1) What should be your first preference?

The first thought that should run in your mind according to Christenen is ways to divert towards profitability. He says that we should think about the right ways to get profit, even if it differentiates from your goal.

After founding and co-founding 32 small business ventures, all with 5 to 10 thousand dollars, Christenen saw 11 of those businesses failing. But 13 of them turned into million-dollar success stories.

With a set amount of resources, you decide upon starting your new venture. Christenen recommends you to devote 65 percent of that capital towards the drive of profitability, 25 percent towards resources and 10 percent towards increment for employee benefits.

2) Be a part of efficient failure

If you don’t see your profitability at the doorstep within a time frame, which would be three months according to Christenen, he calls the business idea a failure, an efficient failure. Business time frames depend upon how much you invest on the venture.

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