Entrepreneurs, Stay Persistent and Watch Your Business Soar

The author of the article explains that their school for entrepreneurs focuses on companies that are already generating several million in revenues, which they categorize as “Keep Goings” and “Take-offs”, as opposed to traditional “Startups”. Startups are well-known for taking risks and attempting to change the way things work, but they often struggle to stay solvent after five years. On the other hand, Keep Goings and Take-offs tend to generate more wealth for owners, create more economic impact for communities, and fail less often. Despite not being talked about as much as Startups, these companies innovate just as much if not more.

Keep Goings are typically owned by a small group of people who prioritize profits over revenues, create sustainable businesses that benefit the community, and employ many individuals for an extended period of time. However, these businesses face challenges due to their limited financial backing and risk being left behind by larger competitors or failing to keep up with the pace of innovation. Take-offs, on the other hand, build upon the same solid foundation as Keep Goings but pivot to take advantage of capital and technology opportunities.

Take-offs must be willing to take risks and bet everything on their business, often needing outside investment to fund technological development or marketing efforts. Once a company transitions from a Keep Going to a Take-off, the owner may need to consult with other investors, leading to a different dynamic in running the business. However, the rewards of successfully transitioning to a Take-off can be substantial, with the potential for significant financial gains.

The narrative of a Take-off business mirrors the hero’s journey outlined by Joseph Campbell in The Hero With A Thousand Faces, where the hero is called to risk everything for a chance at immortality. With a surfeit of capital available for investment and few companies committing to a true take-off strategy, the potential rewards for successful Take-offs are significant. By identifying a problem in the industry that can be solved in a scalable way with technology, companies can transition from a Keep Going to a defensible “go-to-market” strategy.

The key steps to achieving entrepreneurial success through a Keep Going to a Take-off strategy include building a business that delivers value to customers and generates profit, developing a sustainable business model with a committed management team, and pivoting towards a scalable growth strategy with unique technology. The author recommends dedicating five years to each stage of development, aiming to reach the level of wealth creators such as Bezos and Zuckerberg in 15 years. To explore more examples of successful growth strategies, the author suggests watching How I Did It: Step-By-Step Explainer Videos from Fast-Growth Entrepreneurs.