I don't want to be the statistic

[Jimbo123]

We've all heard this figure before, worded in some way or another (usually by sidewalkers).

"70-90% of businesses fail/within their first year".
It's always a majority and it's always relatively soon.

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

 

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[Patryk.]

We've all heard this figure before, worded in some way or another (usually by sidewalkers).

"70-90% of businesses fail/within their first year".
It's always a majority and it's always relatively soon.

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

F statistic. If it dies I would start another one. Even if you success you will be the statistic lol

 

[WestCoast]

That means 10-30% of them MAKE IT to year two.

10-30% - SUCCEED

That's pretty amazing, really.

--
Survive 365 days - and you've outlasted 70-90% of people.
Heck yeah, that seems pretty doable to me.

I started 18 years ago, still riding the roller coaster. It's awesome.

Why not make today Day One of your first year?
With those odds of success, you'd be CRAZY not to get going.

 

[MJ DeMarco]

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

Someone should write a book about this! Or better, 3 books!

 

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[WillHurtDontCare]

Someone should write a book about this! Or better, 3 books!

yeah and after he does that he should make a forum and host summits on entrepreneurship

 

[Hong_Kong]

We've all heard this figure before, worded in some way or another (usually by sidewalkers).

"70-90% of businesses fail/within their first year".
It's always a majority and it's always relatively soon.

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

Luck has nothing to do with it. Its like saying: "What the chance of successfully making a bowl from clay?". Who is making the bowl? Pottery is a skill that can be learned, but might not be obvious without experience. Entrepreneurship is a skill that is learned by doing. Check this out:

Entrepreneurship Is a Craft and Here’s Why That’s Important

To inspire company builders, entrepreneurship education needs a common language and apprenticeships.

sloanreview.mit.edu

 

[Kak]

We've all heard this figure before, worded in some way or another (usually by sidewalkers).

"70-90% of businesses fail/within their first year".
It's always a majority and it's always relatively soon.

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

1. Don’t be average. You don’t need to sign up for average statistics. Do more than what you would consider average. Be on the right side of the curve.

2. Even if you are average… And you really suck if you are… You just fail 7-9 times before you succeed. So you can still win with sheer will and determination alone.

3. You can’t be so afraid to fail. You fail before you even begin if you refuse to act. Inaction makes your failure likelihood 100%.

4. They want you afraid to start. Obedient to the script. Have you ever thought about why they publish those statistics? Specifically to elicit the emotions you currently have about them.

 

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[heavy_industry]

What were the pitfalls and hurdles which you had to overcome or will have to overcome so that you're not the 90%?

First of all, that number is inaccurate because a lot of businesses are only registered for tax purposes - which means that they might not look good on paper.

But let's take the hypothetical case of 1 out of 10 businesses succeeding, and 9 of them failing. That's 10% success rate.
Just because the average success rate is 10%, it doesn't mean that you are facing the same number when you enter the game:

• If you have no idea what you're doing, you may have a 0% chance of creating a business. It doesn't matter how hard you work or how many times you try, it's hopeless.
• If you follow CENTS, you already have a decent amount of business and life experience under your belt, and you do everything right, target the right market etc. the success rate might be over 95%.

Other than that, statistics can be very misleading if you don't understand how the numbers work. There are a lot of fallacies, most of which come from dramatic stories that people love to tell:

• You don't have to fail before you succeed. People that glamorize failure are idiots.
• And just because you failed several times, it doesn't mean that you're going to succeed in the future - that's another fallacy that is not based on any kind of logic.

TL;DR
Read and understand CENTS. If your businesses are fully compliant with these principles, their individual probability of success is very high. And if you keep launching businesses with a high win chance, success is almost unavoidable. More info here:

View: https://www.youtube.com/watch?v=ZYBtdmJWoTc&ab_channel=MJDeMarco

 

[Ronnie Bryan]

Someone should write a book about this! Or better, 3 books!

Four books MJ don't forget the limousine conversation. Darn it I posted the word," interview " as a hook word to get MJ to correct me and talk about his fiction book. Did not work ...just maybe, he was too smart for that or just busy and didn't have time to notice the flaw.@ MJ Demarco that fiction book should be in your list of non best sellers that are a good read. The story is fact , he just changed names to protect the innocent.

 

[Black_Dragon43]

1. Don’t be average. You don’t need to sign up for average statistics. Do more than what you would consider average. Be on the right side of the curve.

2. Even if you are average… And you really suck if you are… You just fail 7-9 times before you succeed. So you can still win with sheer will and determination alone.

3. You can’t be so afraid to fail. You fail before you even begin if you refuse to act. Inaction makes your failure likelihood 100%.

4. They want you afraid to start. Obedient to the script. Have you ever thought about why they publish those statistics? Specifically to elicit the emotions you currently have about them.

Haha! Sounds exactly like Uncle G

 

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