Should I start a business?

Consider your options, ask as many people as you can, have a cold shower, and then make a decision. 

Consider your options, ask as many people as you can, have a cold shower, and then make a decision. 

The fear of a business failure is really a fear to understand how to succeed

Just because you can, does not mean you should.  Keep in mind these three broad observations.

More than half of all businesses are still trading after 5 years.
But if you going to fail, most will fail before their 12 months are up.
Catastrophic failure, where the owners loose just about everything is 1-2 percent of all cases.

When businesses are asked to reflect on what they have learnt, here is what they often say.

  • They stayed 1-2 years too long in the business (that is the writing was on the wall but they stayed in hoping..)

  • Not building a network.  This includes not joining business groups or having good access to their accountant.

  • Not being able to hire good staff.