The old adage is that 4 out of 5 business will ultimately fail. According to the Department of Labor Statistics, 50% will fail within 5 years. Why is that?
To run a successful business you need a lot of different skills and talents. Most of them can be learned, which is a good thing, some cannot. The most important skill that every entrepreneur must have is the ability withstand pain.
If 4 out of 5 business owners end up closing their doors, I believe 1 of the 4 is because of legitimate reasons; illness, death, industry collapse, legal issues. Basically, things far beyond their control. For the other 3, I believe they close their doors because they can’t take it any more.
I posted recently about the numerous missteps I’ve had in business over the years. Dozens of times I’ve thought about quitting the business owner life and taking a comfortable job. The pain during those times was REAL. When there’s no money in the bank and no immediate prospect of making any, the pain is excruciating. My one true talent over the years has been to ignore it and keep going anyway.
When you’re lying in bed at night, thinking about how you’ll pay the bills. Thinking you need to shut it all down and go get a “real” job…DON’T.
You can do this.
KGDS – Keep Going. Don’t Stop.