Sunday, 17 February 2019

Be prepared to fail 100 times to find 1 success

To be an entrepreneur is to learn to get comfortable with failure. Rocky said, (Sulvester Satlone) be prepared to fail 100 times to find 1 success. Robert Kyosoki says it's about 1 in 10. So it's somewhere between that roughly. You'll need to try a few dozen things to find one business that works. But it doesn't matter what you try, they all have their advantages and disadvantages. 

The industries that have more solid systems, ie: franchises like: McDonalds and Subway, cost hundreds of thousands or millions to join. And that still doesn't guarantee you success. I seen this one Subway franchise fail because a gas station sign was blocking it's signage. So it's stupid stuff like that. Another popular franchise I seen, the landlord jacked up the rent on the owner and forced him out of that location. Mainly because he wanted to rent the location to someone else who was willing to pay a lot more. Or perhaps take something like Real estate investing for example...., again, it's safer but you need massive amounts of money to get started, and many years of training. And if there's a downturn in the economy you could end up in trouble as well.

So for a large segment of the population, their only realistic viable option is to either start some kind of small business or do MLM. There's a lot of advantages to MLM in that it's low start up cost, doesn't leave you penniless if it doesn't work out. Plus you can build a team giving you leverage. And it provides the complete ready made turnkey system to allow you to join and start making money. So there is a huge upside to it. 

Every business has pluses and minus though. Not just MLM. I'd rather risk 200 on a mlm distributor kit any day than, buy a full time job for hundreds of thousands joining some expensive franchise. At least if the MLM doesn't work out you're not left bankrupt. It's no sweat. You'll have forgotten all about it by next week. Where as a major business failure, where you lose your life savings can set you back light years, and even end up causing significant psychological damage. This is critical too because you can get it "wrong many times" on a small scale and still keep going. But if you get it wrong once on a big scale you could actually end up "ruined", in so many ways. It's not worth those "big losses". Mainly because like I said before it's going to take you several dozen attempts to find one that really takes off (typically speaking), so you have to be able to bounce from one to the next without breaking a sweat.

But again, getting back to the start, you need to try dozens of things. Also if you're not comfortable with failure then just stick to a day job. Entrepreneurship isn't for everyone. In reality it can be a bit more difficult than just having a day job. But the biggest upside is mainly that your your own boss. So you can set your own hours. Do what you want and not having to punch a clock or answer to any boss. And you can earn far more income in the long run. good luck.

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