I’ve reached my burnout point at my corporate job. I’ve always wanted to launch my own company, but I haven’t been successful in doing so yet.
I’ve read that, roughly speaking, eighty percent of startups fail. In your experience, is that accurate?
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From my own experience, the hope of achieving a better work/life balance as an entrepreneur turned out to be completely unfounded. At the peak of my success, I resorted to constant drinking just to disconnect, which was quite tragic.
Starting your own business always involves risks, and statistically, most startups fail. However, these statistics often include ventures that only address the problems of the individual launching them.
Choose a category you are passionate about, and develop a concept that has the potential to be a viable business rather than just a personal passion project. Be prepared to commit fully and do whatever it takes to make your business succeed. This will significantly improve your odds.
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@Mitchelle Observing that numerous responses appear to be negative, I understand how my response can come across as somewhat dejected.
Therefore, even though I regret my drinking to some extent, I have no other regrets. I’ve been able to create the life I want to live by working for myself. My fiancée and I traveled for a while after I sold my last business, and we later had children. Having my kids around every day more than makes up for the sacrifices I made when operating a business.
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@Anne I wrote this from a bar after working a 12-hour day to identify potential retail clients and having a 6-hour event to complete. As a current owner, this speaks to me strongly. began as a hobby or side endeavor while working a full-time job; the initial years also included three years of graduate school. After three years of working full-time, graduate school, a burgeoning business, and 40 hours a week, I’m still working more than I ever have.
Congratulations on your ability to sell and achieve a healthy balance in your real life. I am very grateful for your sincere perspective.
Hey, Carson.
Depending on the business model, the question is too broad to provide a clear response because there are so many elements to consider.