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Old 06-17-2014, 06:43 AM
 
12,111 posts, read 14,067,678 times
Reputation: 17909

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Quote:
Originally Posted by kmb501 View Post
I think I would be well on my way to starting a successful business if I could do these four things.

1. Clearly state a plan or "vision" for my company.
2. Present information in a way that makes people want to come on board and help me.
3. Organize my operations to a fault and have a prescribed method for everything.
4. Present my company to my customers as an appetizing service that can meet many of their needs.

Did I leave anything out?
Yeah........MONEY!

You could have the best plans in the world, but if you don't have the first dollar to launch it then it will just be another "dream written on a napkin!"
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Old 06-18-2014, 01:09 PM
 
5,387 posts, read 3,591,836 times
Reputation: 10940
Quote:
Originally Posted by City Guy997S View Post
This is absolutely not the norm.......Plenty of successful businesses got it right on day 1.
Five Reasons 8 Out Of 10 Businesses Fail - Forbes

From the article: According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months. A whopping 80% crash and burn.

But why? What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations?

In my 30 plus years as a serial (yes – hate that word too) entrepreneur, and through my exposure to thousands of entrepreneurs via my company Mighty Wise Media, I have seen plenty...
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Old 06-19-2014, 09:17 PM
 
40,966 posts, read 22,214,142 times
Reputation: 13771
Quote:
Originally Posted by kmb501 View Post
This doesn't sound difficult, but could someone who makes a little more than minimum wage year round establish anything like that? If so, what would be the steps in detail? Also, is there a way to speed things up so that the person saving money accumulates more than $1M?
First learn how to make money. As you make a higher income government sees you as a piggy bank and the poor hate you and vote to raise taxes on you. At this point you got to learn how to keep government from taking it. The latter is just as hard as the first.

A few thoughts:

Build a business don't build a job
Get a good bookkeeper, yes even in the beginning
Learn taxes
Get a CPA and stay in touch and plan throughout the year.

Successful entrepreneurs serve their customer well.
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Old 06-20-2014, 01:58 PM
 
1,475 posts, read 2,335,412 times
Reputation: 659
Quote:
Originally Posted by City Guy997S View Post
Yeah........MONEY!

You could have the best plans in the world, but if you don't have the first dollar to launch it then it will just be another "dream written on a napkin!"
Actually investors like entrepreneurs who can overcome any obstacle! Don't have money... borrow it. Do pre-sales to fund your start. Ask for 30 days to pay for the products you're selling so you don't have to buy inventory. Give something as collateral for those 30 days.

I talk with start ups quite a bit and I see some teams that want everything, like cash, handed to them. Then I see others who get everything they need through ingenuity. I love to see that because I know those people are on the road to success.

I know that you can help to ensure the success of the biz by having more money. But if you don't have the ingenuity you're just gonna' ensure the failure of the business.

A good entrepreneur can find a way around almost any problem. Even if that means asking someone else for the answer.
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Old 06-20-2014, 02:01 PM
 
1,475 posts, read 2,335,412 times
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Quote:
Originally Posted by KaraG View Post
But why? What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations?
We can and do! The first real cause is people didn't realize how difficult starting and running a biz would be. The next is funding. Mostly that's because people don't know how to get things done without already having money. Also the customer decides which business will succeed through the purchases. Sometimes they don't choose well.
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Old 08-12-2014, 02:12 PM
 
52 posts, read 48,669 times
Reputation: 31
Quote:
Originally Posted by kmb501 View Post
I think I would be well on my way to starting a successful business if I could do these four things.

1. Clearly state a plan or "vision" for my company.
2. Present information in a way that makes people want to come on board and help me.
3. Organize my operations to a fault and have a prescribed method for everything.
4. Present my company to my customers as an appetizing service that can meet many of their needs.

Did I leave anything out?
Lol yes you have left quite a bit out. Summarizing the steps to creating a million dollar business is not a business plan, infact it's not much of anything. It's a guy on an Internet forum yapping about his pipe dreams lmao. You need to have a very solid plan when it comes to business and when I say solid I mean you have to know everything inside and out. I am a PM and the company I work for the founder and CEO is a multi millionaire and he is a very smart guy. The proposals that we right for the contacts we bid on are often over 100 pages long "not kidding at all" and give VERY detailed in depth explanations of how we will solve the clients problem. Creating a million dollar business is certainly doable but it is not by any stretch of the imagination easy not is it for the faint of heart.
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Old 08-17-2014, 10:49 AM
 
Location: Holland
824 posts, read 1,112,943 times
Reputation: 1342
Quote:
Originally Posted by kmb501 View Post
I think I would be well on my way to starting a successful business if I could do these four things.

1. Clearly state a plan or "vision" for my company.
2. Present information in a way that makes people want to come on board and help me.
3. Organize my operations to a fault and have a prescribed method for everything.
4. Present my company to my customers as an appetizing service that can meet many of their needs.

Did I leave anything out?
Yes you did. Despite what you think, number 4 does not cover a service or product that customers actually want. Number 4 only covers selling as best as possible what you have to offer. But customers might not want what you have to offer.
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Old 08-20-2014, 11:25 AM
 
Location: On The Road Full Time RVing
2,342 posts, read 3,071,644 times
Reputation: 2226
.
The title says ... Steps to become a millionaire...


But their are no millionaires here to give you that kind of advice.

Try becoming a thousandaire first.

.
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