These are the 5 stages every new entrepreneur goes through.

0:00Here's the five stages every new entrepreneur goes through when they're trying to pick their next business. The first thing they do is they get uninformed optimism. They get really excited because they don't know what they're actually about to do. As they learn more, they realize that actually this isn't all perfect. It's not all sunshine and rainbows. They transition to step two, informed pessimism. They now see all the stuff that's wrong with it. Step three is they continue down that path until they get to the very bottom, which is the valley of despair. They see only the bad stuff and at this point, this is where most people jump from that opportunity back to uninformed optimism to a new thing that they think is going to be amazing. And around and around they go. Step four, if you push through the valley of despair, becomes informed optimism. You understand both the upsides and the downsides of the opportunity, but you know how to control for the downside so that you get the upside. And then finally, that takes you to step five, which is achievement of the goal. People go through these five stages, but they never get to four and five because they continue to repeat.

0:50And so if you're going through hard times right now, you have to think to yourself, am I just in the valley of despair and I need to push through, or am I just looking for another out to start and ride this ride again?