The Critic

The Critic by Eric Corl, Review Complaint

In a recent Medium post, I wrote about the climate of entrepreneurship and the very present critic. Access to profiteer websites, acting as a soapbox, makes it easier than ever to break a small business. I have seen entrepreneurs sell their companies because they simply don’t want to deal with the peanut gallery anymore.

I wasn’t raised by parents that saw the world in black and white. Learn more about my story here. As an adult, I am grateful for that because I don’t either. I have come to realize that I approach each situation differently because of knowing that there is no ‘right’ or ‘wrong’ answer. You do what you can with what you have.

Things need to be accomplished. Period.

There are better and worse ways of doing things. Some that are more and less efficient. Some that heed the results you want and some that don’t. But that’s ok.

Enter the Monday morning quarterback. Defined as: Someone who criticizes others after something has happened by saying that they should have dealt with it differently, although the people involved could not have known what would happen.

Proudly standing on their soapbox, the critic plays Monday morning quarterback. Why should their opinion hold any weight? It shouldn’t. They weren’t there during your past lessons and they won’t be there to help you in the future…

Being an entrepreneur takes MORE. More mental, physical, emotional, financial and every other ‘-ial‘ than 99% of the population is willing to give. Thinking outside of the proverbial box is what got you to entrepreneurship in the first place. When you are paving the way for something new and never seen before, not even you know what lies ahead. And certainly not the critic.

No one, and I truly mean NO ONE, knows the journey you’ve been on with your business. Simply because they haven’t built what you have. They haven’t learned the most important things that you have… what doesn’t work.

The errors, inefficiencies, lack of results and self-admitted mistakes… they hurt. But they are YOURS.

Drown out the critics and keep cranking.

How Gratitude is a Multiplier

Gratitude is a Multiplier
Gratitude is a Multiplier

Gratitude. What does it mean to you?

To me it means showing both in action and in your words your appreciation for others. In my experience, it’s a good signal of a person who recognizes and appreciates others.

It’s a powerful multiplier in business, in friendships, in marriage, and spiritually. Practice it daily and watch your relationships blossom. Giving it promotes more of it – in your life and in others – it truly does multiply.

Studies to Support the Power of Gratitude:

Practicing Gratitude Can Make You Happier – Harvard Psychology

Gratitude Increases Mental Strength

Gratitude Enhances Empathy and Reduces Aggression

For Business, People Like Getting Thank You Notes

So many benefits and such an easy habit to get into. When was the last time you expressed gratitude?

Here are some ideas on showing you’re grateful:
Friendships –
Sending a thank you note.
Picking up the tab the next time you grab lunch or drinks.

Marriage –
Bringing home flowers or cooking their favorite meal.
Scheduling something they enjoy doing just as thanks.

Business –
Acknowledging a mentor in social media.
Sending a thank you note when you get a referral.
Getting an employee a gift card when you notice that extra effort.

Spiritually –
Giving thanks for all of your blessings. The ability to breathe, see, hear, smell, taste, touch.

Thank you for reading this post. I appreciate you visiting my site and taking the time read. I’d love to connect with you on LinkedIN – Eric Corl LinkedIN.

Small Business Startup Statistics

Startup statistics. Some people will sigh and think, “that doesn’t apply to me”. However, I would say that if you are thinking about launching a new business, it’s very important to understand the statistics of starting a small business.

In general, most new businesses will fail. If you think that can’t possibly happen to you, you need to strongly consider the possibility that it could. Then do everything you can to avoid it. According to Inc.com, only 4 out of 100 businesses survive past 10 years.

The team at Small Business Trends put together a great list of startup statistics here – https://smallbiztrends.com/2019/03/startup-statistics-small-business.html

Out of all the businesses started in 2014, here are survival stats:

  • 80% made it to the second year (2015);
  • 70% made it to the third year (2016);
  • 62% made it to the fourth year (2017);
  • 56% made it to the fifth year (2018).

The #1 reason startups fail? No market need/demand. Solve a REAL problem, and you can drastically reduce that as a potential reason for your startup failure. Don’t worry, there are plenty of others to look out for……

Startup Failure Statistics

  • According to the article, here are the top 10 reasons startups fail:
    • No market need: 42 percent;
    • Ran out of cash: 29 percent;
    • Not the right team: 23 percent;
    • Got outcompeted: 19 percent;
    • Pricing / Cost issues: 18 percent;
    • User un-friendly product: 17 percent;
    • Product without a business model: 17 percent;
    • Poor marketing: 14 percent;
    • Ignore customers: 14 percent; and
    • Product mistimed: 13 percent.

On Startup Funding:

According to the stats, a full 1/3rd of business owners start with less than $5,000 and 58% got started with less than 58%.

Sources of Collective Startup Funds:

The largest source of startup funds didn’t come from investors, or banks, it came from good old savings. The vast majority of people starting a business (77%) use personal funds as a portion or all of their startup funds.

  • Personal funds 77%
  • Bank loan 34%
  • Borrowing from family/friends 16%
  • Other funding 11%
  • Donations from family/friends 9%
  • Online lender 4%
  • Angel investor 3%
  • Venture capital 3%
  • Crowdfunding 2%

Gender Startup Statistics:

Male: 73%
Female: 25%

It is great to see the number of female founders rising as some of the best entrepreneurs I work with are females. They tend to be harder working, more detail oriented, and more focused on the long game.

Age Startup Statistics:

According to the article, 53% of those that start businesses are between 50 and 69 years old. Proof that you’re never too old to start.

I hope you find these statistics as educational as I did. I will continue to update this data as I come across more.

Best,
Eric Corl

10,000 Reasons Not to Start a Business

There are about 10,000 reasons not to start a business, so don’t, unless why you want to is important enough to you to do it anyway.

It’s my belief that if you read through this and are dissuaded, you should not start a business. Starting a business is not an easy endeavor. Making it successful is harder. Keeping it successful is even more difficult. It’s those that want to push forward despite all of that who have a much better chance of making it.

So, 10,000 reasons not to start a business, you say? Yes.

You’ll deal with hiring mistakes, having to fire good people, people irrationally upset, regulations, lawsuits, and more. If you’re in business long enough, you’ll see it all and that’s after you “make it”.

Prior to that, you’ll have to go through the hurdles and obstacles that face every entrepreneur. Product/Tech/Service development and market testing. Legal preparation. Making sure you are properly insured. Getting your first customers to purchase. Collecting your payments and receivables. Managing your cash flow. Iterating product changes based on customer feedback. Delays. Sweat. Heart Palpitations.

You must want it, you have to be willing to bust your ass to make it happen. You will have to be resourceful, persistent, and resilient.

If you have an external locus of control – the tendency to blame others for issues, throw in the towel now. You’ll have enough of that to deal with that if you’re that way it’s not even worth getting started.

If you have an internal locus of control – the tendency to think of what you could have done differently and learn from mistakes, you’ve got a leg up.

It will take longer. It will be harder.

You won’t make money as quickly as you think. It will be harder than you think it will be and you will face more challenges than you could have imagined. In fact, according to Inc.com, only 4 out of 100 businesses survive past 10 years.

If you understand all of that and can still push forward with a smile on your face, then starting a business might just be for you.