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Bumble Bee

845 Posts.

73

29/07/20

13:33

Post #: 46152995
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Originally posted by chukes: ↑

I'm using covid as an example, but I'm talking about the risk in starting a small business in general. Isn't the statistic that something like a third to half of all new businesses fail?

I'll continue on with my survey sample of 1 as that is what applies best to me and my family: In the UK in my engineering role I worked with a material not used in Australia. I investigated being able to introduce it into the Australian market and all the associated costs in setting up a business to be able to do so. Long and the short of it was that it would be loss making for 2-3 years, and then only after 5 years before it was making enough to live off, and that whole time would require pushing it as a product in the construction industry which is resistant to change. All with the chance it could fail as a business, taking all my savings and family's security with it.

The alternative pathway is to stay in my engineering career in my current mid level role, which after 5 years is likely to be into senior management level. So that's 5 years of very decent income with scope to go higher at senior level.

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