How to Generate a Million From Your Startup 💰️

How to crush your competition 👊 

When entrepreneurs develop their product strategies, they often make two mistakes — they either think about today or about tomorrow.

Both are dangerous strategies.

The best way to win is to think about the day after tomorrow but act today.

The following exercise may help you figure out what’s on the horizon and how to position your startup to capitalize:

1. Analyze past trends — Remember what was happening in your market or your industry ten years ago. What’s changed since that? Progress always goes in one direction. How have new technologies, products, or business models changed our lives?

   Focus not on the products or technologies themselves but on the values they create for consumers or users. This step will give you insights into your industry’s overall direction of strategic development.
   

2. “10X” — Try to envision a future in which delivery speed is ten times higher, companies’ services are 10 times more convenient, and customers save 10 times more money than they can today.

   Now, consider that most of your competitors are burdened with assets, which determines many of their strategic decisions. Managers often subconsciously make decisions that allow them to utilize these resources. It happens even when the best solution would be to get rid of them and rebuild the company from scratch.

   Big companies often develop incrementally. It prevents them from seeing ‘the day after tomorrow’ of their industries. This can be an opportunity for you to get ahead.

👉️ Read more here: Startups: Look Into The Day After Tomorrow

From Student Startup to Million-Dollar Journey 💰️ 

“We were building a software startup in the beekeeping space — which we knew nothing about. That was our first mistake.“

Project by project, employee by employee, Alen Huskanović soon found himself in the CEO role of a company that employed 35 people and generated $1M in revenue yearly. That journey was nothing like he thought it would be, and there were some things he didn’t expect.

If you want to generate a million from your business, be aware of these challenges.

• Achieving your first sale is an uphill battle— Before you set your eyes on the million-dollar prize, focus on securing that first sale — it’s a significant milestone that deserves undivided attention.

• Technical expertise isn’t enough — Your technical expertise can be top-notch, but it’s worthless if you can’t sell the value of what you offer. Selling a product or service requires a different skill set — one that bets on the ability to communicate effectively.

• Try to strive for balance — Don’t scale a team without someone who will lead it; you can’t handle everything alone.

• The unseen financial battle — The first few years of any business are dominated by one primary concern: cash flow. The challenge isn’t just about maintaining a positive balance. It’s about ensuring salaries are paid, vendors are compensated, and operations continue — all while maintaining healthy growth.

• Value the journey — Scaling a business from ground zero to seven figures demands resilience, adaptability, and a never-die attitude. But remember to value the journey as much as the destination. The journey is the real lesson; it shapes you, molds you, and prepares you for the peaks and troughs of the business world.

👉️ Read more: From Student Startup to Million-Dollar Journey: My Story

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