In a world where Startups are often glorified for their risk-taking and innovation, the real success stories lie with the “Keep Goings” and “Take-offs”. While Startups tend to make a lot of noise, they often struggle to stay solvent five years after launch. On the other hand, Keep Goings and Take-offs not only generate more wealth for their owners but also create more economic impact for their communities and have a higher success rate. These businesses, owned by a few individuals, prioritize profits and sustainability, employ many people, and have deep roots in their communities.
Keep Goings face challenges in staying afloat due to thin financial backing and being lifestyle businesses that benefit only the owners. When faced with competition from big money investors or rapid innovation, these businesses can struggle to keep up. Take-offs are businesses that build a solid foundation like Keep Goings but pivot to take advantage of capital and technology opportunities. While there are risks involved in pivoting to a Take-off, the potential rewards can be significant, making it a worthwhile venture for ambitious entrepreneurs.
For Take-offs to succeed, they must be willing to take risks and bet it all by leveraging outside capital. This often means giving up some control and making strategic decisions in consultation with other owners. However, the potential financial rewards for successfully transitioning to a Take-off can be substantial, making it a tempting opportunity for entrepreneurs.
The transition from a Keep Going to a Take-off follows a narrative akin to a hero’s journey, where the entrepreneur goes from obscurity to building something great and eventually taking a risk to achieve immortality and success. With ample capital available from private equity investors and a fast-moving innovation ecosystem, the pathway to entrepreneurial success has never been clearer. By focusing on solving industry problems using scalable technology, Keep Goings can position themselves to pivot to a defensible go-to-market strategy and attract significant capital.
Ultimately, the key to success lies in following a three-step process: building a profitable business, turning it into a sustainable and growing entity, and pivoting to a defensible go-to-market strategy with unique technology for hyper-growth. By allotting five years for each stage, entrepreneurs can position themselves alongside the great wealth creators of our time within a decade and a half. For more examples and insights, entrepreneurs can explore step-by-step explainer videos from fast-growth entrepreneurs to learn from their experiences and strategies.
