04.09.2013How To Make A Billion From Scratch
Starting a business is never easy since most fail in the first 5 years.
Starting a business is never easy since most fail in the first 5 years. What about the rare entrepreneur that is able to build their company to over a billion dollars in revenue? While most founders will never achieve this, there is a lot to learn from these success stories. Robert Jordan interviews some of the most successful entrepreneurs in his book, “How They Did It: Billion Dollar Insights from the Heart of America”.
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Here are four secrets that are common to all of them:
- Don’t avoid failure. It is an inevitable part of the journey. Success and failure are just part of the business lifecycle. Mourn failures and try to learn whenever possible. Move on quickly from failures and take an action that can give another chance at success.
- Success is not a solo act. No entrepreneur becomes successful alone. The only way to grow a company is to build a team that can accomplish growing a company together. Be slow to hire and quick to fire. When hiring employees, find people that are a cultural fit rather than those that just have outstanding skills.
- Passion comes before skill. Being a small business owner can be very lonely. The only thing that keeps many entrepreneurs going on the long journey is their own passion. Skills can be learned, but having passion almost certainly cannot. Only start a business in an area where you can be passionate about the problem that is solved and the customers that are served.
- Business is a series of alternatives. While risky bets and big leaps may get the majority of the media publicity, business is really a series of small patient steps. Getting to the goal is a zigzag path of alternate choices and almost never a straight line. The successful entrepreneur gets comfortable with this uncertainty.
What is the secret to your success?