Here's the harsh reality of starting a business: around 70% of startups are no longer in business by year 10, according to Fundera.
Even if your product or service is fantastic, there are a host of snags you can hit, from running out of money to running out of steam. To deal with this risk, "every entrepreneur should go into this with their own timeline" for when they expect the business to turn a profit — and pay its founder a salary.
This timeline should be "tied to their own financial wellbeing," Langer-Croager said. In other words, figure out how long you can afford to allow your business to grow without getting something back from it, knowing that there's a chance your startup might never turn a profit. She said that doing so "makes managing that risk a little easier."