Why do 90% of people who try to start their own business fail? This was a statistic that used to scare me before I started my own business.
Now that I have been able to replace my 9-5 income and discover what it takes to build a successful business this no longer scares (or surprises) me. In this post I will show you why most people will fail in business so that you can avoid this and get in to the 10% of people that build a business that thrives.
Why 90% of People Fail in Business
This was the reason why I created some dedicated training on how to get in to the 10% of people who succeed in my Your First Year in Internet Marketing course. The good news is that if you get access to the right tools, training and people then you too can become successful.
1. 10% of People Succeed
I want to start by saying that 10% of people who give business a go do succeed. That’s actually great odds. Think about this: Hundreds of people are happy to do the lottery with 14,000,000:1 odds but they won’t start a business with 10:1 odds because they think it is ‘too risky’. 10 to 1 is great odds.
2. The Gym Vs Business
The gym and business are very similar in many ways. How many people do you think start the gym in January on a loose ‘new year resolution’ and end up quitting within 3 months? About 90%. Sound familiar? Being able to build a gym body that you can be proud of is as difficult as building a business that works. You just need the two other components below.
3. Your Reason Why
I will be so bold to say that one of the biggest things that will determine whether you succeed or fail comes down to your ‘reason why’. Going back the the gym analogy. If someone has heart disease in their family and absolutely MUST go to the gym then they are going to be 1000x more likely to stick with it compared to someone who thinks they PROBABLY SHOULD start the gym.
It is the difference of starting a business because you MUST create wealth and financial stability for yourself and your family verses starting a business because you just saw an Ad and thought it seems a good thing to do.
4. Who Are You Listening To?
I have a set rule by which I live by that has been very profitable for me and likely for you too if you live by it. Here it is:
“Only take advice from someone who is doing it”
Seem obvious? Guess what, only about 5% of people do this.
Do NOT take financial advice from someone who is not financially free.
Do NOT take business advice from someone who does not have a business.
This includes from your friends, family and spouse.
You wouldn’t take diet advice from a fat person would you? Then do not do it for anything else. You will profit in more ways than just money if you do this.
The Next Step
If you are interested in starting an online business or have just started one then I highly recommend you grab Your First Year in Internet Marketing. It was specifically made for you. Click here to continue.