It's Always a Good Time to Start a Business -- Unless You're Launching a Mediocre One If your product or service falls short of great, your company won't last long.

By Gerard Adams

Opinions expressed by Entrepreneur contributors are their own.

Thomas Barwick | Getty Images

Starting your first business can be an incredible experience. No matter how much you read, study up and plan, there's no way to fully prepare for the realities of owning a company. Fortunately, being a business owner is instructional. You learn while you're on the job, and you eventually get the experience to guide your business (and all your future businesses) to success.

However, there are ways to prevent your business from failing before it starts. For example, it's crucial to make sure you have the necessary funding in place. Without it, your company could collapse before you take your product or service to the market.

There are other factors to keep in mind, too. I've created my own businesses and talked with others who have done the same. In my experience, one major issue keeps cropping up for many would-be entrepreneurs: Their businesses just aren't good enough.

It's tough to admit your business might be bound for failure, and thinking on this possibility is daunting because any idea can stick. But some businesses will never succeed for the simple reason that they're mediocre.

Related: If You're Going to Fail, Fail Smart

Mediocre businesses are bound to fail.

Think about a business you trust or a product you'd buy again without hesitation. Next, analyze that business or product and ask yourself, "Is it mediocre?" Of course not. You -- a rational consumer -- never would spend your time and money on something that doesn't deliver what you need.

Even when you buy a knock-off product, you're paying less because you and the manufacturer both understand it isn't as valuable as the real thing. But you'd never pay for something that wouldn't do the job. No one would.

The reverse also holds true. If you create a mediocre business, there's no reason for anyone to spend their time or money on you, either. That's why you must be prepared to devote your time, money and life energy into making your company a success. If your business is short of great, it likely won't last very long. You need to set yourself apart from competitors, and consumers won't favor a mediocre business over a trusted brand.

If you've already invested in your company, your up-close vision might make it hard to see -- or admit -- its mediocrity. There are a few sure ways to tell. First, think about your brand and your product. Then, compare it to your prime competitors. Does your company stand above the rest or barely stack up? Finally, how does your perception of your own business compare with your impressions of unrelated businesses whose brands you know and like? For your company's sake, be unflinchingly honest with yourself.

Now is the perfect time to start a business.

Statistically speaking, Fownders' Jordan French writes, this is the greatest time to start a business. There are plenty of factors at play, but the most important ones revolve around low entry costs and increased collaboration among entrepreneurs. The rise of the internet has opened up thousands of potential business options, many of which still haven't been explored.

Related: 5 Favors to Call in When Launching a Business

Here's another reason today is your moment: Time is a commodity, and the longer you wait to do something, the less time you'll have to enjoy it. Every day you hold off on creating your business is a day a competitor can start, build, grow and expand. Every day your business doesn't exist is a day your company never will get back. The sooner you begin, the sooner your business can grow.

If your business is ready to go to market, do it it as soon as possible. If you have an idea you believe will work and you're willing to put in the time, effort and energy necessary to make it happen, why haven't you moved forward? There are no excuses for putting off your future -- unless, of course, you've already decided your business idea or product is mediocre, at best.

Business ideas abound.

Many people want to be entrepreneurs, and they have the drive to get it done. But not everyone has a million-dollar idea. If you're in this camp, think first about what interests you most. Maybe it's the conditions of your current work environment and not the job itself that has you looking ahead to something more.

Imagine you're a CPA who believes you could run an accounting firm better, smarter or more efficiently than your agency's partners. You're in luck: Accounting is highly profitable because people always will need your services. Offer something that established businesses can't, and you'll have a success on your hands.

You'll find the same pattern at work in nearly any field. Consider the current emphasis on physical health. Personal trainers, yoga instructors and a host of active-living experts are finding opportunities to fill specialized niches with their own businesses.

Related: Rejection from All 5 Sharks Did Not Prevent This Entrepreneur from Succeeding

If you're looking to join the entrepreneurial field but don't know how to begin, start with this list of business ideas. The best part? Each has low startup costs, so you won't need to deplete your life's savings to start living the professional life you've imagined.

Wavy Line
Gerard Adams

Entrepreneur, angel investor, self-made millionaire at 24

Gerard Adams is The Millennial Mentor™, inspiring the generation to leverage their passions for success and create the lifestyle they dream of. A serial entrepreneur, angel investor, self-made millionaire by the age of 24 and millennial himself, he is most popularly known as the co-founder of Elite Daily. To date, he has built, backed or invested in nine businesses across multiple industries that have all delivered over seven-figure profits. Gerard has recently developed a video series, Leaders Create Leaders, to offer a behind-the-scenes look at what it takes to be a successful entrepreneur. Learn more at

Editor's Pick

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

California Woman Arrested For $60 Million Postal Service Scam

Lijuan "Angela" Chen faces two charges that each carry a maximum sentence of five years in prison.

Business News

A Wegmans Employee Allegedly Stole Over $500,000 from the Company

Alicia Torres pleaded guilty to crimes carried out over nine years while working at Wegmans in Webster, New York.

Operations & Logistics

How to Combat Robocalls and Scammers With Anti-Call Technology

We're still far from eliminating scam calls, but we're adding new tools and standards. Only by adopting new technologies can call centers rebuild trust and confidence with the people they serve.

Resumes & Interviewing

3 Tips for Mastering the STAR Interview Method

The STAR interview method is a powerful tool to showcase your problem-solving abilities and past experiences. By preparing specific examples and practicing your responses, you can demonstrate your qualifications and increase your chances of landing the job.

Business News

The FTC Is About to Change Subscription Services Forever. Here's How You Can Prepare.

The new "click-to-cancel" provision will make renewing and terminating subscriptions easier.


Score a Refurbished, Grade-A iPad Mini and Free Headphones for Just $99.99

Take advantage of this amazing price just in time for summer.