Week 2: The One Million Dollar Challenge
Creating a 1 Million Dollar Strategy
Throwing spaghetti at the wall, waiting to see what sticks is not a strategy, it’s barely a plan. Without a strategy for making a million bucks, you are likely to fail, and I want you to succeed. I want to succeed too! So it’s time to start strategizing while we reach for the stars.
Ever been to a party with piñata ?
It is so much fun to watch kids and adults alike whack that poor lil piñata with a stick while blindfolded. The difference between someone who has half baked plans and someone with a solid strategy, is the difference between a person who hits a piñata blindfolded and someone who can see.
The one with the blindfold has to work 100x harder to knock out any candy.
The one without the blindfold, can conquer the piñata with a few calculated blows. Enjoying the sweeties inside at a faster rate while using less effort in the process.
I don’t know about you, but I’ve been throwing spaghetti and whacking piñatas blindfolded without even realizing it.
If I want to be a successful entrepreneur with a million dollars in gross profit in one year, then I can’t keep hitting the piñata blindfolded.
I thought my project deadlines and my mile long to-do lists were all I needed to succeeded. I am a go-getter who isn’t afraid of hard work.
I am also an excellent planner. Maybe it’s the Virgo in me. I planned our beautiful wedding in Oct 2023. I’ve planned countless TV productions with many moving parts and people. I’ve planned trips, programs, elaborate events. My hubby always jokes that I ask too often “What’s the plan?”
But have I been strategic?
My “getter done list” has always been my guide throughout the day and the measuring stick from which I evaluate my productivity, it’s also a source of constant overwhelm.
A few days ago, while spring cleaning my office space I stumbled upon my plans scattered about the room on sticky notes, scraps of paper, in journals, on google docs. My plans were everywhere. No wonder I felt scattered.
My outside world showed me that I was someone who had heaps of to-dos and well intentioned plans with ZERO strategy.
“A well intentioned plan is not a strategy.” - Whitney Anne Ellis
No wonder everyday has felt like “too much.”
Since the day I choose to be an entrepreneur I have felt an overall sensation that there isn’t enough time for all the things I have to do and all the hats I have to wear. From social media posts, tax preparation, sales, administration, responding to emails, and so much more! (My head hurts just thinking about it)
Then I asked myself…
What would a successful millionaire do?
They would would have a strategy.
In order to rise to the next level, and be ready for financial expansion, we’ve got to create strategies and systems that support us and our goals.
Let’s begin with defining what a strategy is.
What is a strategy?
According to strategy expert Roger Martin, former dean of the Rotman School of Management at the University of Toronto, “ a strategy is the act of making distinctive choices that position [you] uniquely to win.”1
“A strategy is the act of making distinctive choices that position [you] uniquely to win.” - Roger Martin
Whoa, Nelly!
Confession time: I rarely focus on how to win. My focus often goes toward how to not lose and prepare myself for the probability of failure.
I hate to admit this, but it’s something I have struggled with for years! Only recently have I become fully aware of how this defensive mindset can be fatal.
There is a HUGE difference between a person who focuses on winning vs a person trying not to lose.
Let’s go back to the piñata example, imagine the person hitting piñata is focused on not losing or avoiding failure. (blindfolded or not) How do they act? Most likely they are self-conscious, unsure of themselves, reticent or overly aggressive, trying to make up for the fact that they feel inadequate and don’t want to look foolish or make a mistake, especially in front of other people.
Now how does the person who 100% believes they can knock the goodies out of the piñata act? I bet with more confidence, certainty and most likely laser like focus. They treat the tool at their disposal as if it were a sharpened samurai sword, ready to slice the piñata like a knife cutting through butter.
Our mindset and our strategy must be in harmony if we are going to make 1 million in 1 year. Period.
We can’t keep playing defensive. We’ve got to put our self in the best position possible to win and really think we can.
