Being an entrepreneur is equal parts glorious and SCARY! There is so much to know and do. There is so much that is unknown, and then there is all that stuff this is known, and then there is all that stuff that is “known but WRONG”!
The real issue with known is we don’t know what is “known and wrong” or we would be worried about it.
- Take a look at the following statements and circle the “known right” ones.
- A CEO’s number one job is to get the team to execute efficiently.
- You Must Wait 30 Minutes After Eating Before Swimming.
- Cold calling is one of the two most important sales functions.
- The suicide rate jumps at Christmas.
- Always listen to what the customer wants and try to deliver that.
- “Irregardless” is not a word.
- The first job of the sales person is to create a deep relationship.
- It’s incorrect to answer the question, “How are you” with the statement “I’m good.”
- You can’t measure brand or marketing.
- You shouldn’t end a sentence with a preposition.
- As entrepreneurs, we have so much to do and so little time. We have to make assumptions about what is true and real, make a decision and execute. Since most entrepreneurs aren’t “Revenue Generation” professionals, their area where the most “known stuff” is wrong is “Revenue Generation.”
Compared to the 20th Century when the big investments and financial risk was in manufacturing, supply chain, IT / Software investment, the big investments and risks today are in “Revenue Generation” (sales staff, SEC, Social Media, BIG DATA, key words, Lead Gen, CRM, training, customer lawsuits, and anything else that “Revenue Generation” poorly done, not done or done way too slowly causes).
No entrepreneurs have a “known right” operational definition of a “qualified lead.” They don’t know or measure their “Cost Per Sale Hour” or their “Cost Per Qualified Lead” (very hard with no definition of a Qualified Lead) or have an intentional offer set supported by an engagement model and pricing that matches the value provided for the ideal buyer target. There is no plan to dominate a niche based on uniquely solving a customer’s problem, and there is no recognition that whatever they sell has both an operational / technical purpose and a business goal to achieve based on that technical purpose.
It is no wonder that almost every SMB (Small Medium Business) has a “Cost of Chaos” to produce revenue that ranges between 20 and 40 cents on EVERY sales dollar.
When the entrepreneur is a finance, engineering or technical guru, “Revenue Generation” makes up a lot of or most of the “known stuff” that is WRONG, and they are paying that 20 to 40 percent to purchase a very large anchor that is pulling them under water and stopping growth.
The pace of being an entrepreneur requires quick decisions and making assumptions and trusting what others have told you – even when it is wrong.
A wrong decision is a decision, and making a decision is believed to be better than standing in one place.
That is one of those “knowns that is WRONG.” Today there is a body of knowledge called “Revenue Science™” that is simple, clear and translates “known and wrong” into “known and RIGHT.”
Take the time to learn “Revenue Science™.” The CEO’s only job is to continually grow profitable revenue – All 10 of the statements are wrong, and the fog is an excuse for not knowing what is RIGHT!