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So, you want to start your own business? There is a lot of that going around these days. In fact, over the past year, more new companies were created than any other 12-month period in modern history.
This latest acceleration in new business creation can be attributed to the Pandemic lockdown and the realization among some workers that they enjoyed the freedom that working remotely offered. The next logical step is, I can do this. I can start my own business, succeed and have a better life balance.
Before you rush down the road, here is some tough love:
21.5% of startups fail in the first year,
30% in the second year,
50% in the fifth year,
and 70% in their 10th year.
To succeed, you will need a realistic business plan, a market that will buy what you are selling. You will need cash reserves to pay your bills until the business prospers, and you will need a boatload of resilience.
Yes, it is a romantic notion, but it is also the most challenging thing you may ever do.