Too often entrepreneurs and hopeful wantrepreneurs are enchanted by the perceived brilliance of an idea that comes to mind. With their thoughts steadily focused on the grand prize as soon as they put the idea into action, and the sky being the limit.
Too often do they disregard and fail to incorporate the probability of failure into the overflowing optimism. According to the Small Business Administration study as of March 2014, only about half of newly started businesses make it past the 5 year mark , and only about one third make it to 10+ years.
It is interesting to contrast what is seemingly the majority of the entrepreneurs and hopeful business owners, who glow with optimism and are ever so ready to provide an instinctively quick, “I’ll figure it out,” answer to any proposed obstacle to their goals, with that of successful businesses owners, such as Elon Musk for example.