Post: #1

Just wondering if anyone here has had a successful multi-million dollar business. Hearing stories of HOW people did it helps me make a mental map in my own of something I could create in a niche and that's scalable.

I plan on creating one in the future but while I'm still in college i'm stuck with smaller ventures. Hopefully I'll make enough to pay rent, food, and for a sweet spring break trip.

Major lessons learned? Major mistakes made? Anything that would help someone like me (I'm sure a lot of other people here also) create their own multi million dollar business.

Post: #2

All entrepreneurs find an answer to the question:
How can I make a valuable contribution to society?

There is no exception this rule. Facebook created a service that allows easy social networking. Youtube created a platform for sharing and watching videos. AT&T created an infrastructure that allows phone and internet communication. Power companies provide electricity that nobody can get by without now. They all provide a valuable service that people are willing to pay their hard earned money for.

There is no market that is too small to target. Even ridiculous-sounding inventions like the bacon-microwave cookers and silly putty have resulted in millions for their inventors.

Therefore, in analyzing the world around you, always be questioning
1. Why do things work this way?
2. Could I find some way to improve it?
3. Are people willing to pay for this improvement?

One day, when you find a niche in which all 3 answers are yes, then:
1. Build a prototype
2. Write a small-scale business plan
3. Raise a small amount of capital to finance your idea
4. If it works out, then scale up

Of course, there are variations to this strategy, depending where you want to make money. For example, in tech, you may need to patent your invention first. In manufacturing products, you may need a connection to a factory. Read as much as you can, to be curious about the world is the first step to finding a way to improve it.

Post: #3

(07-29-2014 03:44 PM)jake1720 Wrote:  Just wondering if anyone here has had a successful multi-million dollar business. Hearing stories of HOW people did it helps me make a mental map in my own of something I could create in a niche and that's scalable.

I plan on creating one in the future but while I'm still in college i'm stuck with smaller ventures. Hopefully I'll make enough to pay rent, food, and for a sweet spring break trip.

Major lessons learned? Major mistakes made? Anything that would help someone like me (I'm sure a lot of other people here also) create their own multi million dollar business.

Have you heard of the search function?

This question gets asked once a month, at least.

Many millionaires and entrepreneurs have made threads about their ideas/biz models.

Post: #4

Jake, check my threads/posts.