Lyndon Farrington’s 10:1 business rule
Here’s one for everybody to take note from.
If you go into any major bank that opens accounts for new companies they will tell you that 12 months later only one (on average) is still trading.
That doesn’t mean the business owner is a bad person, it just means that the business didn’t work for a multitude of different reasons.
Somebody accused me once of being callous in my attitude towards a venture that didn’t get off the ground, and the same person went on to point out that I had studied ten businesses in three years without success, my reply still stands:
1. There is no guaranteed business success plan.
2. Only one in ten businesses succeeds.
3. One of the best things a business owner can do is recognise failure before it comes to minimise damage.
4. After the end of a business it is necessary to quickly perform a ‘post mortem’ to establish why it failed and identify if any mistakes were made by the owner that they do not take forward into the next venture.
5. The quicker a business owner can move onto the next venture the less chance they have of bankruptcy, and the higher chance they have of putting food on the table and surviving.
6. All business owners need to have a very strong self-belief system that repels all negativity whilst avoiding delusional activity that is the result of closing their mind to business threats that require attention.
7. We all should support failures for having the courage to try instead of driving them into the dust.
8. If any person can’t stand these hard facts then they should never consider the reality that is owning your own business and stay in employment and hope their employer is better equipped to cope.
For the reasons given above I almost never criticise any business owner who fails, I just hope they get up again, learn from the past and move on as soon as possible.
It is not being arrogant or callous to teach the word ‘Fido’ which is short for ‘Forget it & drive on’.
It is the world’s entrepreneurs that create the flow of money, and 99.9% of the working population depend on their vision.