Okay, so you’re sitting in your cubicle dreaming about that day when you’ll finally tell your job to “stick it!” and head on out for an entrepreneurial journey of a lifetime, when all of a sudden it hits you:
“What if I fail and lose absolutely everything????”
Well, what if you did?
It actually doesn’t hurt to think about the worst case scenario, because if you do, you can put all kinds of strategies in your business plan to try and prevent failing and losing everything. The best business plans acknowledge the possibility of failure and explain what the business owner will do if the bottom falls out.
For starters…don’t spend everything you have to start a business…
Seems obvious but a lot of people put all their eggs in one basket and it has come back to bite them. Take retired Major League Baseball player Curt Schilling, who lost $50 million trying to build the world’s greatest gaming studio, and sadly, failed spectacularly. Yes, you can lose millions of dollars and have to file for bankruptcy because you poured everything you had (money and energy) into a risky, high-capital venture. But whether you’re starting your business with $500 or $50 million, you do run the risk of failure. And you have to be comfortable with that possibility.
I don’t mean to scare you.
But with everything that’s truly meaningful, there has to be a little bit of fear. That’s what helps us grow and succeed, I think.
Now I’m not going to get all “woo-woo” on you. You know I’m here to provide practical advice you can apply to your business plans to help you be more successful. Because I’ve been where you are. And conveniently, so have the 27 other entrepreneurs in the totally free, totally awesome Take the Road to Freedom Summit that starts really soon!
From selling and marketing authentically, to building confidence, to promoting yourself on LinkedIn, we’re laying out our deepest experiences and advice to help YOUR business grow faster.
Sounds like a great job security strategy to me. Especially considering it’s free.
My interview is all about what to expect in your first year of business and I get into a ton of detail on what you can do to predict your revenue, minimize risk, and invest in the smartest tools to keep you growing.
There’s your cubicle. Or there’s entrepreneurial freedom. It’s obvious which one is more risky. Which road will you choose?
Click here to register for the totally FREE Take the Road to Freedom Summit right now. It starts soon, and every interview is gold. You don’t want to miss it.
Meantime, leave a comment here and answer this question: What’s your biggest fear about starting your own business? If you overcame that fear, how did you do it?
(photo credit: Tomasz Stasiuk)