We went searching for millionaire startup secrets and found that on average, it will take entrepreneurs and small businesses 11 years to reach the million dollar mark. So what does it take to be a successful entrepreneur and break the $1 Million mark?
Entrepreneur Kevin D. Johnson shared with Black Enterprise that an entrepreneur with expectations on reaching $1 Million in revenue should have endurance. The CEO stated, ” It took my company, Johnson Media Inc., nearly 11 years to reach the $1 million mark. ”
“During those 11 years, I wanted to throw in the towel, but I kept going; working hard. I often ask young people in their 20s and 30s are they willing to wait 11 agonizing years to be a millionaire. Surprisingly, many say that time horizon is too long and the emotional cost too high.”
A recent study of 10,000 entrepreneurs revealed that approximately 63% of the respondents took 11 years to reach $1 million in annual revenue. U.S. Census data from 2007 indicates that more than 75% of the country’s 6 million firms with employees made less than $1 million in revenue. And according to IRS data for 2008, the average solo business brought in less than $60,000.
Here are a few million-dollar secrets to help entrepreneurs reach $1 Million.
Million-Dollar Secret No. 1: Make the sale.
A lack of sales focus often keeps startups from quickly growing revenue, says Nick Seguin, manager of entrepreneurship programs for the Ewing Marion Kauffman Foundation.
“Some entrepreneurs are just loving their beautiful, shiny product and spending all day on social networks instead of remembering that it doesn’t matter until you’ve closed that deal,” Seguin says. “Often, entrepreneurs focus on product-market fit but don’t develop a sales channel. You need to be able to manage a sales organization and have a mechanism for getting your product out there.”
Million-Dollar Secret No. 2: Be persistent.
Major success seldom comes easily or without a great deal of effort. Often the only difference between those who succeed and those who don’t is the ability to keep going long after the rest have dropped out.
It’s relatively easy to persist when things are going well and we see progress, but highly persistent people have found ways to keep going despite major setbacks and a lack of evidence that they are moving closer toward their goals.
Million-Dollar Secret No. 3: Don’t Get Complacent. As soon you begin to see success, start developing new products and creating more innovative avenues that lead to increased revenue.
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