I'm 16 and want to start a business. I keep thinking of great ideas and then finding problems with the ideas. Will I ever succeed in business?
Answered by: Gordon Miller,Entrepreneur and Investor
You my friend are going to succeed beyond imagination as long as you don't give up. Entrepreneurship is about failure and persistence. It is about coming up with an idea, testing that idea, seeing what works and doesn't work and then learning from those mistakes and doing it again and again. You might fail 100 times or 200 times, but in the act of doing you learn so much. The key is to learn why it didn't work and either choose another path or work to solve those problems.
I have had 8 successful businesses out of 10 so far, but I have spent over $2M over 20 years investing in business opportunities that never went anywhere. Out of the 20,000 opportunities i have reviewed, I considered 50 of them and 10 became businesses and only 8 are still viable today. The 40 that never made it to market were opportunities i still spent a lot of time and money on. The 2 businesses that are non functioning now I blew over $400,000 on just those 2 failures, but I learned a lot from those failures.