I meet an awful lot of people that seem to think entrepreneurship is risky. It’s not.
I meet an awful lot of people that want to “do” a startup. That’s a terrible idea.
In fact, having a job is riskier than you think and most startups die. The truth is that every good business is built in steps.
To keep things simple, I’m going to suggest that there are three stages to any business and you can’t skip one to get to the next:
- During the side hustle (or $1,000 / month), you’re probably holding down your full-time gig — maybe you’re consulting for others or sitting in a cubicle — but you’re focused on getting to $1,000/month first.
- Next, you build that side hustle to $10,000/month and you’re working for yourself — you’re a solopreneur. You’ve made the leap from your previous gig and you’re working on your own business full time.
- Then you’re on your way to building a business and you’re growing to $100,000 / month. You’re probably hiring people to help you — maybe they’re part-time or virtual assistants, but you’re growing.
Earning your first $1M in revenue is an act of brute force. Don’t waste time looking for growth hacks or strategy. Instead, focus on speed, tactics and iteration.
Also published on Medium.