The Journey Entrepreneurs Go On To Make Their First Million Dollars
Elevate Your Potential Magazine
Entrepreneur Motivation: In this video, author and entrepreneurship expert Evan Carmichael shares “The 7 Stages Startups Go Through to Make Your First $1 Million”.
The 7 Stages are as follows:
1) Dissatisfaction with the status quo
2) Idea generation
3) Launch the idea
4) Failure and adjustment
5) Extending the idea
6) Building a team
7) Leading a team
Beginning the Journey – Dissatisfaction with the Status Quo
So step number one is you have to have a dissatisfaction with the status quo. You have to not like what’s happening around you. Successful entrepreneurs have a big dissatisfaction with what’s currently happening. They’re not happy with the solutions.
They have a problem, either their own problem or somebody else’s problem, and they’re just not happy with the current solutions out there. It’s the start of every single great business. There has to be a pain point and a dissatisfaction with the current solutions out there.
Generating New Ideas to Solve the Problem
So we have a problem, our own problem, a friend’s problem. We’re dissatisfied with the solutions out there. Now, we got to figure out what’s an idea that’s going to work. What’s the winning idea that combines what we love to do, what we’re super passionate, excited about with what’s going to solve the problem?
And there may be multiple ways to solve this problem. Whatever problem you’re facing right now, there could be a million different ways to solve it, but not all of them are going to work for you, and not all of them align with what you’re passionate about.
And so at the core of every successful business is a combination of what there’s a need for, what there’s dissatisfaction with, what pain point people have with what you are super passionate and excited about, and combining those things will lead to a successful idea to launch a business with.
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