Let’s face it, nearly everyone has a dream of being an entrepreneur at least once in their life – and for good reason. Being an entrepreneur is fulfilling, empowering, and most importantly, it brings a level of financial and authoritative stability. There’s something about being in business for yourself that makes it feel as though you’ve mastered that work-life balance that everyone always talks about. However, actually bringing a business idea to life is much easier said than done. In fact, for most aspiring entrepreneurs, the statistics are devastating.
According to the US Bureau of Labor Statistics:
20% of new businesses fail during their first two years.
45% fail during their first five years.
96% fail during their first 10 years (according to Inc.)
However, there is someone who believes that he possesses the secret to help any and all business owners or aspiring entrepreneurs fulfill their business potential. Simon Kallu is a Chartered Accountant and Business Coach who is wildly passionate about helping businesses and fellow coaches like himself make the most out of their business potential.
As the CEO and Founder of GrowFactor, an award-winning Chartered Accountancy Firm, a Tony Robbins Business Partner, and an expert in growth optimization and maximization, Simon brings a world of expertise to the table to back up his theory.
Pillar #1: Have A Clear Plan
“It all begins with having a clear plan. It’s one thing to have a good business idea, but it’s something else entirely different to have a sound plan to help you bring that idea to fruition. Talk to people, find a mentor, build a strategy, and set goals. Once you do that, you’ll be able to establish your idea as something more than just a thought in your head – it starts to become real.”
Pillar #2: Narrow Your Focus
“It’s not like the old saying, ‘less is more.’ In terms of your business potential, less is actually just ‘less’ – and that’s a good thing. You need to narrow your focus and dedicate your time and energy toward just one area at first. For instance, focus on a handful of products or two really strong services. Once you master them, then you can expand out.
Pillar #3: Master Your Finances
“You’ve seen the statistics regarding businesses that fail and they’re staggering. With that in mind, it’ll be in your best interests to master your finances and take your numbers and taxes seriously. It just isn’t worth the risk. Always keep a good eye on money going in and money going out – track expenses, set a budget, put some aside for advertising and even more aside as a contingency. Cash flow is critical, and it’s the first step toward mastering your finances.
Today, Simon continues to embrace these three pillars, and he shares them with his clients at GrowFactor because he knows just how critical it is for business owners and entrepreneurs to reach their business potential.
For Simon, having the opportunity to help business owners succeed is a privilege, and he’s proud to leverage his 15 years of experience in the field to help them bring their dreams to life and master their finances.