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How hard is it to start a business that will be successful? ?
How hard is it to start a business that will be successful?
3 answers
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Sarah’s Answer
It definitely varies by the business. Restaurants, for instance, are very difficult in today's climate. All business's are hard work, but having a mentor in the business can be very advantageous. They can help you avoid the pitfalls that lead to business failure and help you to get started on the right foot.
Updated
Patrick’s Answer
Hey David,
I agree with Fred's answer above but also want to add my thoughts.
Your definition of success will be different than other people. Define what you consider to be successful and then see how you can get started with the lowest cost/risk just to encourage action.
Even if you don't make a penny, you could still find incredible success by strengthening your business skills, building your network, and challenging yourself to solving a problem.
It will push you to learn and grow. And taking this mindset of learning rather than making a million dollars will help you tremendously. If you give it your all, you will be successful! Whether it's your first business or your tenth - if you stick with it you will eventually find your stride and learn a ton :)
Hope this helps.
- Pat
I agree with Fred's answer above but also want to add my thoughts.
Your definition of success will be different than other people. Define what you consider to be successful and then see how you can get started with the lowest cost/risk just to encourage action.
Even if you don't make a penny, you could still find incredible success by strengthening your business skills, building your network, and challenging yourself to solving a problem.
It will push you to learn and grow. And taking this mindset of learning rather than making a million dollars will help you tremendously. If you give it your all, you will be successful! Whether it's your first business or your tenth - if you stick with it you will eventually find your stride and learn a ton :)
Hope this helps.
- Pat
Updated
Fred’s Answer
It's easy to start a business. Whether or not it's successful depends on a lot of things, including your definition of success.
If your definition is "$1 million in profit every day, starting on day 1", the answer would be EXTREMLY hard.
If you definition is "one that covers my expenses plus a little extra", the answer is kind of hard.
Many businesses start out losing money. There is a cost to starting up. You have to get inventory, a storefront/website. Do you need staffing and if so, how will you pay them? Insurance cost? Rent? Marketing?
Then, on day 1, you open your doors. Unless you've had a lot of hype, there may not be anyone who's heard of you, so nobody comes in (either IRL or on your virtual platform). So until the buzz starts, you're probably not going to be seeing much income. Do you have enough capital to float until that revenue shows up?
There are probably a thousand more things to consider, but these are what first popped into my mind.
If your definition is "$1 million in profit every day, starting on day 1", the answer would be EXTREMLY hard.
If you definition is "one that covers my expenses plus a little extra", the answer is kind of hard.
Many businesses start out losing money. There is a cost to starting up. You have to get inventory, a storefront/website. Do you need staffing and if so, how will you pay them? Insurance cost? Rent? Marketing?
Then, on day 1, you open your doors. Unless you've had a lot of hype, there may not be anyone who's heard of you, so nobody comes in (either IRL or on your virtual platform). So until the buzz starts, you're probably not going to be seeing much income. Do you have enough capital to float until that revenue shows up?
There are probably a thousand more things to consider, but these are what first popped into my mind.
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