Failure Is Cheap These Days
Summary
- My grandfather risked everything to start a business; this included taking a loan on his home to afford a market stall.
- The stakes were high; failure would have meant no food on the table or roof over their heads.
- Today, starting a business involves significantly lower risk compared to the past.
- Modern entrepreneurship allows for many attempts at success, akin to having endless shots on goal.
- If one business idea fails, it's now much easier to try again with minimal consequence.
Video
How To Take Action
I would suggest starting small to limit risks. Take a cue from the past when stakes were high, and approach your business with serious dedication, but also appreciate the lower risks today. To embrace modern entrepreneurship's advantages, here are some steps:
- Assess What You Have: Look at what resources you currently have that can be used for your business. For example, using a spare room as an office or starting a business based on skills you already have will save you money.
- Be Lean: Only spend on the essentials when starting. If my grandfather could start with just a market stall, you can start with what you have, too. Use free or low-cost tools and services to manage your business.
- Fail Fast and Learn: Treat each attempt as a learning experience. If your first idea doesn't work, use what you've learned to try again, but in a smarter way.
- Iterate Quickly: Keep refining your business ideas based on feedback and what's working. This is like taking more 'shots on goal'; the more you shoot, the better your chances of scoring.
- Network: Surround yourself with other entrepreneurs. They may have insights that can prevent you from making common mistakes, saving you time and money.
Remember, it's okay if one business idea fails. It's easier now to bounce back and try again. Learn from each experience and keep taking your 'shots on goal' until you find the one that hits the target.
Quotes by Alex Hormozi
"The cost of failure of starting a business today is by far the lowest it's ever been"
– Alex Hormozi
"It's risk adjusted return"
– Alex Hormozi
"Everyone here now can get endless shots on goal"
– Alex Hormozi
"Because of how accessible entrepreneurship is"
– Alex Hormozi
"You basically just keep taking lottery tickets and if you lose then you just buy another scratch off"
– Alex Hormozi
Full Transcript
when my grandfather came to North America from Eastern Europe he started an egg business at a local farmers market he had to take a loan out on his home in order to afford the cost of actually renting this particular stall if this did not work the result of that would be no food on the table no roof over their head well one thing that has changed dramatically the cost of failure of starting a business today is by far the lowest it's ever been that is remarkable it's risk adjusted return right is that everyone here now can get endless shots on goal right now because of how accessible entrepreneurship is you basically just keep taking lottery tickets and if you lose then you just buy another scratch off
