Are you excited to plan your new dream business and inspired by beautiful success stories?
Amazing! Here is a little pinch of reality based on our experience with amazing entrepreneurs we support, so you can answer the question for yourself.
Starting a business is exciting and can gives us meaning but the true reality is that there are intense challenges. It is Not for the Faint of Heart.
Entrepreneur Resilience is Key
🧩 Statistics still show a clear 90% failure rate for new ventures, especially small ones when the founder starts with limited experience, if any.
The number one reason of startup failure continues to be product market fit. What it means is that you may be super excited about your product, but you need to ask the question: is there a need for it? is there a demand for it?
🧩 To get to a product or solution that meets market needs requires a lot of thinking early on, market research, and a solid business plan with scenario analysis.
🧩 Quick profits are unrealistic. For the first few years, there’s no regular income and there’s always the risk of not seeing profits for a long time. You may have to work without pay for months, as any earnings may need to be reinvested back into the business. Money pressures will often be there unless you start to think in terms of "OPM" Other People's Money.
🧩 Time commitment is a must. You may need to dedicate 70-80 hours per week. The physical and mental exhaustion and frustration that come with this are inevitable. Hopefully you selected a business you love and hence it is not really "work" but your passion.
Resources are Limited
🧩 Limited Support: As a business owner, you may find yourself needing to make decisions alone, and they won’t always be the right ones. You may feel like all of it is on your shoulders and you may lack support from your tribe, unless you take clear steps to address.
🧩 Limited or No Tangible Resources: There will always be something lacking—time, money, or personnel. Often, you’ll find yourself doing everything on your own, which can reduce your productivity as you struggle to handle everything single-handedly.
🧩 Market Uncertainty: Once you enter the business, challenges like economic downturns, regulatory constraints, bureaucracy in compliance, shifts in consumer behavior, or sudden shocks like COVID can reduce your income—or even force you to shut down.
Are you still with us?
This is the entrepreneur reality but there is lots of good news too.
Start by using the FREE material to dive & assess your business resilience in advance. If you are new or just starting to explore various resources, check out the Business Startup Kit.
Templates allow to get you started, to plan, to manage and grow your business on the cheap and move with confidence to set your business up for success.
Start with the right foundation: is there demand for your idea
if you are still at the idea stage and not sure where to start, follow these simple Business Idea Validation steps and access the FREE Business Idea Validation Template.
At a high level, begin by answering few questions:
1. What problem are you solving?
2. For whom? who is your target market?
3. What are your expected expenses and revenues?
4. What model will you use?
Then move to Planning in Advance so you Can Be Ready
Get the One Pager Business Plan to force you to think about your initial business idea and if the business model is viable before you invest heavily in it. What exactly are you trying to achieve? What are your short-term and long-term goals? How will you make money?
By putting these thoughts on paper, you create a vision that will guide your decisions.
Get a free sample and download the ONE PAGER Business Plan Template.
Then, Invest a Little More Time
Research your market.
One of the biggest and most expensive mistakes entrepreneurs can make is doing little or no homework. What does market research entail, why is it key for entrepreneurs, and how to get it done with limited resources? For more details, you can deep dive on Market Resarch and Insights.
Then, answer few more questions: Who are your competitors? Who is your target audience? What are your niche market trends? What will your cash burn-out be in the first 6 months, in the first year? This understanding helps you position your business strategically and identify opportunities.
Let's Talk Support
You now need to move your attention to basic support mechanism, so you don't get isolated, walking in the dark.
Upcoming Event: Founder Round Table
We’re excited to announce the upcoming Founder Round Table & Speed Networking Webinar. This event focuses on improving your basic knowledge as an entrepreneur, with a focus on FORECASTING. Join us to connect with like-minded entrepreneurs and gain valuable insights
The bottom line is that building a business is a lot of hard work up front to turn your entrepreneurial dreams into reality and very few grasp how much before actually going through the journey.
Ready to take the next step in your business journey? Our team is here to help you get started. Book a free demo with our experts to explore how we can support your vision and set you up for success. Discover tailored solutions and personalized strategies that will give you a head start. Don't wait—reach out today and let's turn your dreams into reality!
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