Is Inventing Something New Necessary to Become a Billionaire?

Liz Elting, the founder of TransPerfect, proves that you don’t have to invent something entirely new to achieve unparalleled success as an entrepreneur. In a recent interview on The Small Business Radio Show, Liz shared her insights on how she built a billion-dollar business by focusing on improving and innovating within existing industries.

With over $1.2 billion in revenue and offices in more than 100 cities worldwide, TransPerfect is the world’s largest language solutions company. Liz’s approach to entrepreneurship emphasizes the importance of execution and the relentless pursuit of excellence in service and quality. She believes in creating a “better wheel” rather than reinventing the wheel.

During the interview, Liz highlighted the significance of setting clear goals and taking disciplined daily actions to drive her company forward. She emphasized the importance of focusing on verbs and actions, rather than just the concept of starting a business. By setting specific revenue and profit goals and aligning compensation structures with ownership, Liz was able to scale TransPerfect successfully.

Liz’s strategy of instilling a sense of ownership in employees by rewarding them like owners contributed to the company’s growth. Her approach to entrepreneurship serves as a testament to the power of execution and the impact of setting and writing down specific goals. To learn more about Liz Elting’s journey to building a billion-dollar business, tune in to the Small Business Radio Show for the full interview.