Being an entrepreneur isn’t for everyone.
It often takes years of hard work, long hours, and no recognition to become successful. A lot of entrepreneurs give up, or fail for other reasons, like running out of money.
Statistics show that over 50% of all businesses fail after five years in the United States.
40% of startup failures are due to a bad fit, followed closely at 38% from lack of time and involvement.
I’ve been open about my past failures as an entrepreneur before.
Running your own business and being in control of how you spend your time is amazing. I couldn’t imagine doing anything else.
But it’s also really hard.
You’re not going to succeed all the time.
You may fail three times in a row. But that fourth time could be your shining success.
My first company failed miserably, and my second failed and left me over $1 million in debt at age 21.
If I had given up then, I’d still be paying that back.
But I kept on creating products and solving problems.
To me, there was no other option. I couldn’t imagine doing anything else with my life.
If multiple failures without any guarantee of success scares you, it’s probably a sign you’re not cut out to be an entrepreneur.
Here are 7 other indications it’s time to call it quits on starting your own business. [click to continue …]