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Million Dollar Dreams: Warming the Entrepreneurial Spirit

February 25, 2014

Business advice for women entrepreneurs

milliondollardreams

I remember the moment so clearly. I was sitting on the floor of my Aunt’s Florida condo when she said, “Tracy, I’m so excited I just hit the million dollar in sales mark with my company.” I remember hearing the words “million dollars” and wondering if I would ever achieve that same level of success one day. As an impressionable 19 year old, I remember glancing at the woman I was named after and hoping to follow in her business footsteps.

It’s been 30 years since I sat on that floor inspired by my aunt’s monetary accomplishments. I must admit I have not achieved the million dollar sales mark yet but either have 97% of women entrepreneurs doing business today. Once in awhile I buy a Mega Millions jackpot ticket thinking that might be an easier way to hit a million dollars. But while I dream of making money that easy, I know in my heart I need to work as hard as my aunt and other successful women entrepreneurs to earn the money.

A couple years ago, a million dollar in sales woman entrepreneur spoke at one my events and shared her wisdom on hitting that elusive “entrepreneurial jackpot figure.” I wanted to warm up my readers entrepreneurial, million-dollar-in-sales dreams today by sharing what I learned from her:

* An entrepreneur must complete an 18 month strategic action plan for their business to achieve higher business goals. A strategic action plan can be more useful than a business plan because the entrepreneur not only develops broad business strategies but they support those strategies with specific steps (or actions) to accomplish each. Find strategic action plan templates online through a Google search.

* A business owner must know their company’s niche or “points of difference” in the marketplace so they can pitch, sell and market their company correctly. Entrepreneurs should always go back to the “basics” or the “core” of their business in order to grow it substantially.

* Entrepreneurs must know their numbers all the time. Understanding basic financial reports and analyzing cash flow and profit and loss statements frequently, is an ingredient for financial success. If you don’t have one already, establish a strong relationship with a banker to set up a healthy line of credit for cash flow needs. Your banker, accountant and attorney are key players in helping you take your business to the next level.

By following this million dollar advice and dedicating time to grow your company, you won’t have to rely on the astronomical odds of winning the Mega Millions but rather the good odds of reaching your goal with hard work and little left to chance.

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One Comment leave one →
  1. Mary Schalk permalink
    February 25, 2014 10:09 am

    Good information!

    Like

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