Shweta Jhajharia explains why over two and half million UK businesses are unable to break the coveted £1 million threshold and highlights three areas that might just hold the key.
The majority of businesses never reach the £1M turnover mark – a level often used to benchmark firms. This is significant because most business owners, when they first started, envisaged not just a multi-million pound business, but a multi-billion pound business.
Statistically, only 4% of business owners ever reach the £1M mark and further, only 10% of these businesses (that’s 0.4% of all business owners) ever reach the £10M mark.
So the question is; what's holding back more than 2,500,000 businesses, across the UK, from crossing that coveted £1M mark?
Having worked with hundreds of businesses over the last several years, I have discovered that there are striking differences between the ‘micro’ business owner and the owner of a £1M enterprise:
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In a tribute to US mythologist and writer Joseph Campbell, who asserted that all mythical heroes experience the same 12 steps on their adventures, Ondina Montgomery draws parallels between Campbell’s Hero’s Journey and that of the entrepreneur.
Part 5 of the Journey shows the hero leaving the familiar and ordinary world behind and crossing the threshold into adventure. Click here to read the fourth part of Ondina's series, The Hero's Journey Part IV: Meeting With The Mentor.
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