Business Failure Rate

First and foremost, there are good ideas and bad ideas. Now that that statement is established and should remain in your short term memory as you, the reader are reading this blog. While your attention is still here, before the crazy hassles of your day way in and your mind starts to wonder and the need to finish or procrastinate your work get put in motion, understand one thing. Forbes magazine states, “90 percent of startup businesses fail.”

Was it your attention to detail? Was it because you didn’t understand the supply and demand curve? Was it the customer service? Was it you? Was it me? The mind can wander so far out, but the truth is, you know you have reached insanity when you do the same thing over and over again and expect a different outcome, according to Einstein. But others have a more positive outlook about failure. “It’s fine to celebrate success but it is more important to heed the lessons of failure” says Bill Gates. If you don’t want to listen to me listen to well known entrepreneurs who have been through both sides of the spectrum, success and failure. So, it is good to accept failure when it comes your way but never accept not trying. Learning to fail is one of the most important thing you have to learn in this industry. While it may seem counterintuitive to your goals, in the long run you’ll appreciate which types of decisions will lead you a certain direction. But what about the 10 percent who have made it?

A former national security advisor Colin Powell tells, “There are no secrets to success. It’s the result of preparation, hard work and learning from failure.” Yes, this may sound slightly repetitive from the above statements but it is only here to guide and assist your knowledge in case of an incident. Estēe Lauder, owner of a cosmetics company says, “Dreaming of success is different from working for it.” Attention to the smallest thing can alter the impact to your business in a flash. Pay close attention to your target market because a business is not what you say it is. It’s what they say it is. And if they don’t fit nor like you business, well frankly you’ll need to reevaluate your business and take action, before the business goes under.

To quote Thomas Edison: “I haven’t failed. I’ve just found 10,000 ways that won’t work.” So, it’s good to still be bright-eyed and bushy-tailed entrepreneurs and employees. Keep on trying in the hopes the process of research as well as trial and error works. Also, note that it is perfectly fine to bet on yourself once in awhile because, when everyone thinks alike, no one thinks much at all.