The idea of starting your own business can be scary. The statistics say that there is a high probability of your dream business failing. But then again, there is a really, really high probably that your heart will fail at some point too. And when that happens none of your other failures matter anymore anyway.
A Safer Bet
But there is a way to practice safe entrepreneurship. It’s not perfectly safe. Just like there is no perfectly safe sex. At least not any that involves other people.
Do what you know.
If you want to become an entrepreneur, but your tolerance for risk is sweet n’ low, the safe thing to do is to start a business in an industry you have already worked in.
It turns out that entrepreneurs are 125% more successful if they’ve previously worked in the industry they start their own business in.
Keep on rocking in the free world.
This should be encouraging to those of you who are rockstars in your current job and think you could do it even better on your own. That’s what I did. Okay, so I am not really a rockstar. I am more like a bluegrass artist with a loyal local following, that consists mostly of my family and the hard of hearing.
After working for other advertising agencies for 19 years, I launched my own advertising and idea agency in 2016. Today, The Weaponry is nearly 4 years old. And I have been able to pour all of my industry experience directly into my entrepreneurial adventure. And in return, it has poured some sugar on me.
If you really want to start your own business, and I hope you do, consider starting a business in the industry you are already working in. Your experience and connections give you a major advantage. You do have connections don’t you? If not, work on building that parachute before you jump out of your current airplane.
Fun note: I am writing this on a plane as I fly to Florida to film the CEO of one of our greatest clients. We work with this great client because my friend and former coworker, Erin Lovett recommended us. But don’t worry. I won’t jump out of the plane. It would put a quick end to my 125% advantage.