{"id":18716,"date":"2023-10-25T18:04:34","date_gmt":"2023-10-25T18:04:34","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/to-moonshot-or-not-to-moonshot-your-business\/"},"modified":"2023-10-25T18:04:36","modified_gmt":"2023-10-25T18:04:36","slug":"to-moonshot-or-not-to-moonshot-your-business","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=18716","title":{"rendered":"To Moonshot, Or Not To Moonshot, Your Business?"},"content":{"rendered":"
\n

If you\u2019re a regular reader of this column, you know that I\u2019m all about transforming a smart, moneymaking business into a moonshot. In fact, I lead a weeklong workshop at Oxford University called Moonshots & Moneymakers for entrepreneurs looking to do just that.<\/p>\n

Quick review: A \u200bsmart business (aka Moneymaker) encompasses four important elements:<\/p>\n

    \n
  1. Self-funding with minimal debt or outside equity investment<\/li>\n
  2. A focus on sustainable growth, ensuring long-term success rather than short-term gains<\/li>\n
  3. A unique competitive differentiator in the market<\/li>\n
  4. Scalable systems and processes to drive efficiency and productivity<\/li>\n<\/ol>\n

    A Moonshot distills the essence of a Moneymaker for a much larger total addressable market. The path from Moneymaker to Moonshot begins with seeing an opportunity to apply technology (element #4 above) to make a profitable business into a scalable business worth many multiples of revenue.<\/p>\n

    Take the example of Jere Simpson, founder of IT security firm KITEWIRE. His business started out as a government contractor building security platforms for the likes of the FBI, and quickly became a moneymaker. Soon enough, Simpson had something extraordinary in his hands: a software security platform tested and approved by the FBI that he, not his customer, owned. Why does that matter? Because software\u2014especially today\u2019s software-as-a-service (SaaS)\u2014is expensive to develop, but infinitely inexpensive to scale. Long story short, once KITEWIRE created its SaaS product for individuals and businesses around the world, it became very valuable. How valuable? Just three years after launch, Simpson sold it in 2021 for $1 billion.<\/p>\n

    <\/fbs-ad><\/p>\n

    That said, though, there are a lot of reasons for building a company, and they don\u2019t all involve working toward a billion-dollar payday (and all the time, stress, and risk that entails). Instead, you may want independence, time for your family, a reliable source of income, or a business you can pass along to your children or employees. It is really about defining what success looks like for you.<\/p>\n

    Three Entrepreneurs, Three Definitions of Success<\/strong><\/h3>\n

    I recently spoke with three entrepreneurs who run smart businesses to see where they placed themselves on the Moneymaker-to-Moonshot continuum. Here\u2019s what they told me:<\/p>\n

    \u201cFor us, it\u2019s about staying true to who we are,\u201d says Donna LaVoie, founder and CEO of LaVoie Health Science, an integrated strategic communications firm. \u201cWe have trademarked methodologies that we deploy, and we can continue to develop those methodologies and train our staff on them.\u201d LaVoie sees plenty of growth opportunities along her current path, but that doesn\u2019t mean she\u2019s averse to innovative pivots. Quite the contrary. \u201cWe\u2019ll continue to combine our knowledge with the use of other tools,\u201d she says, noting, \u201cI just stepped out of a conversation on how we might use [artificial intelligence] for [public relations], and how we can guide our clients through some of that from a risk mitigation standpoint.\u201d<\/p>\n

    \u201cIt will make us more valuable in the future and more attractive to a wider variety of potential strategic partners.\u201d<\/h3>\n

    Andrea Fryrear, co-founder and CEO of marketing consulting and training company AgileSherpas, is currently contemplating a potential Moonshot. \u201cThe interesting next phase is more of a productized blend,\u201d she says. \u201cThere are lots of exciting ways now for people to access us when we\u2019re not there with them,\u201d such as self-directed online learning. \u201cIt increases our efficiency,\u201d she continues. \u201cOne person can serve more clients, and it can also broaden our reach so folks who might never be able to retain us at a private engagement level could still access helpful content. That\u2019s really the exciting place for me. It will make us more valuable in the future and more attractive to a wider variety of potential strategic partners.\u201d<\/p>\n

    Stacia Nelson, founder and CEO of Pivot Strategies, a communications agency specializing in internal communications, organizational change management, and environmental, social and governance reporting, has a somewhat different take, but no less ambitious. \u201cFor us, market domination is the goal,\u201d she says matter-of-factly, \u201cwhether that\u2019s continuing to grow organically and\/or looking for companies that we could acquire that would help us to grow more quickly. We are also looking at creating a product. However, I would say one of the things I love, and I really believe as an entrepreneur, is that you\u2019ve got to stay close to the things that make you feel alive.\u201d<\/p>\n

    In the end, they all agree that one\u2019s impact on the world is the key to satisfaction, whatever form that takes. Nelson summarizes with a quote from the 18th century theologian John Wesley: \u201cDo all the good you can, by all the means you can, in all the ways you can, in all the places you can, at all the times you can, to all the people you can, as long as ever you can.\u201d<\/p>\n

    How big are your entrepreneurial dreams? Are you looking to change the world all at once or one customer at a time? Share your thoughts in the comments!<\/p>\n

    In the meantime, sign up for our free How I Did It<\/em> monthly video series to hear my complete conversation with Donna LaVoie, Andrea Fryrear, and Stacia Nelson, along with interviews with other fascinating entrepreneurs.<\/p>\n<\/div>\n

    Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    If you\u2019re a regular reader of this column, you know that I\u2019m all about transforming a smart, moneymaking business into a moonshot. In fact, I lead a weeklong workshop at Oxford University called Moonshots & Moneymakers for entrepreneurs looking to do just that. Quick review: A \u200bsmart business (aka Moneymaker) encompasses four important elements: Self-funding […]<\/p>\n","protected":false},"author":1,"featured_media":18717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-18716","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nTo Moonshot, Or Not To Moonshot, Your Business? | Brandiary<\/title>\n<meta name=\"description\" content=\"If you\u2019re a regular reader of this column, you know that I\u2019m all about transforming a smart, moneymaking business into a moonshot. 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