cash, a great idea, and the willingness to sacrifice for the greater good, it is a truly noble pursuit. For those new to entrepreneurship or seeking insight, here’s a brief manifesto of key entrepreneurial principles:
The Entrepreneur's Manifesto
‘We, the privately held entrepreneurs and Executives of the United States, in an attempt to identify opportunity, uncover unmet needs, create markets, challenge paradigms, capitalize on innovation, and grow the greater good, hereby establish some core principles for those seeking greater insight into the role:
Be paid last – After your employees, the government, supply chain partners, and after maintaining appropriate capital reserves for future growth.
Navigate complex regulations – Interpret a complicated tax code, deal with governmental bureaucracy, and pay some of the highest corporate tax rates.
Invest in employee development – Re-educate the workforce, filling gaps in critical thinking skills that were overlooked in our education system.
Commit to healthcare – Cover double-digit increases in medical costs annually while experiencing erosion in benefits for employees.
Assume personal risk – Sign personal guarantees for loans, equipment, and other resources needed to compete, putting personal assets at risk.
Challenge passivity – Confront mediocrity and rise against a mindset that depends increasingly on external support.
Embracing Change for the Greater Good
As entrepreneurs, it’s essential to continuously improve, create better ways to impact customers, and adapt to the evolving global market. True leaders take full responsibility for failure while giving full credit to others for success. They provide vision and hope, even in the face of sensationalized media and misinformation, and manage diverse teams with respect, inclusivity, and a shared commitment to excellence.
The Honor in Entrepreneurship
The role of an entrepreneur or CEO is indeed a noble profession. These leaders create jobs, unlock potential, pay taxes, and contribute to economic expansion. While a small minority may not embody these values, most entrepreneurs strive to make the world a better place, driving human welfare forward.
Fostering an Ownership Mindset
None of us has the right to wealth, happiness, or status, but being an American grants us the opportunity to pursue these ideals. No matter your path, developing an “ownership mindset” and respecting the Executive role offers perspective in creating something larger than ourselves. We must embrace exploration, face challenges, and foster personal accountability.
Reflecting on a Year of Achievement and Adversity
As a young boy, I always wanted to be a CEO. It wasn’t about the money; I didn’t grow up with any. In 2019, my business achieved record revenues, growing profits, and the highest W-2s we’ve seen in decades. However, 2020 brought unprecedented disruption. It’s crucial to face current challenges, re-engage with resilience, and embrace diversity and exploration. Imagine a world where personal accountability prevails, and everyone has the opportunity to unlock their full potential.
The Call to Action for All Entrepreneurs
Our world doesn’t require big government, big business, or dominating executives. It requires personal accountability and a commitment to grow the greater good. Stop wasting your potential. The world needs more of you.
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