Featured image by Charles Forerunner.
Businesses fail at a high rate. We’ve all heard the hard to believe statistics. However, people take on the challenge to defy these staggering odds all the time. So, how do you choose a business that has a chance of winning?
Why start a business to begin with?
We start businesses because we want to be our own boss. Or we want to create something. Or we know it is the only way we will get life satisfaction.
At the end of the day, I think we look to build a business for two reasons.
Firstly, we want to build the type of work place we dream about and do the type of work we want to do, so that we ‘never work a day in our lives’. We dream of creating a machine that lets us live the inspirational life of being innovative pioneers and entrepreneurs.
On the other hand, we build a business because we look to make as much money as we can, so that we can live like kings and queens and do whatever we want.
Whichever way motivates the innovative entrepreneur, it is still a risky and incredibly tough road from initial decision, to taking on the challenges, to the eventual moment of business success.
Given these difficulties, how do we chose a business right for us?
How do we take on the challenge, and ensure we are on the right path and have a fighting chance of success?
There may be no definitive answer, but read on to find out my study of the subject and the path I’ve chosen to follow going forward.