At the beginning of 2024 there were 31 million entrepreneurs in the United States alone, with a failure rate for startups at a staggering 90%*. So how do entrepreneurs succeed, personally and professionally, in this new age of technological advancements, the inclusion of AI in business and the overall demands on modern day business owners? Author and Founder of Next Level Growth Michael Erath shares tips on just that in his book RISE: The Reincarnation of the Entrepreneur.
PHOENIX, July 11, 2024 /PRNewswire-PRWeb/ -- At the beginning of 2024 there were 31 million entrepreneurs in the United States alone, with a failure rate for startups at a staggering 90%*. Additionally, the divorce rate for entrepreneurs is higher than the general population at a rate of approximately 50%**. So how do entrepreneurs succeed, personally and professionally, in this new age of technological advancements, the inclusion of AI in business and the overall demands on modern day business owners? Author and Founder of Next Level Growth Michael Erath touched on just that in his book RISE: The Reincarnation of the Entrepreneur.
"There are many more pitfalls to success today than there were even 10 years ago," said Michael Erath, author and founder of Next Level Growth, a Fortune 5000 company comprised of experienced entrepreneurs turned Business Guides, who are helping other entrepreneurial leaders build elite organizations. "RISE shares the many lessons I learned in growing, losing and rebuilding two eight-figure businesses and the tips I now give my clients to ensure success."
After 9 years of helping a variety of companies – including the likes of Upward Projects (Postino WineCafe), AlphaGraphics, and Goodwill Industries – to their next level of success, Erath has comprised some key tips for the next generation of entrepreneurs:
- Know Your Blind Spots
I read every entrepreneurial book you could think of and thought I could do it all myself. I was wrong. Entrepreneurs need four key things on their journey: A strong and aligned team, a principled framework for operating and scaling their business, a peer group, and an experienced Guide to mentor and coach them.
- Be Open to Evolution
Our family business, Erath Veneer, was entirely domestic and in the late 90's the majority of our customers began moving their factories to Asia. We had no choice but to shift our focus to exports, eventually managing offices on 6 continents.
- Beware of Red Flags
Entrepreneurs can have a soft heart when it comes to their team and, in my case, it led me to ignore not just one but multiple red flags with people. Key Team Members I hired who I knew could help me grow our business weren't ultimately morally or culturally a good fit for the company and ultimately, we suffered greatly because of it.
- Create Your Roadmap
Imagine driving somewhere you've never been and not having a map (or GPS). This is what entrepreneurs do every day with their business; they have an end goal, but often no road map to get there, or to share with the people that will help them get there. Without it, successfully reaching the destination is much more difficult, if not impossible.
- Focus on "Who First?"
When I opened my second business, focusing first on my core values – when I hired, fired or rewarded employees – was the first key to the success of my business. Hiring the right people, who aligned with my core values, created an aligned team, who could be empowered in their roles, allowing me to take on more high-level leadership initiatives focused on growing the business.
To learn more tips from Erath on his own path to success, as detailed in RISE: The Reincarnation of an Entrepreneur, purchase it on Amazon and wherever books are sold.
For more information about Next Level Growth, visit www.nextlevelgrowth.com or call 480.261.0598.
*Source: Demandsage.com
**Source: Meehan Law LLC
ABOUT NEXT LEVEL GROWTH:
Founded by Michael Erath in 2015, Next Level Growth is comprised of a team of successful entrepreneurs who guide other entrepreneurial leaders in building elite organizations via in-depth discussions and a series of systems that focus on great people, an inspiring purpose, optimized playbooks, a culture of performance, and growing profits and cash flow. For more information on Next Level Growth, visit www.nextlevelgrowth.com.
Media Contact
Kendra Riley, Next Level Growth, 1 4802206051, [email protected] , www.nextlevelgrowth.com
SOURCE Next Level Growth
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