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Entrepreneurship

Starting a business after college: Misconceptions [Video]

Starting a business after college: Misconceptions

Apart from a lack of experience, business starters right out of college also face a lot of myths and fears. In this video, I discuss some of the misconceptions I had before beginning my entrepreneurial journey. How many of these have you faced too?

Chapters:
00:00 – History & introduction
01:26 – My story
01:51 – Misconception #1 – You don’t need a business education
03:40 – Misconception #2 – Your product needs to be perfect before you start selling
06:42 – Misconception #3 – You need to have an innovative idea
09:54 – Outro

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Categories
Entrepreneurship

Starting a Business [Video]

Starting a business can be one the most exciting things you'll do in life. It can also be the scariest. According to the latest statistics on the percentage of businesses that fail in the United States, we see that of the 678,135 new businesses that were started in 2015, more than one-fifth (20.4 percent) closed after their first year in operation.The percentage of businesses that fail increases to 30.9 percent in the second year and 38.6 percent in the third year. By the fifth year in 2020, the new business failure rate reaches 50.0 percent. Needless to say, it's hard! The ones that succeed do so not only because they work hard and get lucky. These entrepreneurs spend an immense amount of time creating a plan and execution strategy. It takes a lot of discipline to overcome the challenges. In this episode I'll discuss the basic questions you want to ask yourself when starting a business.