HOW TO TURN A PROFIT FROM THAT “STUPID IDEA”

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I’ve been meeting a lot of new business owners lately. Through groups — some that I’ve helped to start, some online — entrepreneurs seem to be everywhere. When I sit down with them, they are stressed out, worried, excited. Some have business cards already, some have a client, some have just an idea. I am not always sure what they want to talk about, but invariably they will say, “Maybe this is a really stupid idea.”

I usually respond that the “stupid idea” feeling doesn’t go away. Ever. I have been opening my own businesses for years and some days I still think it’s a stupid idea. In other words, get used to that feeling but know that it comes up less frequently over time. Also, the “stupid idea” feeling can’t do anything to tangibly hurt your actual business.

Profitability is another thing.

There are so many reports on how most businesses fail within the first year that before you even begin you’re probably aware of the high probability that you’ll fail. Neat. Here’s one that gives the top 10 reasons that cause a business to fail – and the interesting thing about this list is that 6 of these reasons have to do with profitability and funds.

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