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The Ultimate Start-Up Guide by Carol Broadbent, Tom Hogan

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3

Failure (Part 1)

RUDYARD KIPLING

WE HAVE 40 MILLION REASONS FOR FAILURE, BUT NOT A SINGLE EXCUSE.

CROWDED OCEAN

RUDYARD OBVIOUSLY NEVER ATTENDED A START-UP BOARD MEETING.

CONGRATULATIONS. You’ve gathered both the courage and the financial resources to start your own business. That’s the good news. The bad news is that, odds are, you’re going to fail.

And we do mean “odds.” Based on which business publication you subscribe to and how you describe “failure,” you’ve got a 90 percent chance of failing (you’re still in business, but have little chance of returning anything to your investors) or a 75 percent chance of being out of money and either shuttering your doors or being acquired solely for your assets—usually your employees (called an “acqui-hire”). ...

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