“Burn the Boats”
episode #718 – MAY 8, 2022
HOST: Lorraine Ball
One of the biggest reasons small business owners fail in the early years is they try to hedge their bets.
The failure rates for early stage companies are staggering. Depending on the source the numbers range from 40% to 90% in the early years.
And while the economy can play a role, one of the biggest reasons small business owners fail in the early years is they try to hedge their bets. There’s always that safety valve in the back of their head. “I can get a job, or I can do something else.”
That back up plan approach doesn’t work. If you want to be successful, you have to treat your business like you’re sailing to some exotic island where you’re going to spend the rest of your life. When you get there, you have to burn the boat. If not, you will sit there with one foot on the shore and one foot in the boat and never fully explore the island. You will never get to see all of the possibilities.
If you’re always hedging your bets, you’ll never make the investment in your time and in the resources to really be successful. So you need to burn the boats.
And I’m going to make it easy for you. I put together Burn the Boats Kit. It has workbooks and tools you can use to help plan your business so you can let go of the boat and explore the island.
about the marketing minute
Each week, host Lorraine Ball shares just a few words on a marketing topic. She boils down creative ideas, practical tips, and decades of real-world experience into a mini podcast which is always less than two minutes.
Look for these mini bits of marketing inspiration every Sunday. Then come back and enjoy the longer interviews every Thursday.