Real Entrepreneurs Scale Seven Figure Businesses. Here’s how to level up
In this episode, Lovely Merdelus is recording her first solo episode, all about bringing business to scale. You can easily start a business however most people fail within 3 years.
By year 7, 90 percent of small businesses go up in flames. Worst stat yes, entrepreneurs are typically 55+ with no retirement savings and no real plan.
Yeah, Lovely had to talk about it.
She shares her journey as a social entrepreneur and now as a full-fledged business entrepreneur. It’s been a journey of acceptance, making the mental shift, and finding purpose.
In the long run, Lovely’s goal is to teach small businesses to scale up. Her experience in big tech and growing in a company that was ultimately valued at a billion dollars showed her that anything is possible.
Listen for gems and find your purpose.
Table of Contents
Scaling a Business without Problems
Arbor Dakota found a broad range of reasons that companies can’t scale. And, unfortunately, there are many reasons, here are 21 problems with scaling but the biggest issues are listed below:
- Founder Issues – Often founders are the only ones who can sell the company’s product. Turns out, You might need a sales team.
- Poor goal setting (low or no or no realistic plan to achieve goals) – Research continues to prove that setting stretched, but realistic goals and having a concrete sales, marketing, implementation, HR, finance, and product plan is essential to achieving growth targets.
- Lack of processes and procedures in implementation – A related issue where an organization has not built a repeatable and structured process for implementing and servicing a customer.
- Too much customer attrition – A company with a high customer attrition rate needs to make incremental sales for growth but also make up for lost customers due to attrition.
- Poor messaging and No Overall Strategy – Many buyers do not understand what you do and most don’t understand what makes you better.
- Lack of market understanding of the value of the solution– It is one thing to have a great value proposition. Many organizations fall for marketing-speak or technology-speak.
- Not taking advice from people who have already been down this dirty, ugly, messy path and already made all the errors– Founders often never recognize that they are the limiting factor in their company’s growth. They refuse to identify the problem and acknowledge where the true issues are.
Are You Working Too Much? The Dangers of Hustle Culture and the difference in Scale
Hustle culture is nothing new, and it has been damaging lives for many years. It started in the decadent 1980s when the general population was encouraged to work hard and expect high returns. “Greed is good” became a common mantra.
Hustle culture is the collective urge to work excessively; to be better than everyone else and work longer and harder to be at the top of our game. It creates an environment of ruthless competition, encouraging us to clamber over each other to get to the top.
Hustle culture thrives on peer pressure and absolute compliance with organizational priorities. We judge ourselves by the standards of our peers, and we often behave ruthlessly to remain competitive.
There are times that hustling can be rewarding, Hustle Your Way to Wealth from 7 Saturdays a Week. Just remember, if the trade (i.e. Time) is worth it to you.
That part is 100% subjective.
Here’s how we scaled the Financial Griot from concept to impact:
The Financial Griot is a play on two words (Finance + Griot) that’s all about lifestyle changes for better results.
Merriam-Webster defines a Griot as a West African historian, storyteller, praise singer, poet, or musician. The griot is a repository of oral tradition and is often seen as a leader due to their position as an advisor to royal personages. As a result of the former of these two functions, they are sometimes called a bard.
As such, we tell stories that others don’t. Stories that we should share for growth, scaling opportunities, and understanding the language of business.
Beyond that, we talk about Finances. Specifically, how to become Financially literate, incorporate actionable steps, and ultimately build generational wealth.
Scale your way to Success by Linking with US:
- Alainta Alcin – Blogger, Travel and Money Enthusiast @alainta_alcin
- Lovely Merdelus – Entrepreneur and Small Business Growth Specialist @lovelymerdelus
- Lawrence Delva-Gonzalez aka the Neighborhood Finance Guy – Federal Auditor, Blogger, and Tax Specialist @theneighborhoodfinanceguy
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