When I heard a friend make this statement the other day, I realized that every entrepreneur should adopt it as their mantra. I certainly have. If we all do it, we can drastically improve the statistic that over half of new startups fail within five years. Nothing is more discouraging to future entrepreneurs than a failed startup.





Comments


Written by gimmesome
4023 days ago

There's a lot to be said for being determined and not giving up prematurely. On the other hand, failing early and cheaply is a great way to learn from your mistakes. If you don't invest too much of your time or money, you will be able to start over several times and get closer to success each time.

The hard part is knowing when to hold and when to fold.



Written by jakeadams
4043 days ago

There is nothing wrong with trying to inspire entrepreneurs, especially young entrepreneurs. But it is also important that they realize up front that the odds are definitely NOT in their favor to succeed.



Written by hamed1
4047 days ago

It is a very nice article but too optimistic. Thousands of startups fail evry day. It is wonderful to approach with optimism but you must know there is a chance of failure.

From Hamed



Written by CIKMarketing
4047 days ago

I agree to a point. If you are dedicated and adopt a strong work ethic, anything is possible, there are times in business when it's better if you cut ties and get out. Those situations however, are few and far between if you're willing to work hard.



Written by Cathode Ray Dude
4047 days ago

This is also another good reason to avoid making a huge investment in the beginning until you have identified a workable business model. It's true that some business ideas are capital intensive, but trying to move into a market in some low investment way (consulting etc.) helps you get to know the business first and easily move out of it and into something else if the barriers of entry seem too high or the market too uncertain.



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Share your small business tips with the community!
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Share your small business tips with the community!