Some astonishing facts: There are an estimated 27 million businesses in the United States. Only 1% generate revenues greater than $10 million. More surprising is that the majority of businesses (78%) are classified as “non-employer firms,” otherwise known as “Solopreneurs.”
“Solo-business” ownership is
increasing at an astounding rate as white collar professionals struggle with
the stifling job market showing no real signs of rebounding soon (despite media
reports).
Unfortunately, those 21 million
Solopreneur businesses will only generate 3.4% of the overall revenue in the
business sector. Let me paraphrase: The greatest majority of businesses in the
US are responsible for generating a tiny percentage of overall revenue.
What does that mean?
This means
that the proverbial “entrepreneurial dream” of business ownership creating
wealth, is in fact, an illusion.
My personal quest to go “solo”
began after the 9/11 tragedies stunned our country. Like many, I found myself
with a new perspective on life and it became impossible to stomach the
corporate games. I could no longer tolerate the politics, wastefulness, and
down right ineffectiveness of the corporate machine. I had to be free.
So, I put out my shingle and
became a marketing consultant. Within 18 months, I replaced my executive salary
and had a client list to include Target, Nokia and BNSF. Better yet, I wasn’t a
part of the game playing, board politics or whack-a-mole mentality that forms
the basis of so many corporations today. I was finally free.
problem.
I was also alone. I had no one to create with, to lead, or shoot the breeze
with at the water cooler. Worse, I had to GET the work, MANAGE the work and DO
the work all by myself.
At first, it was refreshing. Then,
it became boring. Eventually, it became debilitating.
So like every Solopreneur who has
struggled with “the business of being alone,” regardless of income generated, I
became bored, lost my motivation and started looking for a job.
I thought working alone would not feed my soul
2 ½ years after taking off the
corporate ball and chain, I was willing to put it back on because working alone
did not feed my soul. Surely, working for someone else would be more fulfilling
than doing all of the work by myself.
It was November 2003 when I started
the job search. I went on five job interviews before striking gold. Franklin
Covey was looking for a Managing Director in Dallas. I breezed through several
rounds of interviews before they asked me to fly to Salt Lake City as one of
two finalists for the role. I prayed about it constantly. I wanted this job.
On a mid-December day after
several gruelling interviews, I met with the CEO, Robert Whitman. He said his
management team was quite impressed with me, and there were only a couple of
questions remaining.
After giving me a brief overview of his 5-year strategy,
he laid out his questions.
Question 1: “Why do you want this
job?”
I gave him my standard answer
about how it would a perfect blend of my training, marketing and sales
skills…blah, blah, blah. He nodded and moved to the next question.
Question 2: “So given your
success as a single person entrepreneur, and now with an impressive list of
clients under your belt, why don’t you want to grow that into a real business
enterprise?”
He asked, "What is holding you back?"
I sat perfectly still. Soon, the
silence was deafening. The proverbial “you could have heard a pin drop” was an
understatement in this moment.
Finally, I spoke. "I don’t have a good answer for that. All of my life I’ve led teams and inspired people to achieve great things. For some reason, I just don’t know how to do that as a single-person business.”
To be honest, I don’t remember
the last question he asked because I remained totally checked out for the rest
of the interview. I numbly walked out of his office and got into the cab and
headed towards the airport still wrestling with his question.
On one hand, I
felt like I had failed as an entrepreneur, and on the other hand I knew that I
really wanted a team of people to work with and lead.
His question, “What
is holding you back?” rang in my ears like nagging voice I couldn’t shake.
After Christmas, Franklin Covey’s
recruiter nicely informed me that I didn’t get the job. I was disheartened to
say the least.
The following month I met with my executive coach, Dr.
Nancy Schreiber. I told her what happened
and told her I just didn’t know what to do. She said, “Terri, all of the
personality tests we’ve done indicate that you are an entrepreneur. Why do you
want to go back to a corporate role anyway?”
I gave her my standard spiel
about “wanting to lead teams, etc.” and then with one comment, she took out a
2-by-4 and whacked me over the head. “So, why don’t you just build a company? What
are you afraid of?”
“So, why don’t you just build a company? What are you afraid of?”
Silence. I knew the answer, but didn’t
want to say it for fear that its weight would crush me.
She pressed. “Terri,
you are talented and you’ve built companies for other people, why don’t you do
that for yourself? Instead of working by yourself, why not turn what you’re
doing into a company?”
Silence.
Finally, I answered with part of the truth. “I don’t know how.”
Working in the corporate engine I
could, and did, do just about everything. I had built teams, grew companies,
led incredible marketing and sales efforts, but
Doing it “for myself” sounded great, but felt empty.
And, then she said, “And when you
didn’t know how to do something in Corporate America, what did you do? You
asked questions, you took classes, and you learned how. So, tell me why you
won’t do that for yourself? And tell me the truth.”
“The truth is, I am afraid to
fail.” There it was, I had said it.
I was afraid to fail and it was easier to
not try.
As the coaching session
continued, Nancy helped me realize that if I stayed a Solopreneur (they didn’t
call it that back then) that I would indeed fail.
She helped me realize
that the
keeping me from growing my
business was fear of failure and certainly fear of success.
Breaking through those barriers
the next few years after that fated conversation with Dr. Schreiber, allowed
me to create a $6M consulting business whose clients were some of the largest
brands in the world. Companies like: Target, Wholly Guacamole, Northrop
Grumman, Texas Instruments, On the Border and Centex. Not only did I break
through those barriers, but I created true financial freedom.
I was able to create a successful business and gain financial freedom all because I answered one
question, “What are you afraid of?”
I tell you this story because I see two amazing
trends at play in the marketplace.
When I started Succeed On
Purpose, my goal was clear…to use my own purpose to inspire others to achieve
their potential.
I had no idea where it would go, or if I could make money, but
I knew that it was time to do what I really wanted to do and leave the rest to
God.
Today, Succeed On Purpose has 10
companies launched out of its portfolio and a new “crop” that started this
month. In addition,
Succeed On Purpose can assist you through several
paths:
At Succeed On Purpose, we want to change the world by using our individual and collective “purpose” to inspire collaboration and create financial freedom. As a result, we will change the economic facts stated at the beginning of this blog post.
What if those 78% solopreneurs created 20% of the revenue instead of 3.4%? How would that change their personal financial freedom? And, what if through collaboration, they actually felt a part of something as they built wealth?
What if there weren’t just 1% of businesses above $10 Million, but 15%? What would our economy look like? How many more jobs would there be?
You don’t have to “go it alone”
and if you don’t know how to grow your business, then the only thing to stop
you from learning…is fear.
Isn’t it time to succeed on
purpose?
With the soulfulness of Wayne Dyer and the entrepreneurial spirit of Richard Branson, Terri is a world-class business growth expert, social impact investor, and serial entrepreneur whose purpose is to inspire potential. With her own money, Terri built a portfolio of purposeful companies, Share On Purpose, Inc., and now invests in and creates mission-driven start-ups.
In a career that spans more than 25 years, Terri has launched, owned, sold, rebranded or turned around more than 40 companies. She is known for her game-changing business models and personal transformation frameworks.
Everything she built came directly from a wellspring of perseverance and soulful resiliency, which she openly shares through her first purposeful brand, Succeed On Purpose.
