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He refused to do anything differently from
way he ran his previous company. All systems and forms and strategies that were keeping million-dollar franchise running effectively were tossed aside as "frivolous" and an "unnecessary" waste of time.
When cash flow started freezing up, Egor knew just what to do — same thing that everyone does when cash is tight: cut costs; sell equipment; reduce employee hours; do more work yourself; work harder and longer; fire adminstrative staff that just moved paper around.
In end ... Essentially, he continued to run this new, million-dollar, already-established business exactly same as he did his mom-and-pop operation. Likewise, he ran this new business right into ground, just as he did with his other business, in a staggering, record-breaking six months!
Egor's accounts were completely drained within a year. He owed vendors large sums of money, and he started losing customers after they began to experience results of all cutbacks.
Coaching Corner - Learn & Apply to Your Life: Learning from other people's mistakes, and applying success secrets gleaned from these two case studies to your small business decisions can dramatically cut your learning time in half, while ensuring you don't get into a business for wrong reasons.
Have you considered buying a business, but not sure whether you've developed your own leadership and business skills far enough in order to ensure business is successful? Do you have truth-accepting, leadership-mindset or ego-driven, follower mindset?
As you read above two case studies of two different people who bought same type of franchise business, with all things being equal — except business owners — who did you find yourself identifying with? Business Owner #1, Vera Truthe, or Business Owner #2, Egor Egoiste?
Did anything jolt your mindset prompting you to re-evaluate strategies for success you have in your existing business?
You could buy most systems-driven business, and still lose your shirt in small business world if you're not willing to accept systems set up that made business successful in first place. Otherwise, you may have access to a better system - but if you don't use tools and systems in place, you're simply asking for trouble.
Summing it up for you ...
Essentially, Vera confronted her lack of knowledge in certain areas, and realized she didn't know what she didn't know — until her coach revealed secrets to running a million-dollar operation. She quickly realized how she needed to do dramatically different things in vastly different ways compared to mom-and-pop business she successfully ran before. By learning everything she could from people who went before her successfully, she gave herself a unique advantage to ensure her success.
Whereas, Egor insists that he knows what to do, it's just a matter of bad luck and other people deceiving him, versus acknowledging that all he's doing is deceiving himself. While Egor thought he was saving money by selling equipment and laying off staff, he was actually reducing efficiency that created a hole in his profit-generating business bucket. This hole quickly grew larger and larger more he tried to do everything himself.
If you think you're buying a franchise or an existing business to "escape" from necessary learning that must transpire for you to reach millionaire status, think again.
If you're not willing to work diligently and persistently for first two years in a start-up company, then you had better walk away from what seems like a fantastic, problem solving opportunity.
And, if you insist on doing same things you've always done in your business, while wanting a different end result, you may want to check in with your local psychologist, because she'll tell you that's definition of insanity. (I even have her number so you can confirm this fact.)
But, if you're willing to admit you don't know what you don't know, and you're willing to do what it takes to reach next level in your business, even if it means doing things dramatically different, then you're on path to massive success in anything you touch.
With right tools, proven strategies, a high level of determination, and partnering with a seasoned coach who successfully gets results with right players, you'll gain results in record time.
The Bottom Line: In order to achieve next level of financial success you aspire to, whether it's to be a millionaire or a multimillionaire, you must be willing to do things you've never done before.
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Deborah Cole Micek and her partner John-Paul Micek are Business Growth Coaches. They specialize in helping small business owners, achieve profit-doubling growth in less time than it would take to do on your own. Through their strategic coaching programs of the www.BusinessOwnersCoachingClub.com you're guaranteed to reach more goals in 12-months than most owners do in a decade. You can reach Deborah at Deb@RPMsuccess.com or (888) 334-8151.
