Not every big business dream will come to life—it’s a hard pill to swallow. In fact, both the Small Business Administration and the Bureau of Labor Statistics report that 20% of small businesses fail within the first two years. Even more staggering is that that 45% of small businesses fail in their first five years, and 65% in their first ten years. So what’s an entrepreneur to do?
BKLYN LEAGUE Founder and NYU Adjunct Professor Phaon Spurlock is an entrepreneur who knows not everything about it is to love, nor is it the path for everyone. Spurlock joins Living Not So Fabulously hosts David & John Auten-Schneider to bring you those great tips (and warnings) for your business.
His tips? Know your audience, let go of perfection, and budget for higher-than-expected costs. Overall, Spurlock highlights that when developing your small business you have to just do it. "We can always procrastinate to make things perfect, right? And I'm here to say it will not probably be perfect the first go around. But if you have some type of strategy in place, or an idea or a go-to-market plan—either you develop it or a hired expert develop it—I think that is good enough to just launch it, and go and let your audience kind of help guide you on how you can make those small tweaks.”
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All that said, Spurlock also has warnings: "Don't allow yourself to stick to one solution," he says. "Like an emergency contingency plan; in worst case scenario, if this dries up, what else can I do? How else can I bring customers or clients into my business?"
For full episodes of Living Not So Fabulously, listen on your favorite podcast platform or watch on our website.
Yahoo Finance's Living Not So Fabulously is created and produced by Rachael Lewis-Krisky.