Updated: Nov 7, 2020
The Entrepreneurial Life
It seems so easy when you first imagine it: You have a great business idea. You write up a phenomenal business plan and quickly find investors. You contract with quality suppliers. You get your own office space or store front. You have clients and customers breaking down your doors for your product, and before you know it, you’re a huge success.
Unfortunately, anyone who has taken the massive leap of faith that is creating your own business knows that success is hard fought, rarely goes as planned, and often is never realized. The current statistics from the Department of Labor says that 9 out of 10 start-up businesses will fail within the first five years. With odds like that, it can be easy to abandon all hope and relegate yourself to a life of working for someone else.
But do not, I repeat, DO NOT give into that type of thinking.
The Pathway to Entrepreneurial Success
The pathway to entrepreneurial success is not a quick sprint on a straight course, but rather a marathon through the mountains and valleys. Successful entrepreneurial enterprises all have three important things in common, and while we can never promise it will be easy, we can say that the journey to finding your own story and personal success will always be worth the trials and tribulations.
1. You will likely fail...a lot.
Pandora.com is currently a household name, but it took over 300 attempts to acquire funding. Legend has it that Edison took over 10,000 attempts before succeeding in creating the light bulb. Even Oprah had been rejected by employers, investors, and collaborators before becoming the billionaire mogul we know today. The key to success is to not fear failing.
2. When you fail, fail fast.
This is probably one of the single most important commonalities among successful businesses: Be ready to give it all you’ve got, and if you are going to fail, fail fast. The most successful entrepreneurs give every ounce of their soul into making their business work, leaving nothing on the table. If the business isn’t going to work, it is important to know when to let go, reevaluate, and move on.
3. You need to be in it for the long haul.
There are no get rich quick schemes. There are no magic pills. There is a lot of hard work, sleepless nights, and bountiful rejection. That being said, this is the ride of your life and the success you seek in the future is forged in the sweat you put into it today.
4. Today’s Hiccups are Tomorrow’s Hurrahs.
You might find yourself as part of the 10% that succeeds on your first try, but statistically speaking, it is far more likely that you will find yourself among the 90%. Remember that today’s hiccups are tomorrows hurrahs. Regardless of how you get there or how long it takes, it is important to keep sight on why you started your journey to begin with. If you have a clear vision of where you want to be, there is no obstacle out there that can deter you from it.
Your time for personal revolution is now: Are you able, ready, and willing to seize it?
Until then, Be Limitless and Discover Your Next.
What’s Your Next?