Can Your Business Survive The “Valley Of Death”?

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– If you are a business owner, what I’m about to share
with you in this video will have a profound
impact on your business. Over the years I have
started a lot of businesses. I failed in a lot of businesses, and some worked and some didn’t. And I’m always very
fascinated by the question why some businesses are
more successful than others. How come some businesses can never even break
through that six figure, and how come there are businesses that’s worth a billion
dollars, the unicorn? Put aside the entrepreneur,
put aside timing, put aside luck, put aside even skill, and how could I take
some of these findings and implement it in my own business, and also teach other business owners? Now in case you don’t know
some of the statistics, in US alone there are
28 million businesses. And out of those 28 million businesses, there’s what I call the valley of death. 96 percent of those businesses never surpassed the one
million dollar mark, 96 percent. Only four percent bypass, surpass, exceeds that million dollar mark. And out of those, think about it, 96% don’t do that. That means most businesses don’t make it. Out of that 28 million businesses, only 0.4% ever get to the 10 million dollar mark, 0.4%, think about it. And even less, only less than 17,000 of those businesses ever get to the 50 million dollar mark. That is a tiny, tiny percentage compared to the 28
million businesses in US. Now think about in other countries, Because I know I have
business owners watching me and follow me from other countries, those numbers are even lower. If you’re in Canada, just do the math, Because we have way smaller population compared to the US, so that’s a very, very,
very tiny percentage. So today I’m going to share with you what are some of those distinctions? What is truly the difference between a business that’s doing six figure versus a business that’s
doing seven figure versus a business that’s
doing eight figure. You got it, okay. So I believe at the six figure level, let’s say from zero to a million dollars, zero to a million dollars. Your focus are three things: sales, marketing, and offers. When you are a startup, when you are just trying to get the first group of customers, what we need to focus on at
that level, the level one, is how do we get customers in the door? How do we make those first few sales? How do we make those few sales profitably, generating income,
generating profits, right? And then think about what are our offers? What does the marketplace want to buy? And once you have an offer,
you’re bringing people in, how do I offer more things, more products, more services to my existing customers? That’s our focus, sales, marketing, and
offer, those three things. Once you bypass that, now you’ve cracked that code that people are coming into your business, people are buying from you, you are building a customer base. And now you’re also expanding your team. By the time you get through
that million dollar mark, you’re no longer doing
everything yourself. You’ve got a team around you. Not maybe huge team, but you do have a few people around you that’s helping you, assisting you to do some of the work
to deliver the results, to deliver the products, right? From that one million to
10 million dollar mark, your focus will shift from not just focusing on
sales, marketing, and offer, now you’re focusing on systems and processes and procedures, meaning that not only you
want to create a result. You want to create a system that would create those
results predictably even when you are not there. This is where most entrepreneurs got stuck because at the zero to
million dollar phase, you are the go-to person. Chances are you’re the
number one salesperson for the company, you are the rain maker. You’re the one that’s
connecting with customers. You know all the customers. You have the relationships. You’re bringing in the money. You’re doing probably a lot of the work still at that level. But now you can’t because the capacity issue, right? You hit that glass ceiling. From one to 10 million,
now you need systems. Why do you need systems? Because then you can bring in people who are better than you
that could run those systems to create the same result
as if you were there, from that one to 10 million. And this is what stops most entrepreneurs. Because what got you to that one million won’t get you to that 10 million. A lot of habits, a lot of
things that worked in the past, that you could grind it out, you cannot grind it out at that new level. I always say you could hustle
your way to six figure; you cannot hustle your
way to seven figure. At seven figure, you need leverage. And you leverage people,
systems, processes to create more results,
to create more impact, to create more value in the marketplace. Does that make sense? Comment below. Now once you get past that
10 million dollar mark, now you’re at the next level. Now at this level, a lot of businesses don’t make it because the systems
break, right, things break when you are, especially if you’re growing at a hyper speed. It was working fine six
month, a year, two years ago. Suddenly all those things
don’t work anymore. Now transitioning from an entrepreneur, now you’re acting more like a CEO, as a chief executive officer. So beyond the 10 million dollar level, what you now need to
focus on is leadership, culture, and most importantly, strategic decision making. Now you’re thinking for the future, what’s coming down the pipeline? What are some of the risk, right? What are some of the things that your people won’t be able to see Because they are in the
trenches, they’re working, but now you’re from the
30,000 feet above view, okay, what are some of the
strategies that we need to do, we need to implement? What are some of the
things we want to focus on the next one, two, three years? What are some of the
things that would happen that might disrupt our industry? And now you have culture because culture is the glue, right? Culture is how your people would behave when you are not there. Culture is what you use to attract the best
talents to your company. So leadership and culture, very, very, very critical. Now you’re no longer the best
salesperson for your company. You’re no longer the best
marketer for your company. You’re no longer the best
operation person in your company. You’ve got now an executive
team, chances are, a senior leadership team or a C suite. They are the ones who are helping you with a lot of the day-to-day so you could focus on being the visionary coming up with ideas,
coming up with strategies to move the company forward. Now your job is to think. Now you don’t get paid to do, you get paid to think. That’s why you are the CEO. And, in some cases, some entrepreneurs may not be the best
CEOs for their companies because they like to do, that’s what they like. They like to be in the trenches. But as a CEO you cannot do that. You have a much more important job to do and it’s to think ahead, to conceptualize, to strategize. That’s what I see. So from zero to one million, that’s how you get over
that death of valley, from one to 10, and then from 10 to
probably 30 to 40 million, by the time you get to 30, 40 million, now there’s a whole set of
problems that will come up. Now every level is an other devil. And this is something that I coach and I train entrepreneurs
and I help them scale through my advisory
board called Dragon 100. If you have a business that’s doing, at a very minimum, at least 100,000 a year, but you’re not quite at
that million dollar level and you want to break through that, you want to get to that next level, or you have a business
that’s doing a million, between one to 10 million, you want to break through
to that 10 million, Dragon 100 is where you need to be. To see if you qualify,
click the link below and see if it’s something
that would benefit you and benefit your company.

