With economic headwinds at our face and brand new challenges as post-pandemic demand wanes, the question looms, ‘Can the American dream still be achieved?’
Starting a new venture has natural challenges and most new ideas do not make it to the 10-year mark of operating. 70% of new start-ups do not make it to year 11, according to Entrepreneur. And the Bureau of Labor Statistics agrees, stating that only 25% of new business will make it to year 15. Even the best ideas need to overcome the incredible challenges of bringing something new to the marketplace. Creating something new requires an enormous amount of grit and determination which is hard to come by in an instant society. Some may lead us to believe that success can easily be achieved overnight. While it may happen, it is a very small amount of new businesses that find instant success. These statistics beg us to answer the question: Why would anyone go into business for themselves? Irregular income streams, lack of access to capital, and the high-risk nature that comes with stepping out lead to these types of outcomes, now more than ever.
Despite these challenges, this year, many will still take the leap and start something new. But why?
It’s in our DNA.
As the son of a serial entrepreneur, I learned at a very young age that there is a beautiful space if you are willing to hold on long enough, where doing what you love also makes you comfortable financially. This is a super exclusive club reserved for those who have the tenacity to overcome incredible odds.
When my wife, Kelly, and I stepped out to create a new-to-the-market concept, we never dreamed of the challenges that we would face. Many times, we were staring down the barrel somewhere between the decision to keep pressing on or simply throw in the towel. Somehow, we were able to overcome the statistics. The journey feels raw upon completion of ‘Food Stamps to Franchise: A Life Journey from Brokenness to Success’ <>. We experienced the lowest of lows and the highest of highs, including overcoming not only professional challenges but also my personal experiences of surviving emotional and physical abuse for much of my childhood.
When you look at me, you would never know the pain that we endured in those early years of Crumb & Get It Cookie Company. The pain of swiping the EBT card while trying to hide it from my neighbor in the grocery line behind me and the low of filing personal bankruptcy just before we ventured out into a new start-up were just a small part of the challenges that we endured in that season of development.
While these experiences often break many budding entrepreneurs, I found them to be fuel for the fire that burned inside of me. It is in me, and it is something that cannot be extinguished.
I share in Food Stamps to Franchise,
“I always had the deep stirring within me to start something new, to blaze a trail for something that had never been done before. It was a constant state of discomfort, while I was content in my place, I was itching for something new, something out of the norm, something I would give my life to that would change the course of an industry. I wanted to make a bigger impact. This desire has always been a part of my DNA.
This tension between being content with where things are and reaching for higher planes has been one of the greatest challenges of my adult life.”
For me, there is something very comfortable about the discomfort of a new venture.
This is the reason that I challenge anyone to answer the ‘why’ before you ever start. I mean, really dig in on what need you are meeting in the community that surrounds you, without a genuine understanding of your why, you and your endeavor will be quite fragile.
Who is your target customer – and you can’t say everyone. What question am I answering? What gaps am I filling? What brings me a true sense of joy in my success? Defining this well can greatly increase your ability to not be a statistic and sustain when the lean times come, and they will come.
Much like us in those early years, most new business owners are cash-strapped, with the majority having $5,000 and the average cost to start a new business exceeding $142,000. Often, it was not money in the bank that kept us moving forward but a deep commitment within us that said, ‘We can’t fail.’ When I looked into the eyes of my little girls, I knew that I had to move forward, I had to see this idea through, these little lives were depending on me.
The failures of my past endeavors could have prevented me from venturing out on my own again, but I knew that once we landed on something, we would make it a success. Our little cookie shop, where guests could pick from made-from-scratch doughs and a plethora of “mix-ins,” would become a place of gathering, rich conversation, and friendships that would last Kelly and me a lifetime. This adventure was well worth the wait. With every tweak and every turn, we kept the posture of learning, we listened to the feedback, and we made adjustments that brought us to a favorable outcome. But these years of hardship taught us to value each other, our guests, and what we were given the opportunity to do.
Now, I have made it my personal mission to empower others to overcome adversity and find their way to the other side of hardships. One of the most common questions I get asked about our business is, “How do you define success?” Longing and excited eyes look at me, expecting to hear success is found in money in the bank, in the car you drive, or in the neighborhood you are privileged to move into, but I always love throwing them for a loop with my answer: “My success is defined by how much I am able to give.”
Can Anyone Become an Entrepreneur?(Opens in a new browser tab)
So, to the dreamers, adventure seekers, and risk-takers, my hope is that you hear me calling out from the future, saying, “You can do it!” The road to success might be marked with obstacles and rugged terrain, but with enough determination and finding the right people at the right place and at the right time, you too can achieve the elusive American dream.
For more information on Chris McMurray, visit www.foodstampstofranchise.com.
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