The quality that best characterizes business owners is passion; it sets the engines of entrepreneurship rolling with the proprietor behind the wheel. It’s the same passion with fuels the drive to attain his purpose and achieve his vision. But every business venture starts out as an idea. Entrepreneurs will always believe they have stumbled across the “next big thing”. Passion turns to excitement until reality puts the entrepreneurial dream in its proper perspective.
Statistically, entrepreneurs who start a new business are already at a disadvantage. As you’re reading this article; in the United States, 1,569 new businesses are starting out. Of those 1,569 new businesses, 1,520 will close down by the end of its first fiscal year. The failure rate of start- ups is universal; in Canada for every 397 new businesses that start every day, 375 will declare bankruptcy by the end of the year. According to Small Business Association, more than 50% of all small businesses will shut down five (5) years from the start of operation.
If your business is a start up with unprofitable operations, you should not be discouraged because failure is part of the process.