The Industrial Revolution is over but it’s remnants still dictate the mindset of most American businesses. The programming starts with our educational system that still uses the same academic hierarchy that was established in the nineteenth century where mathematics is at the top and art and music are at the bottom. It continues into the business arenas with “hard work” being the mantra that signifies the secret to success. Work hard, keep your nose to the grindstone, sacrifice everything to get ahead and eventually you will be successful is still the accepted formula to follow.
But what do we see when we look at Corporate America today? Contrary to the nineteenth century and even twentieth century, there is no security for workers in Corporate America. Even if you work hard there is no surety you won’t get laid off. Corporate America has become toxic for workers in regards to their mental and physical health and more of them want to leave Corporate America for the greener pastures of entrepreneurship. More and more of them want to start their own business and control their own destiny. This is even true of students in academia. A higher percentage of MBA students want to start their own business than ever before. However, the business owner’s control of their own destiny doesn’t last long for most of them. Today, even with the integration of the “work hard” mantra and all that comes with the Industrial Revolution mindset, the help of thousands of books and seminars, consultants and coaches, the failure rate of entrepreneurial businesses is 90-95%. And through the process of eventual failure most of the business owners have created an atmosphere that is just as toxic as the one in Corporate America. They completely erode their life/work balance, they become the worst boss they have ever worked for, many eliminate any savings they have accumulated, they end up with poor health, frustrated and defeated.
The promise of success by the Industrial Revolution mindset no longer works, especially for the entrepreneur business. We are in a different age. We are now in the age of the Ultrapreneur. The Ultrapreneur is the business owner that loves to go to their business everyday, makes all the money they need for the lifestyle they want, feels in control and has plenty of time to do what they want to, has quality time with the ones they care about, and loves their life.
The typical business owner evolves from the Egopreneur to the Entrepreneur. All business owners tend to start out as the Egopreneur. They are called the Egopreneur because the Ego is what gives them the guts to start the business in the first place. As they increase their revenues and customers or clients, the ego gets stroked and they move forward. Eventually they reach their capacity where they can no longer do everything themselves. They then evolve to the Entrepreneur. Usually this transition is not planned out but done through necessity. Usually whatever chaos they have created as the Egopreneur is multiplied as the Entrepreneur, thus creating the pieces to the formula for failure.
Instead of delegation decreasing their time spent in the business, it increases their time. It in-creases their time because they don’t have the skills to make the transition work. So they become more overwhelmed, overworked, worn out and eventually that entrepreneurial spirit that was so positive when they started the business..starts to die.
There are 4 steps to moving through the various stages of entrepreneurial evolution:
2. COMFORT ZONES
The entrepreneur must have a vision of what they are trying to create, not just an idea. The vision has to be HD TV clear so they can answer any question about it without hesitation.
They have to know what they want their next comfort zone (think of it as short term goals) to look like and identify and overcome the obstacles that could prevent them from moving forward.
They have to look at how they are spending their time. You can perform three tasks with your time. Tasks you are good at, tasks you are bad at, and tasks you love to do. Moving away from task you are bad at and even good at and only doing tasks you love to do will energize you and give you the power to keep moving forward.
Systems have to work in the natural way the business owner works. If the business owner is a collaborator and tries to work solo, it isn’t going to work. These steps are inter-related and are not linear. They are happening simultaneously.
To be an Ultrapreneur you must master the 4 steps.
The mindset of the Ultrapreneur is very different from the mindset of the “work hard” Egopreneur and Entrepreneur.
The Ultrapreneur starts by deciding what lifestyle they want now and builds a business around creating that lifestyle. Instead of becoming what they want to be in the future and working hard for years to get there, the Ultrapreneur starts to build the business to create that lifestyle they want from the beginning. They are the Ultrapreneur from the very beginning instead of eventually thinking and acting like the Ultrapreneur. This means they are in the leader mindset from the beginning. Regardless of what type of task they are performing, whether it be technical or managerial, they look at it from the leader point of view. How do I get it done, not how do I do it. They look at the business as a project to complete from the outside looking in. They don’t get stuck inside the business looking out.
So, there are the 3 stages of entrepreneurial evolution, the 4 steps to move through the stages, and then there are the 5 Elements to entrepreneurial success. The elements for entrepreneurial success are intertwined into the stages and the steps. The elements consist of:
UNDERSTANDING BUSINESS. This means having the skills to become a business owner by understanding each of the pieces of a business and how they work together. It means being able to quickly and easily assess where the weaknesses are and taking action to correct them. It means having the information you need to feel in control of your business and make the critical decisions to be able to reach your vision.
PASSIONATE CREATION. This means creating a business that you are passionate about. It can’t be just about the money, it has to be that something that is really important to you. Something you can’t wait to get to your business and do every day.
BEING YOUR AUTHENTIC SELF. This means being who you truly are. That person you were when you were a child before you lost your authenticity. That’s when you knew, without a doubt what you liked and what you didn’t like. Nobody had to tell you. As you went through society you lost some of that authenticity. You conformed to what society dictated was correct. You were encouraged to do the things that would make you successful according to society’s standards, not necessarily what you felt in your heart. With that you lost some of your creativity, intuition, imagination, and soul. All of which are extremely critical for you being successful as an entrepreneur. In fact, without being your authentic self, it is “impossible” to be successful as an entrepreneur.
COMPLETE DAY TO DAY HAPPINESS. This means creating the business around the lifestyle you really want. It means having day-to-day happiness in your entire life. It’s not about trying to have balance, it’s about creating the ideal life you want, in every respect.
YOUR MARKET IMPACT. This means looking at what part of the market you want to carve out for your business. It’s about what impact on the market your business has and how you create profit centers based on that impact. It’s about creating your unique place in the market through those profit centers.
To be an Ultrapreneur you must master the 5 elements.
When you put the 3 stages of entrepreneurial evolution, the 4 steps for moving through the stages, and the 5 elements of entrepreneurial success you create the body, mind, and soul of your business.
3 stages of entrepreneurial evolution
4 steps for moving through the stages
Your Market Impact
Being Your Authentic Self
Complete Day to Day Happiness
The final result of mastering the 3 stages of entrepreneurial evolution, the 4 steps for moving through the stages, and the 5 elements of entrepreneurial success is to become an Ultrapreneur and attain “FREEDOM.” Freedom is the ultimate goal for entrepreneurial success. It’s about having the freedom to do what you want to, when you want to, and how you want to. Think about it. Even if right now your goal is to make lots of money, what’s that money really going to give you. The money will give you the freedom to do what you want to…whatever that is. To become the UltrapreneurTM. So that Even if you Won the Lottery, You Wouldn’t Change Anything About your Business…or Your Life!