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What are the risks of being unsuccessful in business
I'm 17, I have an interest in entrepreneurship. #YOLO #business
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Andra’s Answer
Each experience adds onto the last, as long as you have a positive mind-set each risk of an unsuccessful venture can be turned into a learning for a new venture or opportunity.
Entrepreneurship is tough; it is important to find reliant business partners and work incrementally towards your goals. It is also important to focus on releasing often in order to get quicker feedback loops on your success (Rather than looking at what an "unsuccessful business" looks like, think more in terms of what an unsuccessful product launch was and how you can make the next one successful)
The more you break out your venture into smaller steps the more likely you are able to course-correct as you work towards your goal. Ask a lot of questions and connect with others often, many companies are open to helping start-ups and there are a lot of individuals available for advice.
Lastly it isn't a decision that needs to be made today; entrepreneurship or starting your own business can be a mindset that you can explore at anytime, don't feel pressured to make something happened right away, and instead continue to learn so that you are well equipped when an opportunity or idea is present.
Entrepreneurship is tough; it is important to find reliant business partners and work incrementally towards your goals. It is also important to focus on releasing often in order to get quicker feedback loops on your success (Rather than looking at what an "unsuccessful business" looks like, think more in terms of what an unsuccessful product launch was and how you can make the next one successful)
The more you break out your venture into smaller steps the more likely you are able to course-correct as you work towards your goal. Ask a lot of questions and connect with others often, many companies are open to helping start-ups and there are a lot of individuals available for advice.
Lastly it isn't a decision that needs to be made today; entrepreneurship or starting your own business can be a mindset that you can explore at anytime, don't feel pressured to make something happened right away, and instead continue to learn so that you are well equipped when an opportunity or idea is present.
Updated
Diana’s Answer
Having spent a majority of my career in Silicon Valley, I learned from many successful entrepreneurs that they have failed in at least 1, or even sometimes 3 businesses before finally succeeding in one. While those initial businesses ‘failed’ these entrepreneurs took those learnings into their future businesses. In fact, many investors I know are more likely to invest in a company with entrepreneurs who have done it multiple times (failed or succeeded) than in one who is doing it for the first time and haven’t had a chance to fail and learn. Despite these learnings, there are economic and reputation risks to consider - always do your due diligence but don’t be afraid to try even if the outcome doesn’t turn out to be successful the first, or even the 2nd time around.
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Matt’s Answer
Creating your own business is a high ceiling / low floor venture. If you were to enter the workforce as say an accountant at an accountant firm you would be hired at a set salary that would pay you a predetermined about every month. You would have the security of knowing how much you will be earning so you can budget wisely for a car, place to live food etc. You lose that safety by being an entrepreneur and creating your own business. You earn based on what is sold which can vary from month to month. Some months you will make a lot of money and often you will earn nothing. The flip side of that is that entrepreneurs make the most money if they are successful.
You should do what you are passionate about but also be aware of the risks. If entrepreneurship is what you want to do thats great, but I highly recommend you either work two jobs at first or get yourself in a healthy financial situation first to keep you afloat at the beginning.
You should do what you are passionate about but also be aware of the risks. If entrepreneurship is what you want to do thats great, but I highly recommend you either work two jobs at first or get yourself in a healthy financial situation first to keep you afloat at the beginning.
Updated
Veselinka’s Answer
hi Abraham!
Your question is a bit general so the first answer is "no pain-no gain" :)
There is risk in everything high or low depends on your investments (time, energy, money) and it can be different for everyone.
Some people the failure take emotionally some are motivated by it...which one are you? Are you excited by the unknown? Do you have a brilliant idea no one ever think of? Are you out of the box thinker? If yes then try it. If you are a person which prefers stability, security and predictability than better join the job market as an employee.
Good luck
Veselinka :)
Your question is a bit general so the first answer is "no pain-no gain" :)
There is risk in everything high or low depends on your investments (time, energy, money) and it can be different for everyone.
Some people the failure take emotionally some are motivated by it...which one are you? Are you excited by the unknown? Do you have a brilliant idea no one ever think of? Are you out of the box thinker? If yes then try it. If you are a person which prefers stability, security and predictability than better join the job market as an employee.
Good luck
Veselinka :)