Hannah Hammond says most businesses fail because founders can't endure the brutal early stage or start for the wrong reasons: chasing money, copying others, seeking quick wins. She compares startups to aircraft takeoff, where most crashes happen. Without genuine passion, you can't survive the inevitable hardship.
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Why do you think 90% of businesses fail? One is they're not able to endure the pain. Most planes crash during takeoff. 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. 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. They're 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. They're not starting with the intention of 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.