5 ways to build a million-dollar solo enterprise on a shoestring

CNBC ^ | September 28, 2019 | Elaine Pofeldt

[2ndDivisionVet]

Rajesh Srivastava always loved trading stocks and options. When he found a way to turn that passion into a software that helps traders analyze and respond to the market, he started a one-man business around it in 2015. He eventually left behind his career working for technology firms to run his company, priceSeries, in Sunnyvale, California, which he launched for less than $1,000 to cover three used servers he purchased on eBay, along with memory and storage for the servers.

He sells the software by monthly subscription to more than 2,000 customers a month, on average, and now has annual revenue of more than $1 million.

Srivastava has become one of a growing number of entrepreneurs who are hitting $1 million to $2.49 million in annual revenue before they hire their first employee. And many like him are hitting the million-dollar mark within three to five years. In 2017, the most recent year for which statistics are available, there were 36,984 firms at this revenue level, a 38% increase from 26,744 in 2011, according to the U.S. Census Bureau. Most of these firms are solo businesses, but some are partnerships and family businesses.

[Robert DeLong]

So have you made your first million yet, or are you already well beyond the first million? 8>)

[Larry Lucido]

1. Write blog
2. Post on FR
3. ?
4. ?
5. Profit

[PeterPrinciple]

http://www.priceseries.com/

[Starboard]

According to his website “The company has been founded by technologists who have been trading in US markets for about 25 years.”

You would think that if they were so good at this they would be incredibly wealthy by now and cruising the world on their yachts instead of trying to sell software based on HFT spread trading.

[Robert DeLong]

Perhaps this is their goal 8>)

[databoss]

Boom...

[Chode]

have a name that ends in Biden, or Clinton, etc...

[Kickaha]

Start with five million?

[Dilbert San Diego]

I wonder if they make more money from selling software, than they do from the actual trades they make?

I heard that years ago, people who claimed how easy it was to buy real estate with no money down, were making much more in profit from selling books and tapes telling you how to buy property with no money down, as opposed to the profits they themselves made from actually buying and selling real estate.

[Michael44.]

Any trading profit made by the principals on these scams is usually from front running their customers’ trades.

[Starboard]

I wonder if they make more money from selling software, than they do from the actual trades they make?

*************

That seems likely to me. Nearly all investors who achieved great wealth are fundamentals oriented investors (i.e., they meticulously examine a company’s financials, management, industry position, external influences, etc.) in order to minimize their risk exposure and maximize their potential gains. It takes an enormous amount of work, time and patience to be successful at it, and the ability to endure occasional losses which are inevitable. Get rich schemes are for suckers.

[ShadowAce]

I'm working on my 2nd million.

The first was too hard, so I skipped it.

[Starboard]

You stand a good chance of achieving substantial wealth by going into politics. Those who make it to Washington seem to accumulate a lot more wealth than their salaries could ever do alone. Just saying.

[wally_bert]

That describes farming.

[2ndDivisionVet]

IIRC dating site Plenty of Fish got to $1 billion before he hired any employees.

[Calvin Locke]

In the early 1990s, Richard Branson was asked in an interview on how to become a millionaire.

“Easy”, he said. “Start with a billion, and buy an airline.”

[Kickaha]

Just kidding of course. Despite the Uniparty this is still the land of opportunity.

[Chode]

100%

[minnesota_bound]

I own stocks over the years and this is where I have made most of my money. I think over the price vs the number of stock shares I have all the time. I am not that far off from a million after taxes. The economy will pick up more once Trump starts arresting the democrat crooks.

Google for other ways: kids making millions
https://tinyurl.com/y4suh2rp