When I started my first business, I discovered the Young Entrepreneurs Organization early. It was just for me… until I realized that it had a revenue threshold of $1mm in annual gross revenue. I was equally bummed and motivated. I realized that I needed to set $1mm as a target for my business because I wanted to be in that group. For my next business, I have the YPO target in mind already. $12mm in annual revenue, be the CEO or President, and join before your 45th birthday. (And a few other requirements, here.) I’m not there yet, but 11 years to go!
There is something valuable in goals that are external to you and your company.
If you set an internal only goal like one of these, it would be easy to make excuses and say things like “we decided that revenue isn’t important, and we want to focus on user growth.” If you set the goal to Join EO or Join YPO, then there are metrics outside of your control. Giving up is not an option.
See Seth’s post on Owning It. This one made it to my “classics” folder.
In the Atlanta Tech Village, we are hoping to provide some stepping stone goals for all companies in the Village. The first one is our Village Verified program. This is our six-figure club: meaning that a startup has reached $100,000 in either funding or annual revenue. Once in Village Verified, serious new perks and meetups will be unlocked to a startup founding team. Villagers reading this- members can apply to become Village Verified here on F6S.
Next up for us in the Village is to create the 83.3 Club. This is the equivalent of the EO membership target. $83,333 in monthly recurring revenue (MRR) is a giant accomplishment for tech startups. This means you are at the $1mm annual recurring revenue (ARR) mark and have proven serious traction.
Don’t shy away from big goals like this. Put it out there. Put a timeline out there, and go for it.