great. The good news? There are ways to spread out the workload. • Find a co-founder. A partner who takes on 50% of the workload can dramatically reduce your burden. Just make sure they’re aligned with your goals, passionate about the problem, and as motivated and hardworking as you are. Getting this wrong can be disastrous, so choose carefully. • Use your time wisely. There are 24 hours in a day, you don’t need to quit your job immediately. You can keep your day job and build your company in the evenings or on weekends. Everyone’s situation is different, but as they say, “where there’s a will, there’s a way.” • Leverage tools. With the rise of AI, tools like ChatGPT make it easier to create content, draft documents, and streamline processes reducing the time it would traditionally take to build your business. RISK OF EMBARRASSMENT Unfortunately, the statistics on business failure are sobering. According to the U.S. Bureau of Labor Statistics (BLS) and the Small Business Administration (SBA): • About 20% of new businesses fail within the first year. • Around 50% fail within the first 5 years. • By 10 years, roughly 65% have closed. While discouraging, these numbers also prove there’s nothing to be embarrassed about. So many people try and fail for a variety of reasons, but failure doesn’t mean
your life is over. What’s worse than trying and failing is never trying at all and living with “what if?” It takes tremendous courage to start a company. Even if it doesn’t work out, you should feel pride in taking the leap. By doing so, you’ve already accomplished something most people never have the courage to attempt. That deserves applause, not discouragement. WHAT COMES NEXT Okay, now that we’ve tackled the upfront fears, you’ve mapped out your time commitment, identified your funding sources, and silenced that inner voice telling you not to do it, let’s talk about the next step. VALIDATION You might believe you have the best product or service in the world, but if no one is willing to buy it, it’s worthless. Most people turn to friends and family for feedback, but that’s not always reliable. They might discourage you out of fear or tell you only what you want to hear. Instead, seek out strangers who would be your ideal customers. Pitch them your idea. They won’t care about sparing your feelings and will give you honest feedback and/or validation. You can also seek advice from experienced entrepreneurs in related industries. They may not be your customers, but they can provide valuable insight into what it takes to succeed.
what if? “ ”
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