Not every big business dream will come to life—it’s a hard pill to swallow. In fact, both the Small Business Administration and the Bureau of Labor Statistics report that 20% of small businesses fail within the first two years. Even more staggering is that that 45% of small businesses fail in their first five years, and 65% in their first ten years. So what’s an entrepreneur to do?

BKLYN LEAGUE Founder and NYU Adjunct Professor Phaon Spurlock is an entrepreneur who knows not everything about it is to love, nor is it the path for everyone. Spurlock joins Living Not So Fabulously hosts David & John Auten-Schneider to bring you those great tips (and warnings) for your business.

Hosts and husbands of Living Not So Fabulously, David & John Auten-Schneider, dive into real money stories with activists, allies, artists, tech-gurus, and trailblazers in the LGBTQ+ community to give you tangible takeaways to tackle your wallet woes.

Find this episode's transcripts and more episodes of Living Not So Fabulously at http://finance.yahoo.com/videos/series/living-fabulously/.

Have a money story of your own? Questions? Fan mail? Email us at [email protected].

00:00-Phaon Spurlock joins Living Not So Fabulously

01:20-Three tips for entrepreneurs

04:30-Tricky entrepreneurship

07:53-How the pandemic impacted businesses

11:12-Algorithms: the bane of our existence

14:40-Building a self-sustaining business

18:00-Top warning for entrepreneurs

Yahoo Finance's Living Not So Fabulously is hosted by David & John Auten-Schneider, and created and produced by Rachael Lewis-Krisky.

What hasn't Phaon Spurlock done? Entrepreneur. Marketer. Speaker. Writer. Philanthropist. Ex-Googler. MBA Graduate. Adjunct Professor. His passion focuses on marketing and entrepreneurship led me to start several successful businesses, including BKLYN LEAGUE apparel company, LuxuriousPROTOTYPE Online Magazine, and Prototype MKTG. 

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