Many people who want to get rich quickly choose to start a business. And then, 98% of them fail in the next 5 years because they had no idea what they were getting into in the first place. They believed the entrepreneurial dream they saw on social media, not realizing that behind every great reward is an even greater amount of hard work that went into it.
In today’s episode, Alexa D’Agostino sits down with Debbie Shannon to discuss what nobody wants to talk about - why business isn’t the perfect solution for everybody. They talk about the pitfalls people who want to get rich overnight fall into and what you have to do to hit the 7-figure mark.
Key parts of the conversation:
- [0:40] - Today’s Topic: Why Business Isn’t Perfect
- [1:40] - Why 98% of entrepreneurs fail after 5 years
- [3:31] - What people don’t get about generating revenue
- [7:39] - What to expect when starting a business
- [11:27] - Why business is not perfect
- [15:02] - 3 things you need to succeed in business
Great quotes from the podcast:
- “Entrepreneurs often think that starting a business will solve their problems and make them rich and successful overnight.” - Alexa
- “You could run a million-dollar business and still be broke.” - Alexa
- “If you have revenue coming in, you have to figure out exactly where the best place is to spend it.” - Debbie
- “It requires a lot of time and effort. You'll likely have to work long hours and sacrifice your social life.” - Alexa
- “If you are not making money, something is wrong.” - Deb
- “There is no one size fits all solution to running a business.” - Alexa
- “If the market doesn't care about it or isn't willing to pay for it, then you don't have a business.” - Deb
- “What works today might not work in six months.” - Alexa
- “Business is unpredictable. It is always going to be unpredictable, always has been, and is never going not to be.” - Debbie
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