You can't remain a startup forever! Your startup will move into the small business territory and ultimately into a full blown enterprise. However, it’s hard to see the forest for the trees when you are the founder, the CEO, and otherwise coddling your baby from the very inception. In fact, many founders don’t even realize they’ve found success until the facts beat them over the head repeatedly. Understanding the signs that you’ve reached enterprise status can help you plan your next moves more wisely and actually enjoy your success.
But how do you know you’ve “made it?” It’s different for every company, but here are a few of the most obvious signs you can finally pop that champagne bottle you’ve been holding onto:
1. You’re in the black
You might not be rolling in the dough, and technically maybe you still have debt to pay off (like that commercial space you bought), but you’re profitable and you can actually pay yourself as well as all your employees. Maybe you don’t need to be quite as frugal as you used to, or maybe you’ve been able to spring for some new equipment without it putting you into a panic. Basically, your numbers all pan out.
2. You’re being sought out as a leader
This might mean you as the CEO/founder/thought leader or your company by others in the industry. When you’re a startup, you have to fight for scraps and strain to be taken seriously. If you’ve “made it,” you’re naturally invited to all the local and regional related conferences, you’ve been asked to speak to your colleagues in a formal setting, and the vast majority of your clients likely come from word of mouth referrals. In fact, you might be so busy you’re not even taking on new clients!
3. You’ve taken a vacation
At the very least, you feel confident that you could take a vacation without your baby falling apart. For many founders, they work hundred hour weeks and give up any down time or vacations in order to fulfill their dreams. However, it’s important to remember that if you can take a vacation, you should do so. It truly helps you recharge and you, as well as your business, will benefit from it.
4. You still have that passion
“Making it” doesn’t just mean that you’re profitable and not at risk of going under at any moment. It also means you’ve maintained your vision, dream and goals and you still love what you do. If you’ve lost that love along the way, it’s time to stop and re-direct yourself. Otherwise, your startup has given way to “just another job” even if you happen to be at the helm of it. Don’t forget what you set out to do: Create a company you adore and are proud of.
There are a myriad of other signs that you’re in enterprise territory, and they can all be personalized to fit your perspective. How did you know you made it, or what do you envision that landscape to look like when you get there?