For some time now I have been looking into one day opening up my own business. As is obvious to anyone who has been looking at my waistline, my wife is studying to be a chef. So far she is doing marvelously due to her passion and keen eye (and keen taste buds) for creating pretty/delicious dishes. Our idea is to open our own restaurant. However, I’ll admit I’m not without my trepidations on this matter.
One of my wife’s amazing creations.
As we have all heard, up to 90% of restaurants fail in their first year. This is one major reason I fear opening up such a scrumptious venture. What you may not have heard is that this statistic is completely made up. As a study in 2005 from Cornell University points out, the rate is closer to 30%, “…if 90 percent of restaurants actually failed during their first year of operation, we would see fewer restaurants at the end of each year… the 30 percent failure rate [we suggested] resulted in the market’s growing by 219 percent, to 3,287 units, a more realistic number. We conclude, therefore, that the reported 90 percent restaurant failure rate is a myth” (source). So the statistic is still not good necessarily but a 60% non-failure rate is good enough for me to try.
Entrepreneurship does not require substantial amounts of start up capital. You can start your own business right from your own laptop right now. A friend of mine started up a store on Etsy to try and showcase his talent and provide his family extra income. Etsy charges low fees and enables you to easily and quickly start making money. He has not sold much so far but few businesses do so in the beginning.
My friend creates great pieces of art on ordinary objects. He also creates beds for your canine friends. Check him out here.
When my mother came here from Mexico so many years ago she came here with the dream of making it in a new country with opportunities she could not find back home. My wife and I will one day create our own business; we know that we would rather live with the chance of failure than the certainty of regret. The point of this blog post was to inspire others to start living their own dreams and not let fear limit their reach.