70% of the startups fail within the first 5 years. Only 10% end up with a million-dollar startup success business. Oh yes, and I was in that 70% for quite some time. Out of 5 ventures, 3 of my ventures were a total failure. And after some trial and error, I have established some habits that drove my 4th venture to new heights. I would like to share that success with you. So, if you are a struggling Entrepreneur or a small business owner, this blog is for you.
So, you might be asking, what separates a million-dollar business from a failed startup? What does it take to move your arc in the positive direction?
The hard part in any business is to know where you are going. If you get that trajectory right, the tone of your business is set for massive success. If it is that easy, everyone might be carrying million dollars in their pockets. Unfortunately, though, reality has it the other way around.
The reason? The most business owners are unprepared for that hole they are about to fall into. Most of the founders, initially have no idea where to start and what to do when your business goes south. But here are 4 tips that you can take seriously if you really want to build a successful million-dollar startup.
1) Work in Silence
“Build in silence; they can’t stop what they can’t see.” Quiane Crews, the chairman of Stealth Performance Communications,
“My No. 1 piece of advice for entrepreneurs is to build in silence,” Crews said.
A common mistake entrepreneurs make is that we get so excited about an idea or business venture we have, and we start sharing our vision with people around us and close to us. The bad part about that is not everyone is meant to know your vision.
“I learned that I shouldn’t tell people my next move if I haven’t made it yet. If people don’t know what you’re doing, they can’t distract you or get in the way of your goal.” According to Crews, by telling people what you’re doing or what you’re about to do, you’re basically showing them your hand before you play it.
“I’ve had my shares of ups and downs as well as any successful entrepreneur,” Crews continued. “One of the main reasons I was able to gain massive success in a short period of time is that no one knew what I was doing, and I had an amazing team that was on the same page as me.”
2) Focus on the Sales
I don’t care if your dad in a millionaire or you have billion dollars in your bank, if you are dead serious about running a business, figure out ways to generate sales.
There is such thing as ‘overnight success’ every success is the outcome of 10-15 years of hard work.
The fairy tale of a million-dollar business as seen in movies is pretty different than in real life. Movies always end on a good note, but not every business ends on a good note. For a business to succeed, you need to do all-nighters, send thousands of emails, and spend time strategizing what can you do different that can make some sales?
The hardest part is staying focused. There are infinite opportunities out there for you to take your talents and explore. You have to learn to say no to most things. Why? Because of your time, as you will quickly come to realize, is your most valuable resource. You can always raise more money. You can always hire more people. But you cannot manufacture more time.
Steve Jobs have 24 hours in a day, Jeff Bezos have 24 hours in a day. But what separates you from them is how they utilize those 24 hours. If you are serious about company growth make sure to focus your activities on personal growth.
3) Say hello to feedback
My most valuable learning regarding my business was from my customers and friends. Feedback, when taken the right way, can surely bring a new wave of energy into your million-dollar startup. You don’t have to take everything seriously but yes you need to make sure that you give some thought on the suggestion given by your customers.
When I was setting up my 4th venture, I was really confused on what I want on my website. But thanks to Branex, a digital agency from NY, who guided me along the way and took away all my worries.
If you really want your feedback to be productive, here are two things that you can do to make sure it goes the right way:
Disassociate your personal feelings from the feedback. Feedback is not on you, it is on the company business process. There is something lacking in the process and people are pointing it out.
Secondly, make sure you go for the greater good. Here you need to ensure that the decision you take is good for the company and for the customer keeping yourself out of the equation.
4) Pivot your Million-Dollar Startup
Nothing is perfect so it is wise not to act like one. To achieve a million-dollar business, you will have to hit the books on how to embrace both the successes and the failures. There might come a day when everything seems to be going south but stick to the basics and why you started the business in the first place. Keep your values and mission, and goals intact. Whatever business strategy you build, make sure to pivot it for your long term vision.
To build a successful company, you must be able to change. In a world changing so quickly, founders and their companies unable to adapt to change will fall far behind.
To end it all
Like many things in life, success in the startup world is a marathon, not a sprint; there are no guaranteed shortcuts. The only thing separating your company from success is hard work and luck. If you focus on what you can control, remove any bias and evolve with your market – good things will come.