The concept of building a million dollar business model within two years is usually met with one of two reactions: confidence or lack thereof. Despite the fact that most of the modern era’s geniuses and billionaires are former college dropouts, many of today’s corporate professionals don’t believe they have what it takes to become the next Mark Zuckerburg or Steve Jobs. Facebook and Apple have made their mark in the tech environment. Now it’s time for business starters to emulate this level of accomplishment.
Individuals with the entrepreneurship gene need to realise that pursuing the success of a product requires stroppy ambition. For instance, Meena Mansharamani built her fortune by introducing French company Materne’s Gogo SqueeZ applesauce product to the American public. Despite limited distribution and bite-sized annual revenues of $6 million dollars, Mansharamani managed to grow GoGo SqueeZ by over 100% in two years. Currently on the shelves of popular American superstores Wal-Mart, Target, Whole Foods, Costco, Kroger and Publix, the French applesauce brand is now making over $100 million in retails sales per year.
Here is Mansharamani’s Two-Year Million Dollar Business Model
- Set Unreasonably High Expectations: Mansharamani set out knowing the potential of Gogo SqueeZ within the fast-paced American consumer market. Catering to the demand for healthy, on the go snacks by highlighting the convenient squeezable packaging and 100% fruit applesauce of the Gogo SqueeZ product, Mansharamani decided to leverage her marketing position and think big. She targeted major retailers and went out of her way to “plant the right seeds” – a strategy that required resources.
- Over-Invest Early: This step entails a leap of faith. Mansharamani believed in the potential of the product she was selling – so much so that she managed to share her vision with product backers and get them to invest aggressively. This is a tactic that Mansharamani continues to employ today, more than tripling her team with plans to further expand her office space.
- Hire Wisely: As her business model grows from strength to strength, Mansharamani highlights the importance of hiring wisely. Speaking specifically about the difficulties of training new employees in a startup environment, she notes how involved she is in the recruitment process, spending an average of six to ten hours with candidates initially to see whether they’re a good fit or not.
- Stay Scrappy: In the midst of the influx of investment cash Mansharamani says it is important to remain disciplined in terms of business spend. Her “scrappy” attitude has helped her steer the reins of a tight marketing budget, wielding social media and product sampling to her advantage. Her cost cutting initiatives have all driven the financial health of the business, and kept it at its maximum.
Mansharamani’s million dollar business model really comes down to her ability to stay focussed over a long period of time. Her challenge today is to continue to fuel growth and remain competitive in a continually changing marketplace; something she looks forward to doing as she takes Gogo SqueeZ to the next level.