Approximately 80% of new businesses survive the first two years of being open, 55% survive the first five years, and 35% during the first 10 years; only 25% of new businesses make it to 15 years or more. What are the common factors between those that succeed? What should entrepreneurs, owners and business leaders focus on to increase their chances of success?
Most “experts” primarily focus on one or more of the following five basic subjects/factors when they counsel businesses, hoping that their advice and coaching will help improve their client’s chances of success:
- Having the right amount of capital
- Having the right team
- Having the right leader
- Having the right plan
- Having the right product/service
However, for businesses to succeed their owners (“Entrepreneurs”) and leadership teams need more. They need exposure to new ideas, concepts, theories, opportunities, perspectives, and views. They need to be open to thinking differently about themselves, their relationships, their resources, and their opportunities. They need to be willing to hold themselves and others accountable, and to others holding them accountable. They need to focus not only on their businesses, but also on themselves, which often times is the most important business resource they have.
When Entrepreneurs do not get the exposure they need, are not open to changing and being challenged, are not accountable, and do not work on themselves as much as they work on their business, they often end up experiencing conflicts which are difficult to resolve without legal help. These conflicts often show up as disputes with employees, vendors, customers, partners, lenders, family members, or friends. When it gets to this point, the Entrepreneurs and their leadership team’s focus shifts to the conflict. Instead of building their business, they focus on either winning or not losing to the other parties to the conflict. They stop growing and start deteriorating; their capital, their team’s focus, their leadership focus, and their plan are all diverted to resolving the conflict, draining the business of its valuable resources.
Entrepreneurs can avoid the downward spiral by having the right strategic partners, including business lawyers, business consultants, and experts who focus on proactive conflict resolution. By having and using the right strategic partners, Entrepreneurs of new and existing businesses can proactively design their business model to avoid most foreseeable conflicts, and mitigate the damages caused by unavoidable conflicts. This helps them maximize their chances of not only surviving, but also succeeding.
CPLS, P.A. designed the Private Corporate Counsel™ program to help Entrepreneurs not only survive, but to succeed. Entrepreneurs are often introduced to the program because they believe that the only way to solve their conflict or problem is by using the legal system, specifically by hiring a business lawyer to represent them in the conflict. They hope the lawyer can help them get rid of the problem with the current or former employee, settle the dispute with the creditor or vendor, resolve the conflict with the government agency, or help them and their business or domestic partner resolve a conflict that is negatively impacting the business. The Private Corporate Counsel™ does indeed help with the resolution of the conflict and does address the legal issues; while doing so, he also uncovers the underlying issues and helps the Entrepreneurs and their teams address them by:
- exposing them to new ideas, concepts, theories, opportunities, perspectives, and views;
- encouraging them to be open to thinking differently about themselves, their relationships, their resources, and their opportunities;
- helping them to hold themselves and others accountable;
- encouraging them to be open to others holding them accountable; and
- helping them focus not only on their business’ life cycle, but also on their other six major life cycles.
In addition to working with their Private Corporate Counsel™, Entrepreneurs and their leadership teams have access to business lawyers who are experts in their fields so that they can deal with issues before they become debilitating conflicts. When conflicts grow, they also have access to trained and certified mediators who can help them learn proactive conflict resolution skills, techniques, and models, which can help manage the conflicts internally. They also have the opportunity to work with business consultants who can help them address organizational, marketing, integration, leadership, and other “business operation” issues.
Working together with their Private Corporate Counsel™, the Entrepreneurs and their leadership teams sharpen their focus on what works, spend their time thinking about what is important, thinking about issues in a more focused manner, and continually work on improving themselves, their valued relationships, their circle of influence, their knowledge, their skills, and their positive experiences, all of which leads to getting and keeping their business in prime, and building their wealth so that they have the resources and freedom to fulfill their purpose.
Book a free consultation with a Private Corporate Counsel™ today by calling us at 407-647-7887, or emailing us at email@example.com. Tell us: What does your future look like? Let us help you get there.