So, you've finally decided to launch that new business startup in 2024.
Congratulations!
There's no better time than the New Year to finally get that great idea that you've been thinking about for so long launched up and off the ground.
In fact, starting and growing your own business is one of the fastest ways to achieving financial independence and building generational wealth.
Now, while seizing the day may work for some, the truth is that poor planning likely will lead to poor results.
That's why, before you build that website, apply for a Taxpayer ID number, or register your firm, you'll likely want to focus on some of the more essential tasks to mark off your to-do list before you run out and quit your W2 job.
And why not just jump right in?
Well, while we all love an underdog story of the individual who scrapped their way to financial success, the truth is that the failure rate for entrepreneurship is high.
In fact, government data show that only around half of business startups survive longer than five years, and that number falls to a third after ten years out.
That's why, before you put in your notice this year, focus on the fundamentals of solving the right problems for the right people, setting priorities for how you'll spend your time and how you'll execute, and most importantly, focus on giving yourself enough of a runway to ensure that your ideas have time to come to light.
You know, no matter how great your idea might be, the fact is that without the right preparation, even the best ideas likely won't be able to take off without the right execution.
That's why focusing on the who, the how, and mitigating the what likely will ensure that you're doing everything possible to create a thriving business and avoid becoming another statistic in the year ahead.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery
So, you've finally decided to launch that new business startup in 2024.
Congratulations!
There's no better time than the New Year to finally get that great idea that you've been thinking about for so long launched up and off the ground.
In fact, starting and growing your own business is one of the fastest ways to achieving financial independence and building generational wealth.
Now, while seizing the day may work for some, the truth is that poor planning likely will lead to poor results.
That's why, before you build that website, apply for a Taxpayer ID number, or register your firm, you'll likely want to focus on some of the more essential tasks to mark off your to-do list before you run out and quit your W2 job.
And why not just jump right in?
Well, while we all love an underdog story of the individual who scrapped their way to financial success, the truth is that the failure rate for entrepreneurship is high.
In fact, government data show that only around half of business startups survive longer than five years, and that number falls to a third after ten years out.
That's why, before you put in your notice this year, focus on the fundamentals of solving the right problems for the right people, setting priorities for how you'll spend your time and how you'll execute, and most importantly, focus on giving yourself enough of a runway to ensure that your ideas have time to come to light.
You know, no matter how great your idea might be, the fact is that without the right preparation, even the best ideas likely won't be able to take off without the right execution.
That's why focusing on the who, the how, and mitigating the what likely will ensure that you're doing everything possible to create a thriving business and avoid becoming another statistic in the year ahead.
Read More About this Topic
Listen to the FI Mastery Podcast
Learn More About Our Financial Planning Services
Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.
Be sure to follow us on Twitter: @fimastery and Instagram: fimastery