67 comments

  1. WHO ELSE IS WATCHING WHILE BEING TRAPPED AT HOME CUZ OF CORONA?

    (ษช'แด ษขษชา“แด›ษชษดษข แด‡แด แด‡ส€สแดษดแด‡ แดกสœแด sแดœส™s แด›แด แดแด‡) ๐Ÿ˜™

  2. แžŸแžฝแžšแžŸแŸ’แžแžธ แž”แž„แž”แŸ’แžขแžผแž“แžŽแžถแžแŸ’แžšแžผแžœแž€แžถแžšแžŸแžถแž”แŸ‹ แžŸแžผแž˜แž•แŸ’แž‰แžพแžšแžˆแŸ’แž˜แŸ„แŸ‡แž™แžผแž’แžผแž”แž†แžถแž“แŸ‚แž›แžšแž”แžŸแŸ‹แžขแŸ’แž“แž€แž˜แž€แž แŸ’แžœแŸแžŸแž”แžปแž€แž†แžถแžแžšแž”แžŸแŸ‹แžแŸ’แž‰แžปแŸ†แŸ”

  3. Thank you for the tips Mr. Dan๐Ÿ˜Š๐Ÿ‘๐Ÿผyou are an awesome leader and you inspire NATURALLY ๐Ÿ‘๐ŸผI hope this crisis will soon be over. Wishing you all guys a safe quarantine ๐Ÿ˜ทโ˜•๏ธ

  4. Is there a business that will grow at an accelerated pace during this time? Is this time is a blessing in disguise for any business?

  5. Notes:
    a) $0 to $1,000,000: 2:10 – focus should be on sales, marketing, and offers.
    b) $1,000,000 – $10,000,000: 3:50 – focus shifts to not just focusing on the above, but systems, processes and procedures.
    c) $10,000,000+: 5:20 – systems break, things break when working and hyper speed. The focus shits on leadership, culture, and strategic decision-making.

  6. In these times many small business will fail…but because of your content I will be saved many of your principles worked Thanks Dan Lok..

  7. Good morning everyone love y'all ๐Ÿ˜please stay safe out there โฃ๐Ÿ’‹โฃlet's keep on praying for good health ๐Ÿ™

  8. Nice video and lots of actionable ideas, especially thinking some people are facing several weeks of quarantine right now. I really like how you convey the ideas, it makes it really easy to understand. I like the idea of focus on making decisions but also on systems, processes, and procedures to move forward.

  9. First, if you own a business, read the book Good to Great. You will be quite surprised and help judge yourself as well as your business. Second, it's time to think outside of the box with the current changes because of the corona virus. ๐Ÿ˜‰

  10. The tips in this video are extremely practical and hands on. Plus during these tough times leadership in sales and marketing is KEY.

  11. Hello good evening I am Damir neupane from can you help me please this video is Hindi language thank you

  12. The medical field and trucking industry also the tech businesses are great business to get into. Iโ€™m not without a job because I am in the medical field. My friends are without a job right now…. and the work at food and resturants

  13. Even sales and marketing are not jobs that are going to last if times get bad like now. People donโ€™t want to buy what you sell they just need to survive food, shelter, water etc…

  14. Great video shifu dan lok, i want to request you something, pls make one more video of recommending us the books that every aspiring millionaire must read…

  15. I Think:๐Ÿค”

    1) Most small traditional businesses will fail this hard times. ๐Ÿช๐Ÿช๐Ÿช
    2) Great time to entirely move from traditional businesses to online businesses.๐ŸŒ๐ŸŒ๐ŸŒ
    3) In 3 years most businesses will be based on tech and digital products. (currently it is 25%)๐Ÿ’ป๐Ÿ’ป๐Ÿ’ป

    Think about it and STAY SAFE ๐Ÿ™‚๐Ÿ™‚

  16. Hey Master Sifu
    Love you from India

    I have seen your Copywriting free training now I want to know further about Copywriting
    And I want to join your Copywriting Traing Class

    Thank you
    Love you ๐Ÿ˜

  17. I'd like to have a copy of " Unlock it". Unfortunately, I don't have credit card. Are there any other payment options?

  18. Hi Dan, glad to see you again! I have been through this journey but not yet in 30-40, you summarize this 20 year journey in this video. Stay safe

  19. Dan, very insightful information. If I was not to think about the profits, can you structure your company at level 3 from the beginning? This is how I have built my company. I see myself as a visionary, therefore my focus from day 1 has been strategic thinking. Thank you

  20. I am in travel business for more than 10 yrs but at this time people are panic to travel and the whole industry is now under total loss in india officially 18000 crores at this situation we need divert the whole nation into optimistic way by adding more valuable information and now people are more focused on media news and other platforms news..If you give us valuable time 5 to 10 mins video about travel and tourism industry survival.Thank you for ร ll videos Mr Dan lok…๐Ÿ‘

  21. Thank you for your valuable video. What niche industry do you help for entrepreneurs or business owners to grow? Because there are different strategy to grow different industry like my relative is in logistics, fashion industry. My family is in real estate.

  22. This guy offer a lot of products and I think he have a big gallon head to help business owners and CEO…keep going Dan

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