90% of small businesses fail. A horned owl doesn’t have real horns. And a pregnant goldfish is called a twit. What do these fun facts have in common? Answer: they’re all meaningless.
The first large obstacle for entrepreneurs is taking the initial step to start a business. Why? Because we have this number that stares us in the face everyday – 90% of small business fail. But is this 90% really a true statistic? If I flip a coin, there is a 50% chance it will be heads. But if I fill a room with entrepreneurs, will 90% of them fail?
Entrepreneurs need to realize that they can make choices. A coin can’t decide to choose heads, but an individual can choose to implement a new feature or pivot an idea. In 1998, a company started to develop a product that allowed people to transfer money using their palm pilots. After the transfer was complete, the individuals would have to connect to the Internet, accept the payment and transfer the funds. The company spent almost $5M developing this product, and ultimately it was unused. But, the founders Elon Musk and Peter Thiel decided to pivot the product offering and market to another segment, allowing the company to sell to eBay for $1.3B. This company was PayPal.
The success or failure of a business is dependent on the entrepreneurs who are behind the operations and the choices they make. Since no individuals are exactly the same, the probability for each entrepreneur to succeed or fail cannot be determined. Therefore, believing that an entrepreneur has a 90% chance of failure is believing that all entrepreneurs are the same, which is clearly fallacious. This figure is derived from people who have failed before you. But did you have any influence on their failures? Do their failures have any impact on you starting a business? No, because you have your own experiences and you make your own choices. The historical failures of others do not influence your ability to succeed.
When you are thinking of starting a business, don’t think about the statistics against you. You should be thinking about the qualities you possess and the skills you have. Are you motivated and driven to succeed? Do you have the right skills for the type of business you are starting? And are you starting the company with a capable and unified team? If the answer is yes, then let’s change the glaring 90/10 statistic for future generations.
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