Over the years, I have seen more businesses fail than I can count. The formula usually goes something like this: employee decides he/she can do a certain “skill” independently, quits job, starts his/her own company, has no idea how to run said company, and ultimately fails. You can be the very best at what you do, but if you can’t successfully run (and grow) a business—you’ll be drowning within the first year. So before you turn your hobby into a business, ask yourself—am I ready for that level of commitment?
Here’s what makes the difference between a hobby and a real business. It’s more than just wishful thinking – it’s a real plan.
Have a plan
Eight of every 10 entrepreneurs who start businesses fail within 18 months. Only 20% avoid the crash and burn! Sadly, most of them head down the road to failure from the start by…
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