From zero to 1 million (Part II)

Another oversimplification states that we "just" need to gather 5,000 people to pay $17 a month for a 12-month subscription, or 250 people to pay $333 a month for a year. This is a stunt that 1% of entrepreneurs manage to achieve in 12 months starting from scratch. First of all, what is the subscription for? And how was the service developed? Is it an app?

Apps are hard to code, slow to develop, expensive to launch, and tough to maintain. Most importantly, we live in a society where most people expect services to be free. We can count on the fingers of one hand how many subscriptions we pay in our lives. Netflix? YouTube Premium? Disney Plus? HBO? Spotify? What else? A gym we rarely visit? That's about it, right?

So if selling products and enrolling users in subscriptions is not an option, what's left? Well, first of all, let me clarify: I'm not saying these goals are impossible, but I believe each is a long-term plan. It's not something we start in January and are ready to achieve by December. Some very rare examples can prove me wrong, but in the majority of cases, the journey is a bumpy road, and when the sail is set straight, then the numbers are just the confirmation of our overall direction.

If we truly have an extraordinary product that people are willing to pay $200 to use, then we should not aim to sell 5,000 units, but 5 million. If we have a "killer" app on the market, we shouldn't aim to enroll 5,000 users, but 500 million.

What I'm trying to say is that starting a venture with the intention of reaching a revenue goal of $1 million is not the right way to approach entrepreneurship.

Entrepreneurs are often in love with their products and totally addicted to their service. They can't sleep at night thinking of ways to improve it. Those entrepreneurs might occasionally set monetary goals for themselves, often in alliance with their CFOs, but most of the time, they are focused on building and deploying, rather than dreaming and counting. I have yet to see someone build the next big super app because they were inspired by a zero-to-$1-million video on YouTube.

The underlying motivations are completely different in those that succeed.

I also don't want to discourage those who currently have a job. The goal of becoming a millionaire is certainly achievable for you too. Often we see "YouTube Gurus" telling us that only entrepreneurs who work 20 hours a day can afford to become millionaires. This is not true. Especially for those in jobs offering bonus schemes, they can use their bonus to acquire wealth over time through stocks, real estate, or other appreciating investments. Lastly, being a millionaire doesn't necessarily make people happy.

If you're holding a stable job and are happy where you are, with your old boring stability, don't quit your job because a YouTube video told you so. Instead, try to find opportunities to expand within your current job by adding more value to the organisation.