Subscribe to Entrepreneur for $5

3 Reasons Most Businesses Don't Reach 6 Figures

Are you falling into one of these common traps?

Opinions expressed by Entrepreneur contributors are their own.

Alex Charfen is an entrepreneur, author and speaker who has used his experiences to coach small business owners on gaining momentum and growing their businesses. Charfen has experienced both tremendous failures -- like going bankrupt during the 2008 recession -- and incredible successes -- like launching a business and growing it to a revenue of more than $10 million per year.

In this interview at Click Funnels' Funnel Hacking Live conference, Entrepreneur Network partner Emily Richett talks to Charfen about the importance of taking care of yourself, knowing your market, and building a team.

Charfen recommends these three things to build momentum:

Reduce the pressure and noise in your life

Charfen teaches fast-growth entrepreneurs about how to take care of themselves first with hydration, nutrition, breathing and what he calls "daily momentum planning."

"If you have the earning potential of a multimillion dollar athlete, you should treat yourself as one," Charfen says.

Charfen also says, "If there is pressure and noise anywhere in your life, it's creating pressure and noise everywhere in your life."

Be polarizing and attract true believers

Charfen highlights the fact that "of the 29 million businesses [in the United States], 22 million are under $100,000 in revenue."

He attributes this to entrepreneurs' tendencies to "try and make their product available to everybody."

He says, "if you walk into a room of 100 people, you should be able to identify the two or three that are your market. If you walk into a room of 100 people and you think to yourself, "80 people could buy my product,' you're doing it wrong."

Scale with the power of a team

Charfen validates what all of us entrepreneurs already know: It's hard to ask for help, especially when we are used to wearing every hat in our businesses.

"Successfully starting a business conditions us to do everything," he says, before going on to emphasize the importance of strategically trusting others to take some of the pressure and workload off your shoulders.

Many small business owners resist the idea that they need a team, arguing that managing other people would increase their responsibility and add strain.

Charfen counters by saying, "When you don't have a team, you are as exposed as you possibly could be … When there's no team, if something happens to you, everything stops."

He encourages entrepreneurs that even if they don't think they're ready for a team, they likely are ready. "Do it before you think you should," he advises. "Get that first person on board to help you."


These 13 Founders Share Their Number 1 Piece of Advice to Help You Set and Achieve Your Business Goals

From time management tips to shifting your energy these founders share their go-to business tips to help you thrive in 2023.

Why Founders Are Hiring These Two Coaches to Supercharge Their Business

Ankita Terrell and Emily McDonald share how they serve as strategic cofounders to help top female founders scale.

CookUnity CEO Mateo Marietti on Connecting Chef to Consumer

CookUnity CEO Mateo Marietti talks about founding the meal subscription service, a sustainable-minded business model, and becoming the "Spotify of Food Delivery."

Unleash Unshakable Confidence in 7 Days

In the cut-throat business world, self-doubt can be the difference between success and failure, costing you everything.

60 Second Business Tip: How to Stop Getting Ghosted

Business development consultant Terry Rice shares simple ways to win deals.

This Entrepreneur Created an Index to Help You Measure The True Value of The Real Estate Market

The CEO of Empowered Investor sits down with Jessica Abo to discuss the Hartman Comparison Index and his predictions for 2023.

David "Rev" Ciancio on How To Master Restaurant Marketing

Marketing Expert David "Rev" Ciancio discusses the importance of publishing honest social media video content, simple branding strategies, and creating a new type of restaurant conference that actually helps you grow your business.

3 New Ways to Develop Laser-Like Focus

To boost focus in the face of distractions, you need a new approach to success.

60-Second Business Tips: Three Ways to Boost Your Productivity

Business development consultant Terry Rice shares simple ways to get more done.

Ryan Peters of Peters Pasta on Making Content Creation into a Business

Interview with content creator and Peters Pasta founder Ryan Peters about going viral on TikTok, transitioning to full-time content creation, and picking the right brand partners for collaboration.

How This Entrepreneur Went From Broke to $2.3 Million in Sales

He used the '3 E Method' to turn around a failing business in a few short months.

Chef Joe Isidori of Arthur & Sons NY Italian on Finding Your Authentic Voice

Interview with restaurateur Joe Isidori about opening Arthur & Sons NY Italian, modern restaurant culture, and leveraging social media as a wellness tool.

The No.1 Most Bankable Skill You Must Have to Succeed in 2023

If you don't foster this skill, you'll fall behind the pack financially and professionally in 2023.

We Need to Talk About This Forgotten Human Skill to Win at Sales

The founder of Make Money Your Honey is teaching people the skills they need to close future deals and she's starting with having face-to-face conversations.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.