Why Thinking Big Is Critical To Your Success
Warning! I’m about to make a statement that will probably offend you or contradicts everything you learned about internet businesses.
Most internet entrepreneurs are small thinkers.
Just visit a few internet business-related forums and you’ll notice that most entrepreneurs are satisfied with a financial goal of $50,000 to $100,000 a year.
Or check out the numerous products sold to internet entrepreneurs. Most of them appeal to people who want a 6-figure income.
Now to most people, maybe even you, that may seem like a lot of money.
But here’s the problem…
It’s very difficult to build a long-term sustainable business in any competitive market when you set your financial goals so low.
In other words, it’s hard to remain competitive by staying small. A business must continue to grow to remain competitive.
So when you say you’re happy with $50,000 to $100,000 a year, you’re putting an artificial ceiling to your business and this will impede your growth.
Here are two reasons why staying small makes no business sense:
1. Inflation
Most entrepreneurs ignore the fact that they are part of a macroeconomic environment. The cost of goods and services increases annually. The increase in expenses (e.g. advertising, freelancers’ fees, employee salaries, rent, etc) affects your business.
Depending on where you live, the inflation rate could be 3% to over 10%. So, if your income stays at $100,000 per annum, you’re losing money every year to inflation.
$100,000 today may be worth only $80,000 in 10 years time!
2. Competition
Nowadays, internet businesses are so cheap and easy to start that every Tom, Dick and Harry are getting into the act. So, whatever profitable niche you’re in right now will become highly crowded and competitive.
You’ll face more difficulty in getting high rankings in search engines, keeping pay-per-click ad costs low and recruiting affiliates to promote your products. You’ll also have to compete for star employees and freelancers.
Time To Adjust Your Mindset
Now that you know staying small doesn’t make any business sense, what can you do about it?
Well, the first thing you’ve got to do is to change your mindset. From now on, you’ve got to think big.
You must set at least 7-figure goals. You must think international and not just local or national. You must develop and implement big ideas.
And here are four reasons why thinking big will pay off for you:
1. You already have all the resources required to build a million dollar business.
The amount of time and money required to build a 6-figure business is exactly the same as a 7-figure business.
For example, Michael Dell started his computer business which is now worth billions of dollars for only $1000. And Michael, just like you, has only 24 hours a day.
So, if you have $1000 and 24 hours a day just like Michael Dell, why not build a multi-million dollar business?
2. It’s more profitable.
Whether your income goal is $100,000 or $1 million a year, the odds are really against you in achieving them. You may only hit 50% of your target.
Here’s how thinking big helps…
If you achieve 50% of a $100,000 a year goal, it’s $50,000. But if you achieve only 10% of a $1 million a year goal, it’s $100,000.
Therefore, even if you only achieve 10% of your big goal, it’s better than 50% of your small goal. Thinking big is simply more profitable.
3. It’s easier to secure capital.
Your business may need capital injection in the future to stay afloat or to grow. Guess what? It’s easier to secure a $1 million investment than a $10,000 bank loan.
I know it sounds completely counterintuitive but it’s true. Investors are attracted to big ideas and businesses that can grow big very quickly. A 6-figure business just doesn’t appeal to them.
4. It’s easier to attract star employees.
Star employees, like investors, are attracted to big ideas. That’s why companies like Google and Facebook attract highly talented and experienced professionals.
A business that wants to stay small doesn’t appeal to them. Stars want challenges. They want a career, not a job. They want growth, not stagnation.
So, if you want to build a long-term sustainable business, start thinking big and stop thinking small. And you’ll see the impact it has on your business once you change your mindset.
“But I can’t compete against established companies with big budgets!”
Yes, you can!
Let me share a little secret with you…
I used to work for a public-listed company that had a $2 million marketing budget. They were one of the top 3 biggest advertisers in their market.
Yet, with such a huge budget, they were making a number of mistakes that smaller competitors can exploit.
But the funny thing is… no one did!
All the smaller competitors thought it was impossible to compete head on with this company.
And that brings us to the my next point.
Every business has weaknesses. No business is perfect. Not even Microsoft or Google.
The key to competing with bigger competitors is to dissect their entire business and look for cracks.
Once you’ve found them, pry them open and you will win market share from them.
If you want to learn how to dissect your competition, do check out the Startup Rebel Competitive Magic course…
http://startuprebel.com/blog/magic.html
I will teach you how to analyze your competition so that you can exploit their weaknesses… even if they’re more established and have bigger marketing budgets.
In the course, I’ll also show you 74 strategies you can use to crush your competition in any highly crowded market. So, check it out now…
http://startuprebel.com/blog/magic.html