LEXINGTON, KY. (WKYT/SWD) - It's a new year, and maybe you're ready for a new career. Strategic Wealth Designers' CEO and founder Matt Dicken says there are several things aspiring entrepreneurs should consider.
First, be convicted. 80% of new businesses fail in the first five years, Dicken says. If you look at the first ten years, the number of new businesses failing jumps to 96%.
One of the biggest mistakes new entrepreneurs make is not having enough capital. Dicken says starting a business will likely cost double what you planned and will take twice as long as expected to start making a profit. Being able to survive without going into debt is crucial in the early months and years.
Also, don't start a business unless you think you can do something better. That confidence can sometimes get in the way when going to a mentor or another entrepreneur for advice. It can be hard to admit you need help, especially because you're expected to have all the answers as the owner.