When it comes to starting your own company, you shouldn’t automatically believe conventional wisdom.
Case in point:
How many times have you heard the statistic: “90% of all startup companies fail.”
It’s a chilling number. In fact, it’s more than likely made more than a few would-be entrepreneurs rethink their dreams.
Trouble is – it’s not true. Not even close.
Global investment firm Cambridge Associates did some number-crunching on the actual performance of venture investments for the twenty year period between 1990 and 2010. In their analysis of 27,259 startups, they found that the failure rate of startups did not rise above 60% since 2001. Even during the atrocious dot-com debacle of 2000, the failure rate was 79%.
So, YES, the odds against succeeding in business are tough…
But nowhere near as tough as you might’ve imagined.
So why does this 90% number persist in the common imagination?
The likely answer: it makes those business owners who failed feel better.
In truth, opportunity’s there for those who seek it out with passion and perseverance.
Bottom line – if you have a dream, don’t let conventional wisdom hold you back from achieving it. Make smart decisions and give it your best shot.
Of course, having a solid financial foundation in place makes shooting for the moon with your own venture a whole lot less stressful. Whether you’re staring your own business, or simply working hard to build a career, there’s no time like now get that foundation on a solid footing. Call us at 610-695-8748 to schedule a free portfolio review today.