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Million Dollar Startups vs Startup Failures: 9 Things That Make All the Difference

Million Dollar Startups vs Startup Failures 9 Things That Make All the Difference - Tipsmonk

What differs million dollar startups from failures ?

Today there are thousands of various startups, including all kinds of essay writing services, but only a few of them were successful enough to grow into million dollar companies. This brings up a question: what is the difference between a simply good startup and a million dollar business ?

1. Be lucky

The most successful entrepreneurs can find the right idea the moment they need it. Your ideas may be great, but you need to choose the right moment to bring them to life. And more often than not luck plays no small part in this.

2. Motivate yourself correctly

Founders of highly successful startups never aim at great wealth and flashy coolness first of all. They are just fanatically engrossed in their work. They take a long-term perspective and this is why other companies find it hard to swallow up their projects; these people don’t want to leave their line of business.

3. Aim at bigger goals

Aim at bigger goals - Tipsmonk

It’s better to work on something that’s useful for you personally and hope that there are more people around who will find this useful too. Your startup idea may not even be greatly innovative, but it can have a vast target audience. Let’s say that you want to create an online service for custom essay writing. It’s not a brand-new idea no one has heard of before, but the number of people who would want to use a service like this may be huge. Find something a lot of people will pay for – or something people will play a lot for. 

4. Do something socially useful

Think of how you can describe your startup in no more than 5 words. Many ideas have narrow goals initially, but good ideas develop, evolve and become something that serves large social groups. 

5. Don’t give up on working on ideas that seem doubtful to you

Keep your mind open about the ideas you get, even if they seem not that good. For example, if you are looking for interesting ideas for your essay writing service startup, it’s important to take into account your target audience needs and requirements. But it’s just as important to remain independent in your decisions, keep your mind open and ignore sceptical response. Don’t worry too much about what others will think.

6. Don’t be afraid of large scale ideas

Fear of large scale ideas won’t let you create an essay help website that will grow into a vast network. Turning a small startup into a million dollar company takes a lot of hard work. Few people have so much dedication it surpasses their fear and helps them overcome all difficulties. 

7. Be obsessed and persistent

Sometimes it’s hard to tell how motivated you are to work on your own startup after all those years of working for someone and falling into line with someone else’s requirements. Your own startup is an ultimate test that will show if you have what it takes to make it happen. There will be no one who supervises you in your startup – and sometimes this may feel uncomfortable, but this is just the environment you need for growth. 

8. Treat your project as your lifework

Every startup has at least one founder who sees it as his lifetime project. People like this focus on long-term perspective and would never easily give up on it or seek ways to leave it without fighting for it. 

9. Learn how to be a manager

Learn how to be a manager - Tipsmonk

Creating great things and managing a staff of people are different things and many people just don’t feel comfortable with doing both at the same time. But if you do want to create a million dollar business, you need to grow together with your company. You will need to learn how to manage people – and to love it. Not a lot of people can cope with both tasks well, but this is what it takes to create a large startup.

Creating a great startup is always about a great deal of work, analyzing, planning and some luck. Initially, it may not be a particularly big and new idea, but it only depends on you whether it will grow into a million dollar business, whether it’s a paper writing service or a tech startup.


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