The Million Dollar Entrepreneur
Oct 6th, 2007 by jared
Entrepreneur blogger Cristian Dorobantescu from energybyte.com recently asked me to answer these questions:
• What is the minimum amount it would take to make you feel OK about your entrepreneurship?
• What is the most difficult challenge that you face in reaching it?
This comes after getting a consensus from a number of entrepreneurs that:
• Having a million dollars in the bank is the minimum amount to feel ok about your entrepreneurship.
• The most difficult challenge is to make the first million.
In order for me to feel good about doing well in business, I need to accomplish a lot more than just increasing my wealth. For me, true success would be accomplished by making a large social impact that changes the way people do things. Much like what Bill Gates has done for businesses over the personal computer, I want build a global brand that will make people more successful at whatever they do. The byproduct of this success would be money, and money helps you buy a Ferrari so don’t get me wrong, I love green, but to be fulfilled I want to make big social changes.
The idea that your first million is the most difficult is true, but this is because a.) it takes a while to get to a million and b.) you are learning everything at the same time and trying to have the persistence to not give up when you make bad decisions and things go the wrong way. All successful entrepreneurs do not give up until they reach their first million, and when they finally get to their first million they think about how to get to five.
I challenge Frank Addante from FounderBlog.com to answer these questions….
