Reflecting on My Failure to Build a Billion Dollar Company
Updated: Jan 2, 2020
Imagine graduating from your university after toiling hard on a degree you have worked so hard to earn. You set out brimming with drive and conviction, harboring grand ambitions of conquering the world. Even if you are not at the top of your game, you may still want to make it big in the world, because if we are honest, who does not? Scaling yourself to such heights does not have to be impossible.
So to that level, one way you think of making it big in the world would be to start your own business that is so successful it churns out billions of dollars every day. You need not to chuckle in embarrassment as you think making such a profitable company is a distant dream. It is not easy for sure. Otherwise, there would be no shortage of people riding in expensive cars. There are numerous strategies and success and fail stories alike that can give you the necessary advice on how to make it big in the corporate sector.
Establish a concrete idea
This may seem obvious but building the foundations of the idea you want to start is absolutely the cornerstone of your road to success. You need to base your company off something that is unique, catches on to people and provide a form of service that is lacking severely in the world. Small ideas based on trends will not stick for long, especially when you want to make a gigantic company capable of staying for a long time. You can always formulate an idea based on what you find passionate or an old research project in college and expand it. Ergo, the idea has to have real value to your customers and offer something the world has not seen.
Get the right team
It is not exactly the company itself that makes your business successful but the team behind it. Teams are what will drive your company to those great heights you aspire to, so quality matters. It is essential to treat your team right because they will treat your customers relative to how you treat them. The right team can help you to soar to great heights while the wrong one can easily set you far back, so it wise to hand pick your personnel. So be generous to them, and give them perks now and then so that they are loyal to you.
A proper distribution channel
You will need to tap into a proper distribution channel. To make that billion dollar empire you need a marketplace to saturate your company onto. An example of this was how Uber ascended to its glory today by launching in the largest app marketplace. The right distribution network will give you the scale you need. Without it, you'll be left struggling. This is undoubtedly true when you lack the huge budget required for making effective advertisements. Hence, you need to tap into an already-established network to reach the most amount of people quickly and effectively.
Author: Austin Stanfel
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