don't fail

Only 1/10 small businesses succeed. All that means is you have to try multiple times.

Your first 5 attempts will fail. Accept that.

You might succeed on your 6th try, or 7th try, 8th try is likely, 9th try is VERY likely, and by your 10th try you'll pretty much succeed.

Failure can't be avoided.

It can only be planned for.

>>1242574
Fair point, but losing all of a business's assets in bankruptcy is painful, I imagine

And the average Joe has to go all in to even get the capital to start a business

What are the most common characteristics of the 1/10th that DO succeed?

>>1242574
To add to this, (and i wish i had stats to back it up handy) a lot of failures are due to bad/no business plan, lack of research (providing a service/ptoduct no one needs for example), and so on...

Dont throw shit on the wall and invest tons into it without a plan.

Testing the waters to see if there is demand for something is always good

work hard on your business

thats why i only invest, and make business owners work hard for me

Yes it is painful. But that's part of the game. You live you learn.
What do you do when you fall off a horse?
>>1242582
Its just math and scheduling anon. Say you've got 40 years of work in you. It takes two years to rebuild a credit score. and a few hundred bucks to open up a business.

So every two years you're spinning up a business. That gives average joe twenty shots in his lifetime. Even if he failed each business he would have been paying himself with each one.
>>1242582
You go in knowing your exit. Bankruptcy is rarely the most optimal exit strategy. Most of the time You'll sell the business or just close up shop and maybe move.
A good bit of it is simply luck.
The rest is simply working longer than everybody else until they fucking dropped out of the game.

>>1242588
If you could do more qualitative analysis on the stats to eliminate the people who were completely 100% ill prepared to run a business. Just those people, and include even the ones with a half baked clue, then I think you'll find its more like a 60/40 shot in the dark.

http://dropcanvas.com/zpf5p
It sounds like you need some psychological work. Pls see Self Made Wealth in the above as HustleMuscleRehab
and
How to Earn $1k on the Side 2.0
2kshekels
use jdownloader

Anyway, Stoic philosophy deals a great deal with this.
http://fourhourworkweek.com/2016/02/02/how-to-practice-poverty-and-reduce-fear/
have a listen.

The only possible problem for a business is lack of funds to continue operations. So max out your fundraising and Credit receiving stats. And you can Simply outlast the geniuses and the lucky and buy their golden tickets.

>>1242648

Thanks for sharing your thoughts as usual Li Sheng. I'm a lurker but I really enjoy your insight

>>1242648
>Bankruptcy is rarely the most optimal exit strategy. Most of the time You'll sell the business or just close up shop and maybe move.

Liquidation is the same as bankruptcy except you don't get to discharge your debts, and hopefully you end up with positive equity

>>1242653
Ya but liquidations pretty much only a viable play if You're completely self funded. And if you could have gotten a loan to keep the business afloat and didn't, there were underlying problems that couldn't be fixed with money or you fucked up.
There are very few problems that cannot be fixed with money.