You know how they say 50% of businesses fail within the first year? Did you also know they say that 95% fail within 5 years?
I’m not surprised, tbh.
I’m not sure if those numbers are completely accurate I’m just saying I wouldn’t be surprised. It takes a certain kind of person to venture off into the unknown world of entrepreneurship. And the work it takes to make your business last, turn a profit, and possibly be your full time job is another thing.
This is why when people approach me to tell me that they have a great idea and are thinking about starting a business first thing I do is tell them that’s great! Then I ask them how they’re planning on making a profit out of their great idea?
It’s a hard question to answer, but let’s face it. The answer to that question is the difference between a hobby and a business. Hobbies are fun, and businesses can be fun too! But with businesses you’ve got to have a plan (*ahem* business plan), a powerful message, and a competitive edge.
Some people don’t realize this when they first start their business. A lot of people think that if you create it they will come. And while to some degree they’re right, the success comes from marketing, cultivating an audience, and strategic planning so that your awesome idea can thrive!
So yes, in my professional opinion talent, creativity, or an idea isn’t enough to make a business a success. There’s more to business than that. So be prepared, educate yourself, create a plan (business and marketing), and get help so you can beat the statistic. Don’t be part of the 50% or the 95% that fail. Withstand the odds!