Abu Lahya explains why starting a business just to sell it later is a bad bet. Only 1% of businesses achieve an exit, but a modest service business targeting $50K annual revenue has a 50% success rate if you actually work. Pick your goal and commit to it.
Chapters
Sudan, what do you think of people that in general they want to start a business, they start it just because they plan to sell it in the future and not because they want to work or they want to— Go for it.
Just know that if you're getting into a business where there's only the top 1% that succeed at the thing you're trying to do, as in if you're trying to get into business and your goal is to exit, know that about 1% of businesses have an exit. Then know you'll have to work like the 1%. You'll have to be the 1%. And that's fine. Now if you go is something different, like just have a happy life. Know that maybe 50% of people who start a service-based business and that have a $50K a year goal be successful if they put in the work. Weigh the pros and cons. Would you rather start at 1% or the 50% chance of being successful? Go for it. That's it. Just know what you're getting into. Do whatever. If tomorrow you tell me I wanna do nothing else but dedicate my life to build the next Google, go for it. Just know that you're getting into starting the top 0.00001% of businesses and you'll have to execute and work and make like the top 0.00001%. That's it.