Current in Entrepreneurship Blog

Starting and scaling a business to the million—or even billion—dollar mark is no small feat. But what separates those who achieve this milestone from those who don’t? Entrepreneur Nathan Beckord recently asked 100 founders of businesses ranging from $1 million to $1 billion in revenue what advice they would give to aspiring entrepreneurs. Their insights reveal clear patterns in mindset, execution, and resilience.

If you’re looking to build a successful business, here are the key takeaways from those who have done it before.

1. Just Start—But Be Smart About It

Many founders emphasized the importance of taking action rather than overanalyzing. The perfect business plan will never exist, but what separates winners from dreamers is execution.

However, successful entrepreneurs also stress smart execution—which means testing ideas with minimal investment before scaling. Lean startups thrive by launching Minimum Viable Products (MVPs), gathering customer feedback, and refining based on real-world data.

Key takeaway: Don’t wait for perfection. Launch quickly, learn fast, and iterate.

2. Customer Obsession Beats Competition

Founders of successful businesses don’t just chase revenue—they obsess over their customers. Instead of focusing on competitors, they build businesses that solve real problems in ways that deeply resonate with their target audience.

This means:

• Understanding pain points better than customers themselves.

• Building a product or service that delivers outsized value.

• Creating an experience that keeps customers coming back.

Key takeaway: The best growth strategy is making customers so happy that they become your biggest advocates.

3. Resilience and Adaptability Matter More Than Ideas

Many businesses pivot multiple times before hitting the jackpot. Founders who scale past $1M—and later to $1B—rarely stick to their original business model. Instead, they stay flexible, adapt to market shifts, and refine their strategy based on real-world feedback.

Success often comes down to grit and resilience. Challenges, failures, and setbacks are inevitable. The best founders don’t just survive difficulties—they turn obstacles into stepping stones.

Key takeaway: Your first idea won’t be your best. Adapt, iterate, and keep moving forward.

4. Focus on Profits, Not Just Growth

A million-dollar business that isn’t profitable can quickly fail, while a lean, high-margin business can scale sustainably. Many founders emphasized the importance of cash flow management and profitability over vanity metrics like user count or revenue alone.

Some practical advice includes:

• Keeping costs low in the early stages.

• Prioritizing repeat customers over constant new customer acquisition.

• Understanding the difference between good growth (profitable) and bad growth (unsustainable).

  Key takeaway: Scale smartly—revenue without profitability can kill your business.

5. Build a Strong Team and Culture

No successful founder builds a $1M+ business alone. The best leaders focus on hiring and retaining the right people—those who share the company’s vision and values.

But it’s not just about hiring talent. It’s about fostering a winning culture that empowers employees to take ownership, innovate, and drive the company forward.

Key takeaway: Build a company that people love working for, and they’ll help you build something great.

Final Thoughts

Building a business to $1M—and then to $1B—requires a combination of execution, resilience, customer obsession, financial discipline, and strong leadership. If you’re just starting, focus on taking action, listening to your customers, and adapting to challenges along the way.

The path to success isn’t linear, but with the right mindset and execution, you can build a thriving business that stands the test of time. Would you like help implementing these insights into your own business strategy?