Today I had the opportunity to talk with two different potential EO Accelerator entrepreneurs. One of the questions I always ask is “What are your revenue and company size goals three years from now?” I don’t ask that question because I believe having a large company is the only way to go, in fact, here is info on my ideal company. Rather, I ask because the goal of EO Accelerator is help entrepreneurs with revenues under $1 million grow their business to the $1 million mark so that they can then join EO. If the entrepreneur doesn’t mention a three year goal of at least $1 million in revenue, then they aren’t a good fit for EO Accelerator.
So, with that in mind, here are some things I’ve noticed:
- Some entrepreneurs give the three year goal but then go into their grandiose plan for five or ten years from now, showing that they are ambitious
- Some entrepreneurs say they haven’t thought it too much and just want to grow their business
- Few entrepreneurs give concrete numbers, instead offering vague ranges of values, showing they haven’t mapped out where they want to be, and worked backwards from it to now what they need to do to get there
My advice to entrepreneurs is to think hard about your three year goal and spend time working backwards from it to come up with a plan for what you need to accomplish in the interim. The best time to start is now.