It’s a Numbers Game

4514396102_8d2a09209b_oWhen we take the time to get into the numbers, we are able to see that being an entrepreneur is mathematically possible. With a little focus, determination and some basic skills, an entrepreneur can create success.

So let’s take a look at a few numbers to tell this story . . .

Fact:  Over 530,000 businesses are started a month in America. There is no shortage of people willing to go into business, willing to be entrepreneurial. The question we should be asking ourselves is if they have what it takes to be successful?

Fact:  Within 5 years at least half of them will be out of business. This is a pretty good indication that something is missing. So what is it? How do Entrepreneurs prepare for this?

Fact:   Of the 530,000, 70% used their own savings as the main source of funding. If a majority are able to get funding, that cannot be the obstacle to success – so what can it be? What keeps Entrepreneurs from the success they desire?

So, let’s look a little deeper . . .By understanding the numbers.

Here’s another fact: Over 75% of successful entrepreneurs worked for at least 6 years. So most entrepreneurs have experience on their side. And the successful ones that do not have the years of experience, have a mindset to overcome obstacles quickly, pivot their business model and create wins quicker than they run out of resources.

What else do the number say ?

Fact: Most successful Entrepreneurs have had at least two other ventures.That’s where they learned their lessons, it allows for failures and to gain experience. Failure is a badge that you should be proud to wear. It demonstrates you have “been to the rodeo.” It also demonstrates the creativity and determination needed to succeed – you had more than one idea and you are still in the game. In fact, many investors would rather have an entrepreneur with a failure under their belt, than an entrepreneur with no experience.

And it is a game, a numbers game.

If you can look at the numbers tossed out here, and analyze them seriously, use them to take an intelligent risk, then you’ll be better equipped to win. It’s good to get out there and get experience, make those lifelong connections, form the relationships that will help you in the future, and build a solid foundation with the great habits, focus and mindset of a successful entrepreneur.

By paying attention to the numbers, you can not only get in the game, but also stay there!