In the US, only 4% of all startups reach $1M in revenue. And of those, only 10% reach $10M. So that means that your startup has a 0.4% chance of scaling to $10M and above. But research proves that there are specific conditions you can establish in your business to help ensure that it will grow and achieve both scale and long term sustainability.
Charles Fred is a bestselling author, serial entrepreneur and researcher on what makes companies successful. He is the co-founder of TrueSpace, an organization dedicated to helping businesses scale. Fred recently completed a 5-year study where his team was immersed in the daily working environments of 150 companies with $1-2M in revenue, all of whom were planning to reach $10M.
The research identified Five Operating Conditions necessary for small businesses to reach the middle market. The study, through a partnership with Gallup, now extends to over 4000 business across the U.S. For the first time, we have the science and the data to better understand the processes, cultures, challenges, motivations, and themes that emerge in businesses that reach the middle markets.
Find more on Charles’ work: https://truespace.com/
Thanks to Larry Chapman from Fort Collins Video (https://www.ftcvideo.com/) for recording this talk.