If a big goal feels unachievable, it can be tempting to break it down into smaller steps.
For example, if your goal is to gain admittance to an elite four-year college in America, rather than apply out of high school, you may find it easier to attend a two-year junior college (JUCO) and then transfer to a four-year school upon graduation.
What makes you tough to compete with?
It’s that thing that customers value but competitors can’t seem to match.
Sue Bryce had always dreamed of selling her photography education membership website, so when she received an inquiry offer from a private equity group doing a rollup in her industry, Bryce was excited.
Along with the website, Bryce’s company had several other revenue sources, including conferences, awards, and accreditations for photographers. All told, they were doing almost $7 million in revenue, and Bryce figured she had a shot at hitting her number.
Have you ever felt frustrated when scrolling through your television guide and seeing hundreds of channels you pay for but never watch?
You’re not alone.
Sandy and Randy Hansen had only been married for a few months when Randy was diagnosed with leukemia. The doctors
It may happen when your business is worth $1 million. Perhaps it will happen at $5 or $10 million.
But eventually it happens to just about all founders.
There’s a well-trodden path to building a successful technology company: Develop an idea, raise a bunch of money, and sell your baby for a truckload. Most founders who chose this route are down to single-digit stakes of equity by the time they sell, but if the acquisition price is large enough, it works out just fine for everyone.
But it’s a high-stakes racket, and for every winner, there are probably dozens of losers in the ditch.
There is an alternative to jumping on the fundraising hamster wheel.
Sometimes the best business ideas are not really ideas at all. They are simply new ways of doing old things.
For example, Melissa Kwan created a business to help real estate agents manage their open house contacts. As she described when I interviewed her on Built to Sell Radio, it was a “bloated” piece of software.
When David Perry started his video game company, he filled a dartboard in his office with the names of companies he thought would want to buy Gaikai one day.
Why would a startup business with no revenue or employees be thinking about potential acquirers so early? For Perry, it comes down to something he refers to as “down the track thinking.”
What’s the most reliable way to create financial independence?
Let’s set aside lottery winnings and inheritances because you have very little control over either. Let’s also eliminate endeavors like staring in Hollywood movies or playing professional sports because the odds of becoming wealthy in either pursuit are slim.
How many employees do you have?
Unfortunately, the answer to that question will be how many people judge your achievements as an entrepreneur.
Tell them you have a couple of full-time people, and they may look down on you as a “wannabe” entrepreneur.
Watch a climbing stage of the Tour de France bike race and you’ll see the world’s best cyclists performing a cat-and-mouse game as they ascend a mountain pass on an 8-10% grade. One climber will pull away from the relative safety of the pack, exposing them to the wind, only to be caught by the peloton a few seconds later.
If a big goal feels unachievable, it can be tempting to break it down into smaller steps.
For example, if your goal is to gain admittance to an elite four-year college in America, rather than apply out of high school, you may find it easier to attend a two-year junior college (JUCO) and then transfer to a four-year school upon graduation.
What makes you tough to compete with?
It’s that thing that customers value but competitors can’t seem to match.
Sue Bryce had always dreamed of selling her photography education membership website, so when she received an inquiry offer from a private equity group doing a rollup in her industry, Bryce was excited.
Along with the website, Bryce’s company had several other revenue sources, including conferences, awards, and accreditations for photographers. All told, they were doing almost $7 million in revenue, and Bryce figured she had a shot at hitting her number.
Have you ever felt frustrated when scrolling through your television guide and seeing hundreds of channels you pay for but never watch?
You’re not alone.
Sandy and Randy Hansen had only been married for a few months when Randy was diagnosed with leukemia. The doctors
It may happen when your business is worth $1 million. Perhaps it will happen at $5 or $10 million.
But eventually it happens to just about all founders.
There’s a well-trodden path to building a successful technology company: Develop an idea, raise a bunch of money, and sell your baby for a truckload. Most founders who chose this route are down to single-digit stakes of equity by the time they sell, but if the acquisition price is large enough, it works out just fine for everyone.
But it’s a high-stakes racket, and for every winner, there are probably dozens of losers in the ditch.
There is an alternative to jumping on the fundraising hamster wheel.
Sometimes the best business ideas are not really ideas at all. They are simply new ways of doing old things.
For example, Melissa Kwan created a business to help real estate agents manage their open house contacts. As she described when I interviewed her on Built to Sell Radio, it was a “bloated” piece of software.
When David Perry started his video game company, he filled a dartboard in his office with the names of companies he thought would want to buy Gaikai one day.
Why would a startup business with no revenue or employees be thinking about potential acquirers so early? For Perry, it comes down to something he refers to as “down the track thinking.”
What’s the most reliable way to create financial independence?
Let’s set aside lottery winnings and inheritances because you have very little control over either. Let’s also eliminate endeavors like staring in Hollywood movies or playing professional sports because the odds of becoming wealthy in either pursuit are slim.
How many employees do you have?
Unfortunately, the answer to that question will be how many people judge your achievements as an entrepreneur.
Tell them you have a couple of full-time people, and they may look down on you as a “wannabe” entrepreneur.
Watch a climbing stage of the Tour de France bike race and you’ll see the world’s best cyclists performing a cat-and-mouse game as they ascend a mountain pass on an 8-10% grade. One climber will pull away from the relative safety of the pack, exposing them to the wind, only to be caught by the peloton a few seconds later.