Before we move onto how to create a one million dollar strategy I want to share with you this poem I read in one of my favorite money books Think and Grow Rich by Napoleon Hill. (It’s #1 on my 12 Best Financial Books That Changed My Life reading list)
In the book is this poem written by Walter D. Wintle. I believe it beautifully demonstrates how vitally important our mindset truly is when it comes to going after our deepest desires and big goals.
If you think you are beaten, you are
If you think you dare not, you don't,
If you like to win, but you think you can't
It is almost certain you won't.
If you think you'll lose, you're lost
For out of the world we find,
Success begins with a fellow's will
It's all in the state of mind.
If you think you are outclassed, you are
You've got to think high to rise,
You've got to be sure of yourself before
You can ever win a prize.
Life's battles don't always go
To the stronger or faster man,
But soon or late the man who wins
Is the man WHO THINKS HE CAN!”
Now that we are fully aware how important a winning mindset is as we work toward our goal of 1 million in 1 year. We’ve got to come up with a plan, or a strategy, or a strategic plan…wait…
Is there a difference between a plan and a strategy?
Roger Martin says YES, he explains that:
“A strategy is the act of making an integrated set of choices (coordinated decisions), which positions the organization [or person] to win; while planning is the act of laying out projects with timelines, deliverables, budgets, and responsibilities.”2
“Planning is comforting but it’s a terrible way to make strategy.”3
Confession time #2: I thought a plan and a strategy were the same thing. I thought they were interchangeable and synonymous. I didn’t know there is a difference until I dug a deeper and began to really think about it.
After further research I came to the conclusion that, a well-intentioned plan can easily become a wishful ambition with a deadline.
Whereas a solid strategy is a definitive roadmap with coordinated decisions/choices that compel actionable steps based on an educated guesses on how best to achieve the desired winning outcome.
In simple terms, there is the person who “plans” to start going to bed earlier at night, but when 10pm rolls around they end up watching Netflix and saying to themselves, I’ll try again tomorrow.
Then there is the person, who has a strategy for winning. They have made some key choices in advance that they will turn off all electronic devices at 9pm, they will dim the lights in the bedroom at that time, to trigger the transition into sleep, they will put on their pjs, brush their teeth and be in bed by 9:30, and at 10 pm lights out.
They also know WHY they want to go to bed early. They know they want to feel more vibrant and invigorated throughout the day so they can put their best foot forward.
Every night when 9pm rolls around, they follow their strategy. They take steps based on their key choices. They also make modifications if necessary. Maybe they give up the habit of watching Netflix at night, because it counteracts the early to bed goal. If they want to put themselves in a winning position then staying up watching the Love is Blind reunion is not going to help them get there.
Now let’s break down this simplified strategy and apply it to our million goal.
Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence, which does not recognize failure, will bring riches.” - Napoleon Hill
How do I create a winning million dollar strategy step-by-step?
First, listen to your intuition and trust it.
Your gut. Your inner knowing knows exactly what to do. You simply need to get still enough to listen to what it has to say to you. All the answers you need reside inside of YOU, boo!
Secondly, have faith in yourself and a Higher Power (God, the Universe, whatever you what to call it) to guide you along the way as you make choices and decisions. There is no guarantee you won’t make a mistake, f*ck up or face hard challenges, but if you have faith and you are persistent, you can get through anything.
Thirdly, you must answer all five questions below. Actually six questions, because I am going to add one vital questions which I believe is missing.
According to Mr. Martin, you’ve must make 5 key choices and those choices must fit together and reinforce one another. And how you make those choices is by answering these five key questions.4
What is [your] winning aspiration?
Where will [you] play?
How will [you] win where have [you] chosen to play?
What capabilities must be in place to win?
What management systems are required to ensure the capabilities are in place?
Strategy is choice. Strategy is not a long planning document; it is a set of interrelated and powerful choices that positions the organization [you] to win. - Roger Martin
In terms of the One Million Dollar Challenge, answer these 6 key questions.
