It’s estimated that about 90% of startups fail. What do we know about those 10% of entrepreneurs who find success? Is it hard work? Ridiculously long hours? Maybe it’s being discovered by Shark Tank. What does lead to entrepreneurial success? One theory is that you have to be brutally honest and ignore these lies.
Lie 1 – Do Your Market Research by Talking to Potential Customers
Potential customers can be helpful, but the truth is that you need actual customers who have put out their hard-earned money. You’re going to learn a lot more by pitching a product and asking your customers for skin in the game, so to speak. Market research from potential customers isn’t going to give you enough information to be successful.
Lie 2 – Luck Is a Myth
Timing is everything. There are times when the right doors open at the right time. But luck? You make your own luck by working hard and looking for opportunities. Real luck is about opportunity and effort colliding. Timing may be out of your control, but when you keep pressing, you make more chances for timing to find you. It’s not luck, but perseverance.
Lie 3 – Follow Your Dreams
Entrepreneurial success often comes from the wildest ideas when people did follow their dreams. The lie is when you follow your dreams down a specific path without being open to other options. When you get too focused on your own dream, you may miss a bigger way to change your industry. How many businesses got so focused on their product that they forgot to listen to the market? Following your dreams is great, but don’t get tunnel vision.
Talk to the financial specialists with Sudden Rivers Capital Corp to get options for funding. We want to help you take your entrepreneurial spirit to the next level.