Hannah Hammond explains why many businesses fail: most founders "crash during takeoff" because they cannot endure the early pain of building a company, and because many start businesses for the wrong reasons (chasing money or filling personal voids) rather than from passion, purpose, service, and joy. Sustained passion and right intentions are presented as necessary to survive the hardships of early-stage entrepreneurship.
Chapters
They say about 90, 95% of businesses fail. Why do you think that is? I think one is they're not able to endure the pain. Most planes crash during takeoff. And once you are in the air and flying, your likelihood of crashing is much less. And so with a business, it's the same thing. It's really hard to get a business off the ground and into the air. And most people crash during takeoff. And so the second piece that I'm going to add on to that from my personal experience is the entrepreneur is starting the business from the wrong intention, just chasing something. They're trying to fill these holes inside of them. They're just trying to chase money. They just are doing something that they saw worked for someone else. And they're not starting with the intention of real passion and love and abundance and joy and purpose and mission and service and all these things. And I think if you are not truly passionate about what you're doing, then you're never going to be able to sustain the pain that you're going to have to go through, because it's a lot of pain.