Make a million dollars in 1 year … maybe


Entrepreneur magazine recently put out a story that listed five tips on how to build a million-dollar company in one year. That’s right. One million in dollars in one year … without winning the lottery. Follow these tips and you and Lil’ Wayne might be singing a duet of ‘A Milli’ to bring in the new year in 2016. Get on your grind and the dollars won’t be far behind.

Tip 1: Find a growing market. This is a no-brainer, right? In order to make cash fast, you’ve got to find an industry that’s in demand, where people need what you are offering and there’s a shortage of people available to get it from. Mobile app developers are growing their companies times 100 in 2 to 3 short years. Pay attention to trends and the ever-evolving needs of the consumer and you might find your yellow brick road.

Tip 2: Make making money your first priority. Some people start companies because they’ve found something they’re passionate about or that they’re simply good at. That sounds nice and all, but if you want rack up the dough, according to Entrepreneur magazine, you need to be looking for ways to monetize from the get-go. Low investment/high cost to consumer is always a way to go. Or finding out how to make money on every stage of development, from design, to manufacturing, to packaging, to the consumer will get you to that seven-figure number yiu are looking for.

Tip 3: Smoke the competition. Smoking the competition simply means being the best at what you do. Every time you set your mind to your work, you should be figuring out ways to execute your craft better than anyone else out there. Nothing brings cash quicker and for a longer period of time than simply being excellent at whatever it is that you do. Being able to tell that story to the right people will bring that dough in even quicker.

Tip 4: Hire people that are better than you, but not necessarily smarter than you. Some of the richest people in the world aren’t really the best at what they do, they just know how to hire or partner with the best. Underachievers are a drag on your bottom line and morale. Being genius enough to find highly motivated people who are great at what they do will help fill up your bank account while also compensating for the things that you don’t know yourself.

Tip 5: Be an info-maniac. Staying on top of the trends, devouring data and spitting it back out as refined action will keep you ahead of the curve and on top of your paper chase. Many times, the things that separate the millionaires from the hard workers is simply an ability to recognize a trend and to act on it before others. Having the most up-to-date information will make you seem like a fortune-teller to some. In reality, you’ve just learned how to make paying attention actually pay off.

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