To be prepared or not prepared, that is the question (The Financial Athlete #139)

Two men walk alone into the wild of Alaska. The intent is to live in the wilderness during the cold winter. One is prepared with survival skills honed for years in the Alaskan wilderness. The other is completely ill prepared. In fact, he had never set foot on snow until his arrival in Alaska only a few days earlier. Whose mother should worry more?

Four out of five start-up companies fail. Why? More than likely, it is because they were unprepared. To be prepared involves adequate funding, a solid business plan, experience and passion for the business, not being a spendthrift, and possibly industry connections.

Don’t let the failure rate of start-ups discourage you from starting a business. Just be sure you are prepared before you set off on your business journey.

“An idea that is developed and put into action is more important than an idea that exists only as an idea.” — Buddha

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