Tim Meuchel creator of THE 10 FACTOR
Entrepreneurship is hard, so why even try?
The reality is as entrepreneurs most of us will struggle, and only a very small percentage will achieve sustained success.
If you are an entrepreneur, Iâ€™m more like you than you might thinkâ€¦
Failure statistics in our space are staggering; yet the lifestyle successful (and fake successful) entrepreneurs paint is desirable, especially if you are currently struggling and crave what you think they already have.
In a dynamic economy, unpredictable job market, and evolving family lifestyle, the dream of time freedom and financial freedom has prompted many worker bee type employees to rethink their careers. Many will decide to risk everything and take the leap into entrepreneurship, but only a few will really be successful. Can you relate?
My name is Tim Meuchel. I am the creator, best selling author, and podcast host of The 10 Factor.
A graduate engineer from Virginia Tech, I spent 12 years in the private sector managing large commercial construction projects from coast-to-coast for a 100-year old company. My plan from day 1 was to retire with that company until a series of events several years later led me to start considering other options.
I kept my job but started discussing an exit strategy with my wife and circle of influence. These discussions continued for several more years until eventually I secured a contractorâ€™s license and started a side business in 2007.
I was confident but wasnâ€™t quite ready to completely take the entrepreneurial leap; so I spent 15 more months setting up and growing the side business when I wasn't working my full-time job. Then in 2008, I resigned from my 12 year corporate job to pursue entrepreneurship full-time.
It was a gamble that cost me lots of benefits and $334,200 but I was convinced this was the best move for my growing family and their needs. Fortunately, my now full-time business grew fast and my family quickly started to enjoy the realities that a year before had been only dreams.
Our entrepreneurial journey continued for several years until... (like I mentioned earlier, entrepreneurship is tough and) my company eventually hit a rough spot.
In 2014 I had made a poor business decision to pursue a large, risky project. The project started well and ended badly a couple years later. When the plug was pulled the entire state of my company changed from successful and solvent to almost bankrupt.
In panic mode with my eyes now opened wide I dug deep and evaluated everything I had built. I immediately started making changes that had held my companyâ€™s growth back for years and was amazed at the quick turnaround.
I also started to learn more about the struggles other entrepreneurs faced and the lack of real, actionable guidance. I remember thinkingâ€¦ â€œNo wonder so many businesses fail!â€
As I continued to fix my own company the more I realized business owners were really fighting a losing battle with the wrong tools. There truly was a lack of actionable, realistic personal development resources for small business owners. Sure, I could find plenty of information on the internet and social mediaâ€¦ but was it really proven based on results; or just some bogus theory designed to capture your email and credit card information?
Unfortunately many business owners didnâ€™t have the wherewithal to decipher the good from the bad information until it was too late. I felt blessed knowing I had the ability to sift through the BS because in my case, by this point I had already spent 20+ years using my education and engineering degree on a daily basis; and many years learning from the leadership at a 100-year old company.
Eventually I found a mentor that resonated with me and wasnâ€™t selling the same fluff like so many others. I knew I was onto something good so I doubled down and hired my first business coach.
For me this investment was life changingâ€¦
Maybe I had been naive but frankly I had no idea how many entrepreneurs were starting out with little or no experience, little or no money, and little or no expertise. Even worse, many of them didnâ€™t have a coach, mentor, or a step-by-step guide to get started.
Again I thought, â€œNo wonder so many fail!â€.
Hiring that coach and becoming part of his community quickly confirmed that something I had neglected for years with my own business had been a crucial mistake. Learning from other peopleâ€™s mistakes helped expedite results and success. I was finally living it and quickly learning the power of the right circle of influence. I saw people winning like I had never seen before.
Seeing an opportunity to give back and help other struggling entrepreneurs, I reverse engineered my own process, validated it with other top entrepreneurs, and created a ten-month roadmap, The 10 Factor.
With my weekly podcast in full swing, when my book hit #1 Best Seller I knew in my heart it was time to take the next step in my own journey to reach more entrepreneurs. But... you cannot create time, and mine is valuable - as is yours!
Although I built my 10-month system for an entrepreneur to follow and self-teach I have created personalized coaching programs to work with a small number of entrepreneurs at a much more hands on level. To see if you are a good fit schedule your call today.
I mainly work with entrepreneurs running small businesses who have already seen some success but find themselves struggling to adapt their processes and systems to our constantly evolving economy.
Are you are good fitâ€¦? Letâ€™s chat.
I'm excited for your future and I hope you are too!
Welcome to THE 10 FACTOR.