Some folks have the entrepreneurial spirit in their DNA. Others develop this spirit by examining their options and deciding that being the boss makes sense. And still more find themselves with a talent or craft that they attempt to monetize. All three groups produce both successful businesses and business failures.
About half of new business startups survive five years. After ten years, slightly less than a third are still active. Of the survivors, a few will hit it big. But a large percentage of the individuals who start “successful” enterprises eventually realize that they have merely created a job for themselves. Few find the success they dreamed of during the startup stage.
Starting a business is exciting even though the failure rate is daunting.
Learn from the people who have been there before you.
- Before you let some tenured college professor talk you into becoming a business owner.
- Before you sign up for a seminar to pick the business you should start based on your skills, interests, and risk tolerance.
- Before you tell your current employer what they can do with your current job.
Gain wisdom from those that succeeded, and those who didn’t. They may or may not change your mind about starting your venture, but if you talk to the right folks, you might understand some of the obstacles you could be facing.
Are you a Pittsburgh area entrepreneur who wishes to share their story or thoughts with viewers on Popular Pittsburgh? If so, contact us today by calling 412-761-4789, or send an email to firstname.lastname@example.org. We’d like to hear from you!
“Before you start that new small business, read The E Myth Revised.”
~ Scot Noel, CME Media
“Understand that if you are starting a business because you have a hobby you are really good at, you will no longer have that hobby.”
~ Tom Pollard, Popular Pittsburgh