That is less than 0.5% of entrepreneurs who build businesses that make $10M a year or more.
So what are the factors that can contribute to making it past $10M per year?
Read to the end. I have a formula that will make life easy for you.
Here are three core factors that, after 5 years of entrepreneurship, I found will help you get into the top 1%.
1) Skills
The importance of skills goes beyond just sales, marketing, and people management. Crucial skills often include decision-making for the long-term, listening to your team, and consistently learning from those who are miles ahead in the journey. Investing time and resources in acquiring these skills should be a top priority for any entrepreneur.
2) Beliefs
Your mindset is a significant determinant of your business' success level. Entrepreneurs who believe in their capability to solve larger-scale problems and remain open and optimistic, despite challenges, often find themselves playing at a higher level. The difference between running a $100K business and a $100M business often lies in the entrepreneur's mindset because they both have the same amount of time in a day. Neither works harder. Choose to think big and address larger problems.
3) Market Opportunity
While market opportunity plays an important role, it becomes insignificant without the right skills and mindset. Even if you had the opportunity to invest in the next Facebook, without the correct skill set and beliefs, you wouldn't be able to capitalize on it. Yes, working on future tech startups might present a potentially larger economic outcome than opening a local pizza shop. But remember, businesses like McDonald's, Starbucks, and Subway have become multi-billion dollar entities without being tech giants.
In conclusion, while each business journey has its unique challenges, these three cornerstones can provide a strong foundation for scaling your business to $10M and getting into the top 1%.
Yes, it's a challenging path, but it's as simple as focusing on gaining skills, destroying the wrong limiting beliefs and replacing them with positive optimistic ones, and identifying the right market opportunities.
Here is the formula:
Skills + Beliefs + Market Opportunity = Size of Business (Net Worth)
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