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The rewards are greater, and so are the risks.
Today, the entrepreneurs below have reached sustainable success.
Be Careful Who You Partner With
I startedmy first real businessin 2006, explains Gleason.
I took what seemed like naturally sage advice: find a mentor.
I was in my twenties and it seemed like a match made in heaven.
We opted to become partners in the business, and I thought he bringboth wisdom and resourcesto the operation.
Unfortunately, I didnt know that my new mentor had run into financial issues in his golden years.
What seemed like an older man helping out a young guy became something different entirely.
Business partnership is right up there in difficulty with marriage.
That doesnt mean it cant work out for the better, but it can get very, very complicated.
As managing director for Wells Fargos Business Owner Advisory Services,Tracey Gillespiehas worked with hundreds of successful entrepreneurs.
But none were instant successes, despite outward appearances.
Over a few years the business grew in revenue but was only moderately successful in profitability.
She was perplexed and sought professional business advice, Gillespie noted.
The friend found a role at a new company that suited her skills better and she too is thriving.
I wanted to capitalize onmy TV exposureand thought starting a t-shirt line would be a no-brainer, Rizzo said.
I printed designs, created a website, promoted my line at events, and shipped shirts to fans.
But as the initial fandom buzz died down, I quickly realized my shirts werent selling.
Sales dwindled, and my vision of owning a t-shirt empire began to fade.
This is the critical moment that determines success in business.
The passion was gone, so it was time to pivot.
My true passionlies in a sport: softball.
Softball was my escape, my therapy, my everything from when I was a kid.
Fast forward to today, 2024.
Do Market Research Before Launching
Today,Luv Tulsidasowns a successful AI business.
But he didnt start there.
Years ago before starting my company Techolution, I started another company called HomeFellas.
I immediately started hitting the pavement to build what I thought was an amazing business idea.
My confident beliefthat millions would want this service rushed me to get started without proper research.
Pre-2010, smartphone and internet adoptionwas limited among construction workers, making my web-based app pretty much useless.
This lesson shaped my approach to building market-aligned solutions at Techolution.
I walked out of the hospital with nothing.
Compounding the problem, my HR person missed that he never signed his non-compete agreement.
I had to start over completely from scratch, with a brain injury.
Always trust your gut.
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