Page 14 - Trading #101 Course – Part THREE: SETTING UP YOUR BUSINESS – www.traderscoach.com

TRADING #101 COURSE – PART THREE: SETTING UP YOUR BUSINESS – WWW.TRADERSCOACH.COM

Chapter 14:

The Life of An Entrepreneur

You, the entrepreneur, that is, can decide at a moment’s notice to just take off on
Tuesday or just take off all next week, because you are the boss. You have the freedom
to call the shots and make your own hours, and come in late every day if you want to.

No one tells you what to do. It’s just a life of leisure and luxury, right?

Well, not really. It’s not all glamour and glitz. Yes, there is someone to answer to, and
that would be your bank account. That is because, if you are not making a profit, the
party is over and the business shuts down. And, let’s face it, there’s nothing glamorous
about that.

The truth about being an entrepreneur and running your own trading business is that it
is a lot of hard work, a lot of taking on risk, and a lot of not giving up when the going
gets tough. These are things that most people don’t know until they dive in and start
their own business. From the outside looking in, most people think that having your own
business is all fun and easy. But when the business throws you its first curve ball at you,
what are you going to do? That’s what separates the men from the boys and the women
from the girls.

Start-Up Businesses Have High Failure Rates

The Small Business Administration (SBA) https://www.sba.gov/ keeps the statistics on
business failures and claims that more than half of new businesses will disappear in
the first five years. The debate about this figure is that not all the businesses that
disappear do so because of failure. Some disappear because they get bought out by
another company, or are reborn under another name, or they moved to another state.

Even so, it is pretty agreed upon that the failure rate is high, despite the ongoing debate
about the exact number and cause. The next staggering statistic is that in the first
year, nearly one-quarter of the new businesses will disappear. Again, the debate
regarding what causes the disappearance continues, but any rational person will know
that many of these disappearing businesses do in fact fail.

The good news is that if you can make it beyond the first year and then if can make it to
five years, your odds at staying in business for the long run are not bad. So, you ask:,
How do I ensure that my new trading business will make it to the five-year mark?

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