With 2016 coming to an end and 2017 on the horizon, most people are evaluating their past year and how they want to make the next year better. These evaluations will almost all include some look at financial prospects and how to make the next year a better fiscal year.
For some they might also include finding an escape plan for their current job and ending 2017 in a happier or more fulfilling work environment.
Regardless of the situation, self-employment and founding a million-dollar business is an opportunity that can help solve these resolutions and help you be a better you at the end of 2017. This may seem like a daunting task, but as with all resolutions you just need to break it down into the small steps and think of ways you can set yourself up for success.
From there your drive and hard work should be enough to accomplish it. These are the four ways to best help you establish a million-dollar company this new year.
1. Focus on your strengths.
The biggest thing most entrepreneurs overlook is that you need to be the best at what you do if you want to be successful in launching a new venture. This is similar to the mindset of clocking in 10,000 hours before becoming a master.
If you have not already had the headaches, jumped the hurdles, and tried and failed within an industry you will be much further behind your competition and only be setting yourself up for a higher chance of failure.
However, if you think about what skills you have that people are willing to pay for and you make those skills better, that will give you an opportunity for success. There is no need to reinvent the wheel or completely shift what you do, you just need to figure out how to do it even better and find people to pay you for it.
2. Use the blue ocean technique.
When choosing a market to enter you have two choices, enter a proven market with lots of competitors or a nascent market that hopefully have unrecognized value.
This is commonly referred to as the Red Ocean and Blue Ocean techniques in reference to sharks choosing either a current feeding ground or exploring to new depths for food.
Always choose the Blue Ocean since this is the area where you can snatch up both the most market share and not have to worry about competition.
3. Understand S-curves.
With any given market, whether it is autonomous vehicles, virtual reality, or frozen yogurt, there is an “S-Curve” of market adoption. It gets this name since there is slow adoption at first, then a huge rise in adoption, and finally back to slow adoption as the market reaches a maximum adoption threshold.
Thinking of markets in this sense can help you understand when markets are approaching the inflection point of massive expansion, meaning they are perfect for entering and capturing value. These adoption patterns are further illustrated by the “chasm” between “early-adopters” and the mainstream market.
Early-adopters are the types of people that wait on the sidewalk for the iPhone releases. These people are so tied into being cutting-edge that they will pay a price-premium and are willing to take a slight decrease in quality just to have the first of a product.
Their buying standards will be different from later consumers and understanding the differences between these two sects will be key for your business to have sustainable growth and hitting the million-dollar mark.
4. Be risk-aware.
Most entrepreneurs like to think that they are risk-averse and willing to jump the gaps others are too scared to. However, research indicates that more often entrepreneurs tend to be less risk-aware and unable to tell when they cannot jump a gap.
This means it is your job to be as vigilant and realistic with your ambitions as possible. Keeping yourself aware of all your risks and understanding how to combat and solve those problems will allow you to fully understand any potential pros and cons of your business opportunity and being able to rationally contemplate the decision of pulling the trigger.
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