Let's talk about the elephant in the entrepreneurial room: Why do so many businesses fail?
You've probably heard the sobering stats: 80% of businesses fail within the first five years, and only a tiny 5% ever hit that coveted $1 million revenue mark.
What’s the deal? Is the game rigged? Are we just not cut out for this?
The truth is, most businesses don’t fail because of some mysterious external force. They fail because, at some point, the entrepreneur behind them decides to throw in the towel.
And believe me, I get it. Entrepreneurship can sometimes feel like an endless series of blows—competitors, regulations, technology shifts—each one chipping away at your stamina. But let me tell you, resilience and patience are the two superpowers every successful entrepreneur needs to harness if they want to make it in this game.
The Myth of Overnight Success
We live in a culture that glorifies the overnight success story. Social media feeds us these sexy narratives of people who seemingly launch a product and instantly hit it big. But for every Kylie Jenner or “Crocs lady,” there’s a decade or more of groundwork, learning, and failure that’s conveniently left out of the story.
Remember that iconic Picasso anecdote where someone asked him to draw something on a napkin, and he charged them $30,000? The stunned customer was like, "But it only took you five minutes!" Picasso famously replied, "No, it took me 30 years."
The lesson here? Success is almost always the tip of the iceberg. The real bulk of the story is invisible—it’s the 30 years of trial and error, failures, and relentless persistence that lead to that breakthrough moment. In other words, every "overnight success" you’ve heard of is backed by a much longer journey.
Entrepreneurs Get Tired—And That’s Okay
Here’s something that doesn’t get talked about enough: entrepreneurs are human. Just like anyone else, we get tired. There are so many times when you might feel like throwing in the towel because the hurdles just keep coming.
Take the vendor I dealt with who simply closed up shop one day after 40 years because the owner was just…tired. He didn’t care that he left his customers scrambling—he was done, and that was that.
While it’s frustrating for those on the receiving end, it’s a stark reminder that entrepreneurship is a marathon, not a sprint. You have to be prepared for the long game, and yes, sometimes that means pushing through exhaustion, pivoting, and adapting to challenges.
Patience and Resilience: The Dynamic Duo
You often hear people talk about the importance of resilience in entrepreneurship, but what about patience? I like to think of patience as the quiet sister of resilience. It’s not about waiting idly by for things to magically get better—it’s about consistently putting in the work, even when you don’t see results right away.
Take fitness as an analogy. If I decide I need to lose 20 pounds, I’m not going to shed the weight in a week just because I worked out every day. It takes time, consistency, and yes, patience. The same goes for business. You have to show up every day, do the work, and trust that the results will come. Meanwhile, resilience is what keeps you going when things don’t go according to plan—because they often won’t.
Effort vs. Exit: The Hard Choice
Every entrepreneur faces the decision of whether to push harder or walk away. This is where the rubber meets the road. If you find yourself constantly discouraged because things aren’t going as planned, ask yourself: Am I putting in the effort, or am I ready to exit? Sometimes, the best business decision is to call it quits, but more often than not, the answer is to keep pushing through. That’s how you outlast failure.
At the end of the day, business isn’t for the faint-hearted. There will always be something—be it a technical challenge like setting up DKIM for your emails (look it up if you don’t know!) or a massive external shift like a pandemic. But if you commit to the process, exercise patience, and build resilience, you’ll be in the small percentage that not only survives but thrives.
Remember, the journey is long, but the rewards for those who stick it out are worth every blow.
Listen to the full podcast episode where Justin King and I discuss this concept here.
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