What do we want ” Million Dollar Businesses” When do we want them “NOW”!!!
That seems to be the ongoing mantra of so many new and seasoned entrepreneurs. In part because saying you are apart of a million dollar startup in today’s market sounds lively and exciting. Most people however, don’t have a clue to the hard work, sweat, and commitment it takes to create consistency in the marketplace that actually turns into profit over and over again.
This is why its so important to be more focused on the process and the journey than the outcomes. I liken entrepreneurship to health/fitness. Over time with consistency and intent you will not only achieve your goals you will oftentimes surpass them. It is in the process however that you learn important objectives that not only keep you in business, they become key indicators for future performance.
For example, best marketing tactics, what it takes to acquire a customer, the costs associated with acquisition, the lifetime value of a customer, growth cycles, and so much more.
When a company builds too quickly these indicators get lost in the minutia of day to day operations and by the time they are referenced again things have either changed or its too late. The current market trends are shifting so quickly having a solid foundation and vision for your company has become extremely important. Without a solid foundation you find yourself quickly shifting gears to adjust to the latest trends which may have adverse affects on your customer base.
In no way am I saying having a highly profitable business is unsustainable, what I am saying is creating a systematic approach to building a successful company is far more advantageous than winning a popularity contest.
Slow and steady provides more opportunity for big wins along the way and whatever is learned in the process no matter what happens can be reapplied over and over again in many other ways to create new business, products, and even services.
Think about business as a marathon and not a sprint. Click To Tweet Even when you are going slow, you are lapping everyone on the couch.
As you continue to build your business keep this in mind. Don’t be so quick to do it all that you lose it all. Focus on your overall goals, create a realistic strategy, and work at a steady pace building consistently. One day you will look in complete awe of how far you’ve come and you will know exactly how you got there. This gives you a huge advantage if you decide to venture into new opportunities.