Entrepreneurship
Only 9% Of Entrepreneurs Will Ever Make 7+ figures in a year...
Here are the Four Critical Elements that Differentiate The Million-Dollar Business Owners from Solo-Entrepreneurs
Greetings, fellow entrepreneurs and business leaders.
If you’re reading this, I suspect you’re aiming to join the rare echelon of million-dollar business owners, just as the heroes of my Powernality™ program transform their “Powernality™” into “hero-mode”. Well, you’ve come to the right place. Allow me to share with you decades of research, observation, and, most importantly, a few unexpected revelations that I’ve had on this fascinating journey.
The Crucial Context
When I first ventured into the business world in the early ’90s, a million-dollar revenue seemed like an elusive gem reserved for the lucky few. Over the years, while the figures may have shifted somewhat, the landscape remains pretty much the same. According to the Small Business Administration’s (SBA’s) 2022 report says that small businesses with no employees have an average annual revenue of $46,978. Only a mere 9% of small businesses breached the million-dollar revenue threshold in a year.
When we look at the previous decade’s stats from the SBA, Chamber of Commerce, and U.S. Bureau of Labor Statistics, on average, it hovers around a meager 4%. That means, historically, nine out of ten U.S. entrepreneurs will NEVER experience the bliss of a seven-figure income.
These stats led me to an existential business question:
“What separates a solo-entrepreneur from a bona fide business owner?”
The Four Superpowers of Million-Dollar Business Owners
After working with thousands of entrepreneurs around the globe, here’s what I’ve unearthed as the common traits or “Superpowers,” if you will, among the one-in-ten million-dollar business owners.
1) The Digital Command Post: A Robust Website
Like a superhero’s lair, a good website is a command center for your business. Many entrepreneurs underestimate this and have either no website or a poor one. If your website serves merely as a digital business card, it’s time to level up. Remember, your website is not a sidekick; it’s a co-hero in your journey.
2) The Wisdom of Mentorship: No DIYs
Million-dollar business owners are like CALCULATRs™ in my Powernality™ system. They understand the importance of strategic consultation. They get high-level help from experts because they recognize that time is money, and both are precious. They invest in coaches, mentors, and expert services, thereby optimizing their Superpowers for their businesses. (i.e. They don’t do their own accounting or build their own website if that is not their field of expertise.)
3) Speed Over Perfection: The Quick Decision-Makers
Think of this trait as the ENERGIZR™ superpower. These entrepreneurs are quick on their feet. They don’t wait for a ‘perfect’ situation; they create opportunities. This reminds me of a conversation I had with an entrepreneur who was waiting for ‘the right time’ to launch. I share with you as I did her. When I was homeless (for the second time) and struggling, I didn’t wait for the stars to align; I shot for the stars, even if it meant failing a few times. Waiting for perfection is a gambler’s mindset, not a business owner’s.
4) The Strength in Numbers: At Least One Employee
The difference between a Business Owner and a solo-entrepreneur is the ability to delegate, trust, and expand. One of the biggest barriers I’ve noticed in aspiring million-dollar business owners is the hesitation to hire that first employee. It’s not about affordability; it’s about mindset. When you hire, you’re not just adding an employee; you’re adding value, scalability, and, yes, even a bit of your own replaceability.
How much of a difference does it actually make? Well, remember that $47,000 in revenue (BEFORE expenses and taxes) that the average solo-entrepreneur makes? It jumps to over $380,000 when they have 1–4 employees. It reaches just over a million dollars for those with 5–9. Let that sink in.
The Realization
During one of my consulting sessions, I met someone who was essentially my past self — ambitious yet stuck in the solo-entrepreneur loop. Like an old film reel, the pattern was too familiar: the desire and delight without the decision and determination. Desire alone won’t carve your path to becoming a business owner; it needs to be complemented by focused decisions and unyielding determination.
Two Key Mindset Shifts
Desire and delight without decision and determination is a lottery mentality, not an entrepreneurial one.
Desire to Decision:
Desire shows the direction, but the decision is the first step of the journey. Make a firm commitment to not just your broader goal but also to specific elements like hiring experts or focusing on customer service.
Delight to Determination:
Delight is the light at the end of the tunnel, but determination is the fuel for your engine. When you’re determined, setbacks become setups for a comeback.
It’s Time To Fly
Entrepreneurs, it’s time to switch gears. Let’s go beyond working “in” your business and start working “on” your business. It’s not just about numbers; it’s about creating systems, scaling intelligently, and steering your ship toward uncharted but rewarding waters.
After all, the world needs you to be your true, authentic, Super Self.
Remember, as Michael Gerber perfectly encapsulates in his e-Myth philosophy, the key to transcending from a solo-entrepreneur to a million-dollar business owner lies in the systems you establish.
Let’s not be part of the nine out of ten who never break through.
Let’s be the exception, the one out of ten.
Let’s be the heroes of our own epic saga.
Ready to be your Super Self?
Let’s fly
