I have a brilliant business idea and a smart team, but we can't seem to launch. What are we missing?
You might be missing the specific skill set required to execute the core function of your business. I learned this the hard way back in 2010. We built a "dream team" for a tech startup finance, operations, sales, legal but we were missing a technical founder. We couldn't build an MVP (Minimum Viable Product) because no one could code, and we ran out of runway trying to outsource it. Whatever business you want to start, the core team must have someone in it who can bring the product home.

I'm terrified of failing. How do I handle the anxiety of potential setbacks?
Change your vocabulary. There are no failures in life, only feedback. You didn't get to where you are today by being successful at every single thing; you fell when you were learning to walk. That fall was just feedback telling you to stabilize your balance. If you view a failed venture as the end, you lose. If you view it as the tuition you pay to elevate to the next level, you win.

Everyone is talking about the "Silver Tsunami" and buying businesses. Should I jump into an industry like trucking?
Don't jump in blindly just because the financials look good on paper. We see people wanting to buy trucking companies without a CDL or any understanding of overhead and maintenance. You must study the industry you are entering. Furthermore, when evaluating a deal, do not calculate your math based on the best-case scenario. Pick the worst year the business had, look at the worst-case scenario, and see if the numbers still make sense for you.

Watch the full episode at https://youtu.be/Obg1XLweLkI.
read more in THE ASCENT | 036.

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