Secure Yourself First, Start a Business Later — Personal Planning 101

Starting a new business is an exciting experience; that feeling of hormones rushing into your blood vessels and brain painting the most colorful dreams of you being filthy rich.

Boom, it feels good to be rich.

Finally, you can buy whatever you want, and for everyone who challenges you, you throw a bunch of middle finger emojis and put them back in their place.

You never realize until it’s too late that you were overly excited and pumped up by fake gurus, or excessively confident about an idea that has no hope in the marketplace.

The problem with inexperienced entrepreneurs is that they primarily see the bright side of their idea, daydreaming about how everything would be perfect rather than looking at the entire situation and acknowledging the difficulties of the equation.

Starting a small business isn’t a simple task and isn’t the guaranteed or fastest way to prosperity. Nine out of ten businesses fail; the chance of you falling in business is precisely 90%.

With only a 10% chance of success, you need to be extra cautious about planning for the worst-case scenario and how to take a calculated risk.