According to the United States Small Business Administration, 20% of startups fail in the first year, 50% within five years, and 65% within 10 years. What if you could increase the odds of your startup’s success by learning from hundreds of people who have walked the path before you? Instead of focusing on the negative lessons learned this time, let’s talk about the positive ones!
Make a plan, then focus on doing – US Army General Dwight Eisenhower famously said about battle: “…I have always found that plans are useless, but planning is indispensable.” So, make your plan and then go execute it. You’ll likely find out that your plan didn’t account for several real-life variables that you would have never foreseen from the comfort of your Starbucks table!
“Everyone has a plan until they get punched in the mouth.” – Mike Tyson
Look for local resources to help – one entrepreneur we know was able to get 4 stories on their product into 3 regional publications in just a few months! Local media and startup ecosystems want to help you learn and get the word out…you just have to dedicate time to connecting with them.
Self fund if at all possible – Does your idea require hundreds of thousands of dollars to get off the ground? Investigate how you could create a Lemonade Stand that could prove your idea and show a positive ROI to potential investors. If you can’t manage to generate a profit with your own money, why should they trust you with theirs?
Develop meaningful relationships – We were made to connect with each other so give generously to others without expecting anything in return. Based on our experience and that of others, those people look for opportunities to reciprocate when you least expect it!
The journey of starting a business has more than its fair share of ups and downs. Smooth out your trip a little by applying these lessons learned by others who are ahead of you on the journey!
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