There are many startup businesses that mushroom and number of them fail. There is only a fraction of businesses found every year that survives. Only a few are able to actually produce a sizable and sustainable revenue stream annually. So what does it take to not go bankrupt, fruitfully survive and become a million dollar business?
There is no prescriptive recipe that will guarantee your business’s success. And if there were all the people would be rich and flourishing. The reason is expectation misalignment. Most of the rising entrepreneurs are unprepared for the long and difficult journey.
Here is few things startup founders should know before they try to build a million dollar business.
Hush, build in silence
Entrepreneurs become excited about the idea and business venture and start sharing the vision and goals with the people around us. However, not all of them are meant to know your vision. If you haven’t yet made a move don’t go about telling people about it already.
When people don’t know what you are doing they will not be able to distract you or hinder your path to achieve goals. Make sure even your team practices the same pattern.
Focus
For building something great and successful you will need years of focus. You have to network, pull all-nighters and go heights to get everything done. In the course, you will come across many opportunities where you can explore your talents but you have to say no. Your time is your essential asset and you will need to focus this resource to build your business.
You need to make the most of your time to bring the best out your work. Your world is a competition and if you wish to grow you should be aware of how you spend most of your time and focus on things that really matter.
Embrace feedback
The tough job of a person in charge of your business is being responsible for all the things good and bad. Especially, feedbacks are really hard to deal with. It gets worse when you get feedback on a rough day when everything feels and is going down.
To build a successful company you must disassociate personal feelings from the feedbacks that you receive. When you wish to be successful you just can’t get offended when others criticize your work or actions. You should seek out for the truth.
Sometimes founders hinder the truth by completely dismissing feedbacks. They act according to their personal bias into any decisions they make. Truth must win for the business to flourish. Become bias-free as an entrepreneur to make better decisions for your business.
Become adaptable
The best founders are those who are able to adapt. It is a rollercoaster journey to actually build a successful million dollar business. There may be one high after two to three lows.
You need to learn to endure both the highs and lows while building a successful building. There may be days where nothing goes right, your employees would want to quit, the investors would want their money back and only the best founders can shine in this moment. They make the right decisions by not focusing on the problems but still finding out solutions shunning any bias out of the system.
You need to quickly change to keep up with the changing market. The founders incapable of adapting change will go down with their business. There are absolutely no shortcuts to success. You need to work hard if you wish to build a million dollar business by focusing on things you can control, evolving with the market and eliminating bias.
