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It's a mixture of both luck and ambition. No amount of ambition will help you without customers, and no number of customers will help you without some amount of drive. It's not just one or the other.
Not always. There is an element of luck. Business might dry up.
If your business is depending on luck than it will dry up, businesses make it on planning, hard work, and doing things the right way. Sometimes it still will not work out, but the experience you gain in that position is invaluable.
Which is way many that have their 1st business or two fail, find a way to regroup and start over on a new business.
If your business is depending on luck than it will dry up, businesses make it on planning, hard work, and doing things the right way. Sometimes it still will not work out, but the experience you gain in that position is invaluable.
Which is way many that have their 1st business or two fail, find a way to regroup and start over on a new business.
It's a mixture of both luck and ambition. No amount of ambition will help you without customers, and no number of customers will help you without some amount of drive. It's not just one or the other.
Without ambition, it's impossible for a business to go anywhere. PERIOD!
Which is way many that have their 1st business or two fail, find a way to regroup and start over on a new business.
This "regrouping" of yours begins with having the courts wipe out all your remaining business debts. Then you go home and write up a new business plan, take it to the bank, and they lend you the money you need to start all over again. Why? Because we value entrepreneurial effort in that every so often, it actually turns out something of value and merit. Not often, mind you, but as a society, we have been willing to pick up and write off the tab for a lot of losses and failures in order to preserve access to those few and far between successes that don't come along in any other way. Like it or not, we have a very large and active business welfare system in this country.
What is the alternative though ? Don't lend money for businesses at all ?
Also it's not that easy to get a business loan compared to a home loan from a bank .
I've rarely heard people say they got a loan to open or buy a business by going to their local bank .
It was usually their own savings , family savings or some other method .
Banks might give you a loan if you have an existing business and want to expand but they aren't really there to help the average startup or new entrepreneur .
Do you think if Mark Zuckerberg walked into his local Bank of America branch asking for funding they would have given him a loan ?
There's a saying that goes " banks only want to lend you money if you don't need it'
They can make more money easily by creating home loans and flipping the loans .
Without ambition, it's impossible for a business to go anywhere. PERIOD!
Ambition, customers, planning, finances, overall economy, luck, servicing, honesty, etc ALL play a part in a businesses success or failure. There is no one thing that makes or breaks a business.
Ambition, customers, planning, finances, overall economy, luck, servicing, honesty, etc ALL play a part in a businesses success or failure. There is no one thing that makes or breaks a business.
True , which is why people are realizing its BS when people say you should open a business you are " passionate " about .
Passion only takes you so far , and if you can't get people to open their wallets then it's just a hobby .
No. Working for yourself is always better if you have any ambition at all.
That is way too much of a blanket statement. That applies if your working a typical 9-5, working like a mule and making $40-60K a year. However, do you know how hard it is for a business to even make $40K a year profit? And that's with the owner break their back. So let's say someone has a good job where they have a relatively large amount of autonomy, don't have to work too hard and they make $100K; why in the world would he go start his own business and bust his ass for the sake of "ambition?" Even if that business makes him $100K a year in profit, that wouldn't be a smart move.
Instead the smart individual in that position will keep the low stress job and invest savings from that job and make a ton of money with little effort. That is the smart play regardless of how much ambition you have. That's why you see many doctors and lawyers working for others. The answer to riches isn't to always blindly go out and start a business because you possess "drive and ambition."
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