Seventy-five percent of
startups fail, many of them epicly. Of the thousands of companies founded every
year,a mere fraction survive. And, of those few remaining, only a tiny number
will go on to produce a sizable and sustainable revenue stream year over year.
So, what separates a
bankrupt startup from a million-dollar business? What does it take to move the
needle in the positive direction?
The hard part of figuring
out this trajectory is that there is no prescriptive recipe you can follow to
guarantee that yours will be a successful, massive business. If there were, by
now everyone would be rich and famous. Unfortunately, though, reality has it
the other way around.
The reason? Expectation
misalignment. Most flegling business owners are unprepared for the long, hard
journey ahead. Most startup founders have no idea what it takes to build a
marginally sucessful business, much less a million-dollar one. But there are at
least four things they should know before they try:
1. Shh . . . Build in silence.
Quiane Crews, the chairman
of Stealth Performance Communications, has one crucial tip: "Build in
silence; they can't stop what they can't see," he cited as his advice,
during an interview I had with him at a conference.
"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.
Read more on...
4 Tips for Building a
Million-Dollar Business
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