What do you believe is the most important milestone an entrepreneur can reach and why?
The following answers are provided by the Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
“At ZinePak, one of our our most exciting (and rewarding) milestones came when we hit $1 million in revenue in less than a year. Knowing that only 1.8 percent of women-owned companies (and less than 6 percent of all companies) hit this important metric made it really special when we were celebrating this important achievement.”
– Brittany Hodak, ZinePak
“Not all entrepreneurs work simply to build the biggest company (revenue/headcount, etc.), some work to create a lifestyle for themselves. The day you have enough income coming in from your company, and have automated it enough that you can back out of having your hand in every decision, is the day when you choose how you spend your time. It’s a beautiful thing to be able to make that choice.”
– Darrah Brustein, Network Under 40 / Finance Whiz Kids
“The point in which you realize that your product is helping users and that they are happy is a huge milestone. It’s an exciting moment to realize that all your hard work and passion is being translated into value for a customer. Knowing that SkyBell is helping a user with one part of their everyday life is a big milestone for us and a source of great pride.”
–Andrew Thomas, SkyBell Technologies, Inc.
“Without question profitability. Once you’re profitable (even barely), it opens up a host of options. You can just keep your head down and grow organically or you can raise funding on more favorable terms then would otherwise be available to you. Additionally, profitability brings a sense of confidence and opportunity that fuels a great culture and attracts top talent.”
– Kristian Andersen, KA+A
“When you hire someone — actually put them on payroll with benefits and taxes and everything else — you’re making a commitment to the business, the model and the idea. You’re entrusting your idea to someone else and it’s time to see if the idea translates and scales beyond you and your vision.”
– Sam Davidson, Batch
“Too many businesses fail because they run out of cash. That’s why the single most important milestone an entrepreneur can reach is to generate more cash than it needs to run the business. Becoming cash flow positive is the equivalent of a insurance policy that sets the stage for longterm growth and sustainability.”
– Kristopher Jones, ReferLocal.com
“We all went into business on our own for myriad different reasons, but the common one is that we want to be our own bosses. We want to experience that freedom. It doesn’t come easy and it doesn’t come right away. It’s harder than any of us thought in the beginning. Stick with it and you’ll get there. The all-nighters, the deadlines that seem impossible and the critics are all what get you there.”
– Maren Hogan, Red Branch Media
“The most important milestone an entrepreneur can reach is a feeling. It’s the feeling that you’ve created a movement and it starts with your company culture. When you and your employees are in alignment, communicate transparently, enjoy being around one another and get things done (and done well) without anyone needing to micromanage, you know that you’ve created something meaningful.”
– Sean Kelly, HUMAN
“I tell young entrepreneurs that traction is the ONLY thing that really matters anymore. Everything else — from awards and news articles to press and endorsements — are just things that we use to impress our mother.”
– Seth Talbott, CEO and Startup Advisor
“It might sound silly, but money and numbers are contingent on passion. No entrepreneur should feel stressed out to succeed or as if they are “working” every day. The best performances come from an uncontested passion for what you are doing. The passion comes from internal drive and motivation. Happiness is the engine that gets you out of bed every morning. If you’re not enjoying it, you’re stuck.”
– Logan Lenz, Endagon
11. Understanding the Process’s Importance
“The most important milestone an entrepreneur can reach is when the process becomes more valuable than the destination. That’s how you achieve eternal satisfaction.”
– Kuty Shalev, Clevertech
Photo Credits
Tim Green | StartupCollective