I was recently asked on Quora ‘Why would I start a business if I only have a 5% chance of succeeding’
My answer?
If there was only a 0.00001% chance of succeeding, I’d still give it a shot, and aim to be in the 0.00001%.
Why?
Because not trying guarantees a 0% chance of success.
At least when you try, there is a chance.
What’s more, if you’re persistent enough in your efforts and consistent enough with your work ethic, you can flip that 5% statistic to look rather encouraging.
Rather than saying 95% of start-ups fail, which, in all fairness, sounds pretty grim, we could say, when you are starting-up, provided you are prepared, after failure, to get back up and try again up to 20 times, you are guaranteed to experience success.
100% guaranteed to enjoy success!
All you have to be prepared to do is get back up from failure up to 20 times over, and you’ll guarantee success.
Now that sounds too positive, right? Too optimistic?
Well, it’s fact.
And it’s based on the same 95% failure statistic for start-ups. It’s just a different way of looking at it.
If only 5% of all start-ups succeed, then statistically speaking, if you are involved in 20 start-ups, you should experience success in at least one of them.
Now okay, it might not work quite like that in practice – it’s like the 1 in 3 people will get cancer statistic. It doesn’t mean that 3 healthy, clean-living, non-smokers in a room will experience the same cancer statistics as 3 unhealthy drinkers, smokers, and drug abusers stood in a room. It’s an average. An indication.
But if you’re going to give enough weight to the 95% failure statistic as to prevent you from ever taking a risk or starting your own business, then you should lend the same amount of weight to my perspective on this statistic, that if you are prepared to try 20 times, you WILL succeed. Guaranteed.
My point?
Don’t let facts, figures and statistics ever deter you from taking risks and following your dreams.
You either flip the stats to show you how many times you have to endure failure in order to guarantee success, and then gear-up accordingly, or you simply say f@#k the stats, and do it anyway.
Stats are an average, and averages account for slack. They account for those half-arsers, those part-time entrepreneurs who just want to be in the ‘start-up’ club, and aren’t really conditioned for what it takes to succeed – which is, ultimately, to endure failure and to keep getting back up until you do succeed.
So, let me ask you – are you average? Are you part of the slack? Or do you truly have what it takes to succeed?
Because if you do, and if you are prepared to endure failure up to 20 times over and still keep trying, then let me tell you, that 5% margin for success widens to 100%.
So f@#k what the stats say. Stats are for average Joes, the one attempt wonders, the people without the drive and determination to make their own statistics.
Ordinary stats don’t apply to extraordinary people.
Ignore the stats, ignore the nay-sayers, and ignore the stigma of failure.
Failure is a learning experience like no other. It’s a process of strengthening, adaptation, and growth.
It’s also often the number one precursor for success. So if you’ve failed before, don’t stop now, things are just about to get exciting for you!
Over the years I’ve had my fair share of success and failure, and my online business course ‘Fast Track Entrepreneur’ is designed to lend my experiences to you, so you can navigate the common pitfalls entrepreneurs face, and to maximise your chances of start-up success.