There are over 27 million businesses in the United States. While much of the media focuses on the Dow Jones Industrial Average (which represent only 30 of the largest industrial publicly traded firms) 97% of all businesses generate less than $100M in annualized sales. Only approximately 3% of our 27M businesses generate in excess of $10M in annualized sales leaving a largely untold and incomplete story for the over 25M+ entrepreneurs in America today.
Privately held business owners take on large risks with 6 out of 10 startups failing within their first 18 months of operation. But for those with the emotional fortitude, enough cash, a great idea, and willingness to sacrifice for the greater good, it is a truly noble pursuit. For the uninitiated, or often misguided, I’ll share a brief manifesto of key entrepreneurial principles:
‘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:
The entrepreneur/executive shall:
Be paid last, after your employees, the gov’t, your supply chain partners, and only after leaving the appropriate capital reserves within your company for future growth!
Interpret and adhere to a complicated tax code, work through layers of governmental bureaucracy, and maintain additional costly overhead to pay the world’s highest statutory corporate tax rates.
Re-educate our workforce and reignite the systemic lack of critical thinking skills largely left untaught by our schools.
Invest in an unsustainable medical model and pay annual double-digit premium increases for medical coverage while experiencing continued erosion of benefits for our employees.
Sign personal guarantees for loans, equipment, investments, and resources needed to become more competitive putting all of your personal assets at risk.
Challenge passivity and mediocrity against the rising tide of an increasingly reliant mindset.
Continuously improve to create better and more efficient ways to positively impact our customers in an increasingly global competitive marketplace.
Take full and ultimate responsibility for failure while giving other’s full credit for results.
Provide vision and hope to those you lead while battling back a sensational media and potential false information so readily available through social media.
Keep pace with the dizzying pace of change and stay in touch with the social changes that make a difference in the lives they lead.
Manage and increasingly diverse workforce, with now 4 generations in many organizations, each having very different needs and behaviors.
Restore the honor and integrity of the management profession after being lumped into the same category as some of the large publicly traded executives who defrauded Wall Street, tainting the very hard and honest daily work we do.
While it’s a true a small minority of business owners and executives don’t exhibit honorable behavior, the vast majority are driven to make our world a better place.
The role of an entrepreneur and /or CEO is a noble profession. Owners, and their executive leadership, increase the sum of human welfare by creating jobs, unlocking potential, innovating markets, paying taxes, and expanding our economy.
None of us has the right to wealth, happiness, or status. Being an American gives us only the opportunity to PURSUE these ideals. Regardless of your chosen path, having an “ownership mindset” and a healthy respect for the Executive role affords a balanced perspective in our collective effort in creating something larger than ourselves.
As a young boy, I always wanted to be a CEO. It wasn’t about the money as I didn’t grow up with any.
By all accounting, 2019 was a banner year for most of us. In the businesses that I lead, we saw the highest revenues, sequentially increasing gross profits, best cash flow, and largest W-2’s we’ve experienced in decades.
2020 brought unprecedented interruption. The Dow drops
We need to lean in this current adversity and division and re-engage in exploration, embrace new experiences, enjoy challenges, and encourage diversity. While we may not all be able to become anyone we wish to be, we ALL have the ability and obligation to explore the fullness of our potential. Imagine a world where we all accept that we have choice, individual power, a larger potential, and an ability to grow the greater good. This world doesn’t require a big government, big business, or a domineering executive. Imagine a world where personal accountability reigns and awareness of our potential is unlocked and minds are freed. Stop wasting the enormity of your power, the World needs more of you.
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