September 9, 2020

how to find a million dollar business

Every million dollar business idea starts with a formula. 

And yes, I know what people out there want you to believe. 

It’s romantic to believe that an average Joe rejected from a minimum wage McDonald’s job, living out of their parents’ garage can create a legacy, revolutionary company out of sheer luck. 

It’s a sexy fairytale. But, come on. 

The truth (although less romantic) is much more achievable

Every entrepreneur -worth at LEAST a million dollars right now- has come up with a formula to get their business where it is today. 

And one of those formulas is the ‘Golden Circle’. 

What is the Golden Circle? 

Soon-to-be trillionaire Jeff Bezos started selling hardcover books on the worldwide web. 

Ray Kroc expanded on a random food truck in America because he was obsessed with burgers. That food truck grew to become McDonald’s. 

Whatever or wherever your starting point may be, the Golden Circle is a concept that can be related back to the world’s most recognizable brands right now. 

The Golden Circle is a pretty little term coined by Simon Sinek, best selling author and superviral TED talk sensation for anyone to come up with their own million dollar business idea.

I’m 200% sure you’ve had his face plastered on your Facebook/Instagram feed at least once in your life. For good reason, of course. 

Simon’s explanation of the Golden Circle is simple. 

It’s the biology of how the world’s best companies come up with their million dollar business idea.

How legendary leaders like Steve Jobs, Richard Branson, and more were able to start multi-billion dollar companies from the ground up from just understanding human biology. 

And more importantly, how all of their successes were never accidental (or a happy surprise) as the business fairytales you might read to yourself as a bedtime story. 

How does the Golden Circle work? 

There are 3 things to think about when you’re figuring out how to apply the Golden Circle for your business. 

Those things are; 

The WHY – 

It’s simple. Why do you exist? 

You want to be an average salesman? Cool, then mindlessly ‘making money’ is okay. 

You want to be an entrepreneur? Start thinking of your purpose. 

This is the first thing that comes out of my mouth when my followers ask me what’s the fastest way to get successful online.

(If only to secretly distinguish the actual success stories from the ‘get-rich-quick’ junkies). 

Always ask yourself “WHY” this particular idea matters to you. WHY it should even be a thing that’s released into the world. 

Because if you don’t know WHY, you’ll never be able to communicate your importance to those listening, i.e your customers. 

Hint; If your mind wants to answer ‘because it’s a profitable niche’, you definitely need to reconsider starting this in the first place. No purpose = no way you’re getting a million dollar business idea.

The HOW – 

You have your ‘WHY’. That’s literally the hardest part of the formula, so awesome job for figuring that out! 

Now, move on to the HOW.

HOW will you get people to pay attention to you? 

Are you going to be focused on making a traditional, old experience better? Do you want to move on from an outdated product in the market? 

The HOW is always the explanation as to how your business/service/product is different or better than something that people are accustomed to. 

The WHAT – 

The WHAT of your million dollar business idea should be much easier to figure out. 

Here, you’ll determine what your product or service you’re going to be offering. 

The WHAT (even if it’s a service) is something tangible, clear as day, and essentially, your key as to how you’re going to get people to realize the WHY. 

Companies everywhere are never confused about their WHAT. It’s always a state-of-the-art gadget, or sophisticated clothes for the modern woman, or innovative SaaS program. 

That’s great. But the common mistake lies in starting with WHAT, instead of WHY. 

“People don’t buy WHAT you do. They buy WHY you do it.” 

Simon Sinek, Start With Why

If you’ve ever had a 10-minute conversation with me, you know I’m going to repeat this time and time again. 

Now, let’s tie it all together. Here’s an example of my own Golden Circle.

I exist to make people’s lives easier on the Internet. 

And I do this by giving them step-by-step education and a guiding hand to earning an income online. 

Right now, I give people all around the world access to an exclusive community of people, tools, and my own personal mentoring to make this happen. 

See how this information gets married together? Pretty cool right? 

The Results From The Golden Circle 

I know what you’re thinking. Is this really the best way to find a million dollar business idea?

…And boy oh boy, how exact is Simon Sinek’s science? 

Personally, I’m a fan of nothing more than bulletproof evidence (so I hope you are too). 

In his book, Start With Why, Simon illustrates how Apple has done this better than everyone else.

So if you’re looking for real-life success stories of million dollar business ideas, just consider Apple’s $2 trillion-dollar grip on technology. 

Being realistic, there’s nothing special about Apple’s computers or phones. 

What distinguishes them from Dell, or HP, or ASUS? Nothing. 

(If I’m being honest, a lot of Apple products are pretty sh*t in comparison to these 3, don’t even lie…)

So why is Apple consistently more profitable? 

Why is their brand consistently called more ‘innovative’? 

…How the hell have they built an ‘Apple-cult’ of people sleeping on cold pavements waiting for the release of a new iPhone? 

It’s simple. Apple never strayed away from their main purpose. 

They have never strayed from making products that are beautiful and easy to use. 

It’s disgustingly simple as that. 

And that’s why Apple rarely carries out sales promotions, fear tactics in advertising, discounts, storewide sales…

Because they know they don’t need it.

And they also secretly know that it would hurt their brand in the long run. 

It could hurt your own business too, if you’re not careful. 

Rather, Apple uses a variation of the Golden Circle to make their million dollar business idea.

Then went to replicate that to a billion. Then, a TRILLION dollars.

And truth be told, you can do the exact same thing. 

Not just for starting your online business. 

It’s a principle that can be enforced at every single stage of your business’ journey. 

From launching a new product, to carrying out a new marketing campaign, or even if it’s just to repeat time and time again to your employees! 

Whatever it may be, the Golden Circle is a fantastic place to start. 

How will you use it to create something revolutionary? 

About the author 

Reeve Yew

Reeve is the CEO and a Member of Forbes Business Council.

He has spoken on stages, both online and offline, alongside world class entrepreneurs and marketers like Gary Vaynerchuk, Brian Tracy, Kevin “Shark Tank” Harrington and Mark “Godfather of Internet Marketing” Joyner.

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  1. Lots of value in this article. Thinking of starting a business, gonna start using the Golden Circle to figure things out.

    Awesome, Reeve.

  2. If you don’t have a WHY, you don’t have a business. You have a random eCommerce store, Instagram shop yada yada. Wish more entrepreneurs can actually follow this advice…

  3. I think you got it spot on!

    Read Sinek's book too (and in some areas, his explanation gets a little too draggy…)

    Enjoyed reading this recap, Reeve.

    Great work brother!

  4. SOMETHING, just SOMETHING about Apple.

    Even if they kill you with their prices and average phones, people are crazy over new launches.

    There's nothing great about the product itself. Just how they've marketed it to be such an exclusive item.

    Wonderful marketing by them, even after Jobs.

  5. So many people rushing to build an online business. But not many of them know what's gonna set them apart. Simon's Golden Circle is a pretty good guide, thanks for highlighting this Reeve.

  6. I actually really like your company's Golden Circle. Clear, and immediately tells people what you're doing. Niceeee

  7. Trick to the Golden Circle? It's really just about getting people to remember you. I think that's why the Golden Circle gives "juice" to the best kind of marketing. Word of mouth.

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