Many entrepreneurs start their journey looking for freedom, however that might look to them, and financial success. And financial success to many entrepreneurs starts with building a million dollar company.
We all know having a great product or service is essential along with patience for the process, but what other things should entrepreneurs focus on to grow a consistent million dollar business?
There are many "experts" and "gurus" that talk about making a million dollars and this usually leads you down a path to purchasing an online course just to learn tactics which aren't necessarily proven to stand the test of time.
With a curiosity to find out more about how to develop a seven-figure business that consistently performs, I talked with Nicole Wipp, an experienced entrepreneur and small business consultant who has multiple successful businesses that have consistently delivered.
Here are three lessons that I learned about creating the foundation for a million dollar business.
1. Operate with an innovation mindset.
One thing I've noticed with every high performing entrepreneur and athlete I've spoken to is their attitude around failure and their ability to focus. As Wipp mentioned to me, "Failure is not an option, but a possibility."
Projects and deals can fall through, you can have a bad quarter of business, and you can have a few bad weeks with your diet but it's still a temporary thing because you don't have to accept it as a permanent reality. This type of mindset leads you to adopt a growth mindset.
When it comes to focus and innovation, Wipp advises entrepreneurs "to not pay attention to competition because you can get distracted and lessen your ability to differentiate."
Paying attention to the competition only slows you down because you're taking precious energy away from your thing and throwing it elsewhere along with decreasing your chances of truly operating as your most creative self because you're letting industry norms influence you.
2. Pay attention to conation.
Conation is the source of our mental energy. Specifically, this part of the mind deals with our natural tendency to strive and give effort towards things. As entrepreneurs, energy and time are our most sacred treasures to guard. With that said, a big mistake that entrepreneurs make is not using their energy wisely.
As Wipp described to me, it's essential for entrepreneurs "to be able to do only the things they do best and that doesn't take their energy away. Maximum productivity requires you to be working with your conative energy, not against it."
I'm as guilty at times as other entrepreneurs are when it comes to doing things you're good at, but aren't necessarily energizing activities. A good way to change this is to eliminate one habit you may be good at but doesn't energize you and outsource or delegate it instead.
3. Have the right people and systems in the process.
Without a team, you will only be able to go so far. In early 2015, Wipp was hospitalized and diagnosed with a rare lung disease. Without a team in this instance, business could've slipped, but instead, continued to grow due to the correct seeds being planted early on.
"Hire the right team and this doesn't mean people just like you. Start by looking at what you hate doing and things that don't energize you and hire in those areas" said Wipp when asked about initially forming an all-star team.
After all, to achieve a great feat requires everyone knowing their role and executing in that area.
Building a million dollar business is a lot of work that requires patience, a great product or service, and most importantly, a commitment to laying a solid foundation starting with the three points above.