Do you want to build a multi-million dollar business?
When you start a business, making millions seems like an impossible dream. Today there are so many tools and knowledge available to entrepreneurs that making millions is easier than ever. Unfortunately, most businesses fail before they ever make their first million. There are infinite reasons a business can fail, but if you follow a few tried-and-true rules your chances for success increase by a huge measure.
Before we go any further, I want to tell you something I have learned from interviewing many entrepreneurs. Before they have succeeded in business, most of them failed many times.
So, what stops you from business success?
So, what exactly is it that is holding you back from earning seven figures? Let’s take a look at the top reasons.
What is it that stops you from business success?
Be clear about why you want to start a business. Money is not enough of a motivator if you really want to succeed in business. There has to bee a deeper meaning to your reason for wanting to be your own boss. I wanted to start my own business since I was seventeen years old. As an employee, many times I felt that I could make better decisions if I owned the business. What is your reason for wanting to be an entrepreneur?
A common mistake wantrepreneurs make is the desire to come up with a revolutionary new business idea. You don’t need a revolutionary idea to make millions in business. Facebook was not a revolutionary idea. There were other social networks on the market before Facebook. Starbucks wasn’t a revolutionary idea. There were plenty of other coffee shops before. The iPhone wasn’t a revolutionary idea. There were other smartphones on the market before the iPhone. Do you sense a trend here? What really successful business do is that they improve on existing business models. Focus on making something that is already out there and make it better.
A sure way to fail in business before you make millions is focusing on perfection. You don’t have to be perfect to make millions in business. Think of all the products you have bought in the past. Were they flawless? Of course, the goal must be to create a great product or service.
The desire for perfection is a form of failure.
Don’t try to be perfect. Be prepared to experiment. You cannot just do one thing and expect to make millions of dollars. You need to experiment and take your focus off of the perfection. No matter how out of this world your idea may be, test and experiment. You will never know how your product is going to do unless you experiment. If you focus on perfecting something that you have not experimented with, you are most likely going to fail.
If you don’t think things through your business will never make millions of dollars. If you do not pre-determine what you want, you rely on luck or chance for business success. You are going to want to plan short and long-term strategies before you start planning your tactics.
Think about what types of clients you want to attract. Develop your tactics based on your target market. Your strategy will be very different if you have a B2B enterprise target market than if you sell to teenagers.
Focus on what makes you different. Differentiating yourself from your competition is one of the best ways to succeed in business. You can’t better your competition without being different.