#946 Burn the Boat

2023-12-31

The failure rates for early stage companies are staggering. Depending on the source the numbers range from 40% to 90% in the early years. And while the economy can play a role, one of the biggest reasons small business owners fail in the early years is they try to hedge their bets. There’s always that safety valve in the back of their head. “I can get a job, or I can do something else.” That back up plan approach doesn’t work. If you want to be successful, you have to treat your business l...

The failure rates for early stage companies are staggering. Depending on the source the numbers range from 40% to 90% in the early years.

And while the economy can play a role, one of the biggest reasons small business owners fail in the early years is they try to hedge their bets. There’s always that safety valve in the back of their head. “I can get a job, or I can do something else.”

That back up plan approach doesn’t work. If you want to be successful, you have to treat your business like you’re sailing to some exotic island where you’re going to spend the rest of your life. When you get there, you have to burn the boat. If not, you will sit there with one foot on the shore and one foot in the boat and never fully explore the island. You will never get to see all of the possibilities.

If you’re always hedging your bets, you’ll never make the investment in your time and in the resources to really be successful. So you need to burn the boats.

And I’m going to make it easy for you. I put together Burn the Boats Kit. It has workbooks and tools you can use to help plan your business so you can let go of the boat and explore the island.

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