Why The Failure Rate For Business Shouldn’t Deter You From Starting Yours

Some may call it masochistic reality tv. Shows like Shark Tank and The Profit certainly give you heightened dramatic moments as a viewer and a shot of encouragement if you want to realize your business dreams. If you have entrepreneurial drive, you should hone it. Even if you simply vet and discard an idea for a business, going through the process of research, discussing your idea out loud with peers and even pitching to friends, family and potential investors will make you a more valuable employee.

Creativity and execution are qualities any company should cheer to find amongst its roster. That junior-level assistant may come up with an automation tool that could save you millions. Being able to follow through from concept to prototype rules out a lot of wishful thinkers. Not everyone can wait up to two years for Marcus Lemonis to help their struggling small business.

So when you read about that successful, multi-million or billion dollar evaluation it gets hard to remember when it was just one or two people with an idea that hardly anyone else understood. For every huge success, there’s about twenty that you never hear about or that quickly fade (Meerkat and Periscope are more recent examples of companies offering similar). Sometimes good ideas don’t survive past incubation stage and it wasn’t because anyone did anything ‘wrong’. It could be timing, support, or a host of other reasons.

People with failed start-ups or small business often go on to create other businesses. Even as an employee, given the instability of the market it behooves people to take the initiative at raising multiple streams of income (aka the side hustle). The days of being able to punch in a clock for 30 years and collect a pension are long gone — and never existed for many folks in the first place.

Right now, I’m reading about the demise of Dinnr by its Founder and I’m grateful for the examples set by others who are willing to share tips and lessons as they navigate through life trying to achieve greatness. Everyone doesn’t have the acumen or fortitude to color outside the lines, but for those that do let’s be encouraged to create opportunities and think about ways we can improve the quality of our lives.

 

 


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