Do you have an entrepreneurial spirit?
If so you are not alone. According to a recent study, 2 out of every 3 people surveyed said they hope to start their own business one day. In my 30 plus years of experience in starting 15 companies, I have found that it takes more than a good idea and some talent to launch a successful business venture.
The Bad News: According to a study conducted by the U.S. Small Business Association almost 75% of new business start-ups fail within the first five years.
The Good News: There are certain things you can do to increase your odds of success. Here are five principles to consider before you invest your time, energy, and resources into a new business opportunity.
Passion
“Whatever you do, work at it with all your heart, as working for the Lord, not men.” Col. 3:23
I was recently working with a client who was looking at acquiring a small business so he could have some additional income. He said he was comfortable with the investment he would have to make and that the market was very good for his product, but he wasn’t very “fired up” about what he would be doing. I told him he should walk away from the opportunity. “If you do not believe in what you are doing, no one else will.” A passionate person with limited ability will outperform a passive person who has greater ability.
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