How do you deal with the thought of failure in business? (Even when succeeding)
A classic question I know but would love to see how everyone copes
It comes with the territory of course but with business, if you fail, it can feel like wasted time, time you can't get back or could have been using to do other things (travelling the world, having a proper social life)
My business is doing well at the moment, I'm making more than I could in a job which is just my dream, but I'm busting my ass doing it...if it fails I'll be left with a skillset and years of time wasted, 12 hour days, little to no social life etc.
I've been on both sides of the fence, 40+ hour work weeks at a job and 12hr days working online just to test a product. Controlling my own journey in life overrides the fear of failure any day for me. I'd rather work 13hrs a day working for myself than spend 10 hours a day in some hot ass kitchen. Also I view failure as stepping stones and a guide as to where I need to improve to succeed.
A very small minority of businesses end up "making it." That's the reality of the situation. If you're passionate about what you're doing, then it shouldn't be an issue. Keep grinding. If you're doing something purely for the sake of $$ and have no care at all about the project besides as a financial asset, then you'll run into some issues.
A good time for a rick and morty quote:
"To live is to risk it all, otherwise you're just an inert chunk of randomly assembled molecules drifting wherever the universe blows you"
Question asked by
July 18, 2020, 4:09:31 AM
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Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
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Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
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