How risky is it to be an entrepreneur?
10-30% chance of sucesss. On the surface this might seem like bad odds but we are talking about businesses that have the potential over a life time to be worth over 10million dollars.
And so the expected value of starting one is 0.1 * 10million = 1million.
These figures are arbitary but it's more to illustrate the point that they aren't that insane to start one.
The thing about entrepreneurship is that if you fail you can always try again. Try 12 times and that puts your probability of success to 70%. Assuming the trials are independent, but they are not most entrepreneurs will succeed in 4 tries.
Yes some people will fail no matter what cause it's a probability. But it doesn't negate the fact the more you do it the higher the probability you will win.
