Unfortunately, your new business probably won't succeed

The exact percentage of start-up businesses that fail can vary, but some say it is as high as 90%. However, the fact it cannot said with any degree of certainty is ultimately what bothers me most.

Whenever I would tell someone about my business (which I only did reluctantly) they would often gush about how they wish they had the courage to do something similar. However, if I had told people I was professional gambler instead, they’d probably think I was slightly sleazy or possibly addicted, or maybe both.

Yet I would say that a gambler is far better informed about the chances of success than almost any entrepreneur I've ever met. When a gambler goes to bet, they can see exactly their chances of success and calculate how much they could win. The business model for becoming a professional gambler (if there was such a thing) would probably be based on sounder evidence that any business plan I came up with.

Furthermore, the amount of money involved in starting a new business is far greater than most people suspect. The average cost is £94,000; which runs contrary to people such as Julie Dean, who claims she started The Cambridge Satchel Company with £600 (this, by the way, is clearly bullshit).

So if you are trying to find out about the chances of success in starting your own business, then I would say, being as objective as the evidence will possibly allow me to be, you will very likely fail and you will very likely lose lots of money in the process.

If you are comfortable with these odds, then I wish you the very best of luck!

#startupdelusion #startup #business #advice

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