When I lived in the US they used to say:
Earning your first $1M is the hardest.
That may be true for individuals.
But does not seem to be true for #startups and #product #businesses!
Getting to your first million in revenue is easier than going from $1M to $10M.
Getting your early revenue is all about hustle.
You don’t need a lot of structure.
You definitely don’t want too much process.
You just go after the money wherever you can get it from.
You may be able to do even without experienced people.
Smart people who are willing to work hard, have some connects.
Are persistent and have a “don’t take no for an answer” attitude.
And off course involvement from #founders and key leaders is almost always required….
When companies hit their first million they rejoice.
It seems like more of the same should now get them to 2-5-10…
We just need more people, more hustle, more smart freshers, more marketing, more engineers…
That is where many often go wrong.
(We have now seen this over 15 companies…)
The process of scaling beyond $1M
(and of course, this is not a magic number…)
Is very different,
First you have to unlearn.
You have to get out of the hustle mode.
You need a lot more structure and some process.
You can’t afford to have founders involved in every deal.
You don’t want top executives micromanaging everything.
You need a second line of leaders.
Ideally those who have – “been there, done that”
You have to think of building systems.
Systems for building product.
Systems for generating leads.
Systems for selling.
Founders have to evolve and learn to let go.
Build the second line of leaders take over.
Build a team of professionals…