(Fill in the blanks for yourself and your unique situation)
What is the winning outcome you are working toward?
Example: 1 million dollars in gross profit in 1 year by March 15, 2025.
In what arena will you be working in to get 1 million dollars?
Examples: E-commerce jewelry business, online courses about social media, life coaching on grief, a gluten-free bakery, a vegan restaurants in NYC, an indie bookstore on wheels, true-crime podcasting sphere, etc.
How will you win in the arena you have chosen? i.e. What do you uniquely bring?
These answers are super personal, but think about your unique selling point (USP). The essence of what makes your product or service better than competitors.5
In laymen’s terms: what problem are you solving and why are you the one to solve it and what do you bring that is different than anyone else?
What capabilities must be in place to win?
I love this question! What talents, gifts, knowledge do you need to achieve your 1 million dollar goal. Is there a knowledge gap? A technical skill you need to acquire? Do you need to hire experts to help you get to your goal faster? Or do you need to be coached by someone who has succeed at what you are trying to achieve? What support do you need to succeed?
What systems do you need in place to ensure your million dollar success?
This is a big one! I am going to write an entire blog post or two about systems. If you don’t have systems in place for how to manage a million dollars, it’s going to be a struggle!
I’ll go ahead and give you an example of a system I recently put in place. I paid for Bench Accounting to handle all my bookkeeping and tax preparation, so that I won’t waste my precious time in the weeds with receipts instead of focusing on building 1 million dollars in gross profit.
Why do you want to make 1 million dollars in 1 year?
This question is VITALLY IMPORTANT. If you don’t know YOUR WHY, you’ll quickly discover you’ll want to give up when the going gets tough. Your why is what is going to compel you forward every step of the way. Take time to figure it out. No superficial answers. Get to the heart of your why. Listen to your intuition, your soul knows.
Why you should commit your million dollar strategy to writing.
In a study conducted by Dr. Gail Matthews at Dominican University, you are 42 percent more likely to achieve your goals if you write them down.
Do yourself a favor and write your million dollar strategy down! Don’t just keep it in your head. You can keep your strategy private, or share it with someone you trust but I am telling you now, research has shown you will increase your odds of succeeding in achieving your goals if you write it down. Pen to paper. Keyboard to document.
You’ll thank yourself later.
Now I must say goodbye. I need to get cracking on my million dollar strategy. I am going to take the time to listen to my intuition, keep having faith in a higher power, answer the 6 key questions and write down my answers to how I am going to make 1 million in gross profit by March 15, 2025.
If you’d like to join the One Million Dollar Challenge please feel free to write your intention in the comments below with the hashtag #onemilliondollarchallenge. I also encourage you to read my first blog post to get started. :)
Xo Whitney Anne Ellis
P.S. I am a Money Life Coach, and I can help you. Find out how, here.
Oh, and don’t forget sharing is caring. If this post helped you or inspired you please subscribe, comment below, or share with others.
See you next Friday!
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//DISCLAIMER: All content has been prepared for informational, entertainment, and educational purposes only, and is not intended as Financial, Legal, or Tax Advice. Seek a professional, if you need it.
© Copyright Whitney Anne Ellis
🔥🔥🔥EXCITING UPDATE: On 3/20/24 I achieved one of my business goals. This week a hospital gift shop placed an order of affirmation decks for their store! I have a grand vision of A Deck of Hope being in every hospital in America, and now I am one step closer! You can learn more about this on my Instagram Stories
https://rogermartin.medium.com/is-the-opposite-of-your-choice-stupid-on-its-face-5b247ffd7f94
https://rogermartin.medium.com/strategy-vs-planning-complements-not-substitutes-ea08e56809d6
https://hbr.org/podcast/2023/05/the-difference-between-a-plan-and-a-strategy
https://rogerlmartin.com/thought-pillars/strategy
https://www.optimizely.com/optimization-glossary/unique-selling-point