Lottery: The Retirement Plan For Those Who Don't Understand Mathematics
Last Update: Jun 25, 2013
Owning Your Own Business - Insane!
Of course I knew the odds were against me. There are all kinds of statistics on the probability of a new small business making it. I've been teaching business for years and every textbook has a different number. Some say 90% will fail within the first year, other sources report 95%, still others say 99%.
The number is just trivia. I tell my students the odds are against you.
To make a business succeed you need the right combination of
- Something that is missing in the market place
- Something you can provide better than anyone else
- Something that enough people are willing and able to buy
- Something that you can sell for more than you paid for it
- Enough money to survive until the business makes a profit
- Tough skin to ignore the skeptics
- Acceptance of the emotional and financial roller-coaster of owning your own business
- Perseverance (Stick-to-it-iveness is more important than being a genius)
In my class, when we are discussing financial planning, I write on the black board in the largest letters I can,
Then I tell them the Lottery is the retirement plan for people who didn't learn math. If you play the PowerBall game, your chance of winning the jackpot is 1 in 175,223,510. You have a better chance of getting hit by lightning.
If you take the worst case numbers of success in business, then your chance of success (or hitting the jackpot) is 1 in 100. Statistically, your business is more likely to succeed by a factor of 175,000 as compared to the PowerBall game.
So why would anyone buy a lottery ticket?
- The risk is minimum – investment $2.00
- If you play, you will probably lose. If you don't play, you absolutely won't win.
- So if you lose, it's really no big deal, or a surprise.
Wealthy Affiliate is a low cost, minimized risk way to dive into internet marketing. I believe any of us can beat the odds and make this success if we follow the advice of the experts, and never give up. Most people will give up too soon.
This place makes much more sense than buying a lottery ticket.
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