Before You Skip the Matrix: What Entrepreneurs Should Know About Starting a Business

  By Faisale Shefawe
Updated 02/12/24 10:18 AM

In a video posted on social media that was seen by millions of people around the world, the social media influencer Andrew Tate, while smoking a cigar, ridicules people who wake up every morning to go to their 9-5 jobs. Tate, known for driving flashy cars and dating supermodels, has influenced many young adults to change their views regarding jobs, relationships, politics, and more. His most popular advice to his followers is to reconsider the point of working for somebody else. He coined the term "Skipping the Matrix," based on the sci-fi film "The Matrix" created by Lilly and Lana Wachowski. The movie depicts a place controlled by machines to trap humans. Tate's message to his young adult followers is to skip the world dominated by corporations, media, and elites by finding their passion and purpose in life. This message has inspired many adults to become obsessed with quitting their jobs to start a business. However, there are a few things future entrepreneurs must know about starting a business before they skip the Matrix.

According to the U.S. Bureau of Labor Statistics, only 37.7 percent of businesses created in 2013 were still in operation in 2023. This statistic highlights the difficulty of creating a successful business. Future entrepreneurs must learn from past failures to reduce moral and financial losses. One of the main reasons most entrepreneurs fail is starting a business without accurate information. The quality of information the entrepreneur has will make or break the business.

Anybody can create a business, but entrepreneurs must conduct their own market research before investing in their venture. Entrepreneurs often overestimate future demand for their products or services. It's crucial to have intimate knowledge about the nature of the business, including information related to potential customers, competition, growth, and innovation. Entrepreneurs with the most accurate information will be better equipped to create successful businesses and avoid losses.

Another common reason entrepreneurs are forced to abandon their businesses is starting without adequate capital. While there are some businesses that don't require a large initial investment, entrepreneurs must heed Maya Angelou's advice when calculating capital: "Hope for the best and be prepared for the worst." The amount of capital to start the business should be sufficient to cover worst-case scenarios. Emphasizing product development and marketing expenses is crucial until the business becomes profitable.

Entrepreneurs must also anticipate the pressure they will face when starting a business. Once the business is launched, pressure will come from different angles. As Steve Jobs, the founder of Apple, said, "It's a lot of work, and I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance." Most entrepreneurs create their business plans while living comfortable lives with no pressure. However, once their business is launched, they will face uncertainties and doubts until the fate of the company is determined. Pressures will arise from family, friends, investors, and any party with exposure to the success or failure of the business. For example, an entrepreneur's romantic relationship may suffer if the business faces uncertainty in the early stages because it will require a significant amount of time and energy to resolve.

In another YouTube video, Tate was asked what he would say to a guy who had a job, was married, and had a couple of kids. He responded, "Congratulations, if you're happy with that, absolutely congratulations." The best way to contribute to society is to start a business. By creating businesses, entrepreneurs can create jobs and make the world a better place. This path is not for everyone, as the cost of opening a business may not be worth the hassle for everyone. However, if an entrepreneur has the right information, money, and ability to manage stress, why not try to escape the Matrix?

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