We define scaling as growing sales at over 25% per year and ideally 50% to 100% which can be sustained for many years. Lots of people know only about 15% of new startup companies will survive long-term. And by this I mean innovative new companies and business models and products, not franchises or copies of proven business models like a sandwich shop. However, few people know that only one in 6,300 companies will ever reach $100 million in sales and create lots of wealth for their founders, employees and investors. This kind of growth is what really impacts the world and people on a large scale and also creates new jobs. The standard of living for all people is driven up by strong innovation and entrepreneurship.
First, let me dispel a commonly believed myth of entrepreneurship. No one needs a college degree or MBA to succeed. Everyone talks about education as a foundation to become an entrepreneur, but it is by far the least important factor as proven by so many billionaire college dropouts like Steve Jobs, Bill Gates, Richard Branson, Mark Zuckerberg, Oprah Winfrey, Larry Ellison, Michael Dell, Henry Ford, and Walt Disney. I have heard it claimed as many as forty percent of highly successful entrepreneurs and billionaires have never graduated from any college. These are the out-of-the-box thinkers, risk-takers and people who are driven to learn for life and get better every day, not just for a few years.