(By Gil Gerretsen) Almost every entrepreneur I meet seeks to build a substantial and influential company, but many are structured the wrong way to ever do so. Want to know the simple secret? Making a little from a bunch of people is ultimately much wiser than trying to make a bunch from a few people.
The wealthiest entrepreneurs designed their businesses to serve lots of people. Whether it’s B2B (business to business) or B2C (business to consumer), they fill an important need for a market that is wide enough to provide a substantial base, but still narrow enough to be specialized and distinctive.
These entrepreneurs habitually look for ways to serve or impact the most people. If they're going to do it, they do it big. They put themselves in a business that is ubiquitous. It doesn't have overly narrow limits. Otherwise, it is tough to have perceived value and scale upwards.
However, there is one significant variance from how most people approach their effort. Although these highly successful people think big, they actually start small. They quietly refine their processes as quickly as possible and then expand as marketplace interest grows.
By contrast, wrong way” entrepreneurs want to start big. They seek lots of fanfare and venture capital early in the process. Most burn out because they could not ramp up with the growth in attention, and performance faltered as a result.
Take a moment today to look at your business with this in mind. If your prospect and customer base is small and refined, then perhaps you should shift your marketing mindset towards a profitable boutique mindset … or rethink your business model towards a more ubiquitous impact.