Innumerable entrepreneurs and startups around the world wonder what it takes for a small business to grow. When can a small business become big? Surely there are many small businesses that made it big but there are more stories of failure than successes. Only a fraction of startups or small businesses manage to become million dollar enterprises. A tiny fraction of those ends up being billion dollar enterprises. Can a small business actually make it big? Yes, but there’s a lot that goes into it as captured by this infographic.
Example of Walker’s Haircare
Let us take an example of C. J. Walker, the founder of Walker’s Haircare. She was born to former slaves, she was a single parent and during the late 1800s, women were not known to be entrepreneurial. Despite the obvious shortcomings of her times, Ms Walker founded a business and became the first self made millionaire in America. Her products were smartly aimed at African American women who have very different hair from the whites.
Life of Elon Musk
Consider the life of Elon Musk. He was born in South Africa, moved to America, cofounded Zip2 and sold it at $22 million when he was only 28 and became a multimillionaire. He went onto to facilitate the founding and growth of PayPal which subsequently got sold at $1.5 billion. He is also associated with Tesla Motors. Today, Elon Musk has a net worth of $8.8 billion.
What to Remember
The reason why these two examples have been mentioned here is simple. One needs to try new things, dedicate all effort, time and resources and be willing to take the risks to get the rewards. Ms Walker did what she knew and she smartly had a target audience that would have a positive response to what she offered. Elon Musk developed unique products and services but when the time was rife, he sold them to take the path to riches. One strategy doesn’t suit everyone but everyone needs the one strategy that would work for them.
Thomas Edison once famously said that the value of an idea lies in the using of it. What is the point of having an idea if it is not put to use or worked on. How good is an idea if it is in line with what already exists. Why work on an idea if fear of failure will prevent its manifestation.
The secret to small businesses making it big is always in the idea and the person executing that idea.