Approximately 80% of all U.S. firms with employees have less than $1
million in sales, according to U.S. Census Bureau data.
It’s a goal that most entrepreneurs would love to achieve, and one
that frequently remains as elusive as it is attractive. But it’s a
brass ring well worth reaching for. “If they can get to $1 million, they
reach a level of sustainability and have a much higher chance of
survival,” says Sramana Mitra, consultant and
author of the Entrepreneur
Journeys series of books. We recently spoke about the three
biggest mistakes that entrepreneurs make when they’re starting and
growing companies:
Failure to validate an idea. “They will spend a month in the lab or the garage and try to build a product in isolation without validating the idea with the customer,” says Mitra. Instead, she says, you need to develop your products along with the customer, know what the pain points are and what problem you’re solving. “Cold call as many customers as possible before developing anything so that you get a visceral feel for what your customers are looking for.” What happens if, in that process, you inadvertently tip you hand to the competition? “If your idea is that easy to copy, then don’t bother,” advises Mitra. “If you’re not in a position to share ideas with potential customers, you really have a problem.”
To read the full, original article click on this link: How to Build a Million Dollar Business | Owners Only | BNET
Author: Donna
Fenn
