5 Powerful Lessons from Online Millionaires to Accelerate Your Business Growth

In the world of entrepreneurship, the stories of self-made millionaires often seem like distant fairy tales — reserved for a select few with a lightning strike of genius or luck. But what if the truth was more straightforward? What if these online millionaires followed a set of simple, repeatable lessons that anyone could apply to build and scale a successful business? That’s exactly what AppSumo uncovered after spending over 100 hours interviewing 20+ self-made millionaires who grew thriving businesses from scratch. The insights they shared boil down to five core lessons that can transform how you approach your business — whether you’re just starting out or looking to take your existing venture to the next level.

At Lobi Space, we’re spotlighting these lessons because they cut through the fluff and focus on real, actionable strategies that work. This isn’t about chasing the next shiny object; it’s about understanding what truly drives growth and how you can harness these principles to accelerate your own success.

Lesson 1: Ride Big Waves

Find Existing Demand and Position Yourself to Win

One of the biggest misconceptions among aspiring entrepreneurs is the belief that success hinges on inventing a brand-new, never-before-seen idea. The truth? Most online millionaires don’t start by reinventing the wheel. Instead, they find a big wave — an existing market with proven demand — and position themselves to ride it.

Why does this matter? Because starting with an existing demand drastically reduces risk. You’re not guessing if people want your product or service; you already know they do. As one interviewee put it, “There are 100 window washing companies in my city, and they’re all making money at different levels. Why should internet businesses be any different?”

This approach means you don’t waste time and resources on unproven ideas. Instead, you pick a business model or market that’s already been tested, then execute better or differently. This strategy accelerates your path to success, giving you valuable experience more quickly.

Marshall Hos’s story is a perfect example. After years grinding in e-commerce with notoriously low margins, he found a business model with better unit economics — what he calls doing business on “easy mode.” By focusing on profit margins and smart positioning rather than inventing something new, he grew his company to a $52 million exit.

That’s the power of riding big waves.

Lesson 2: Use Data as Your Compass

Eliminate Guesswork and Validate Quickly

Gut feelings and hunches have their place, but these millionaires all shared a common thread: they rely heavily on data to guide their decisions. Before investing time or money into an idea, they validate the opportunity with real-world data. This reduces guesswork and increases the odds of success.

One founder emphasized starting local and lean: “I start hyper local and with almost no money. Constraints equal creativity.” This scrappy approach forces you to get creative and focus on what really works without burning through resources.

Chris Koerner and Cody Schneider both echoed this mindset. Cody’s bias toward action means trying many things, then doubling down on the small percentage that actually work. This data-driven experimentation compounds the lessons learned, allowing founders to spot which “big waves” they can actually ride profitably.

By using data as a compass, you avoid the trap of building something nobody wants or spending too long perfecting an idea before market confirmation. It’s about quick validation, rapid iteration, and smart scaling.

Lesson 3: Start With Who, Not What

Understand Your Customer Deeply

Most entrepreneurs obsess over what product to sell. But Ryan Moran flips this thinking on its head by starting with who they want to serve. When you clearly define your audience and the transformation you want to help them achieve, the “what” — the actual product or service — becomes effortless.

Ryan’s simple framework is: “I help [blank] achieve [blank].” This clarity helps you focus on benefits rather than just features, which is crucial for product-market fit. The deeper you understand your customer, the easier it is to communicate why your product matters to them.

Adam Robinson, founder of retention.com and RBP, who generates $22 million in annual recurring revenue, shared a powerful insight: “The ones that start hard stay hard. The ones that start easy stay easy.” This means that truly understanding your customer and meeting a real need is what makes growth sustainable and scalable.

A striking example comes from Matt Mer, who tested a subscription box for large dog toys by showing a Photoshop mockup to potential customers in a Manhattan dog park. He got 50 pre-orders without a website or product, simply by validating demand first. This approach saves time and money while building confidence in your offering.

David Riggs also applied this by asking wealthy business owners what they hated about marketing, uncovering a pain point he could solve. Even without knowing how to build a website, he found someone who could and landed his first paying client. This story highlights that starting with what customers will pay for is more important than knowing how to do it upfront.

Lesson 4: Leverage Other People's Audiences

Strategic Partnerships Are Your Shortcuts

Building an audience from scratch is slow and expensive. Paid advertising can drain budgets quickly, especially for startups. The millionaires interviewed found a powerful cheat code: partner with influencers or businesses who already have the audience you want.

Marshall Hos described this as the number one growth hack in his business — giving influencers a small equity stake to promote products to their followers. This creates a win-win-win situation: influencers benefit from ownership upside, you tap into a ready-made audience, and customers get access to products they want.

Ryan Moran’s team structured deals where influencers received shares worth double their usual sponsorship rates. This raised the company’s valuation overnight and attracted capital, all while boosting reach organically.

This strategy isn’t just about free marketing; it’s about aligning incentives so everyone benefits. Instead of competing with others for attention, you borrow their audience through genuine partnerships. This shortcut accelerates growth and builds credibility fast.

Lesson 5: Learn by Doing

Action Beats Overthinking Every Time

All these successful founders shared a massive bias toward action. They didn’t wait for perfect knowledge or endless courses. Instead, they jumped in, learned on the job, and adapted as they went.

One founder said, “I’m not interested in the tools themselves. I’m interested in the outcome they create.” For example, instead of mastering every feature of a tool like Zapier, they learn just enough to solve the immediate problem, often by watching quick tutorials or experimenting directly.

This approach prevents paralysis by analysis and keeps momentum going. It’s about building, testing, and iterating rather than becoming a “glutton of education” who never launches.

The takeaway? Start today. You don’t need all the answers up front. Learning in the trenches, facing real-world challenges, and adjusting on the fly is where real growth happens.

Recap: The 5 Core Lessons from Online Millionaires

1. Ride big waves: Find existing markets with proven demand and position yourself to benefit.
2. Use data as your compass: Validate opportunities quickly to avoid guesswork and wasted effort.
3. Start with who, not what: Understand your customer deeply before deciding on the product.
4. Leverage other people’s audiences: Form strategic partnerships to tap into ready-made audiences and accelerate growth.
5. Learn by doing: Prioritize action and iterative learning over endless planning or education.

Why These Lessons Matter for Local and Service Based Businesses

Whether you’re running a local coffee shop, a consulting firm, or an online store, these lessons are incredibly relevant. For example, if you’re a service provider, starting with who means understanding your ideal client’s pain points deeply. This focus helps you tailor your marketing and service delivery for maximum impact.

Using data to validate ideas can be as simple as surveying your community or testing a small pilot service before scaling. Partnering with local influencers or complementary businesses can turbocharge your reach without breaking the bank. And adopting a “learn by doing” mindset ensures you don’t get stuck in analysis paralysis, which is especially common in service industries where client needs evolve rapidly.

At Lobi Space, We Help Chicago Entrepreneurs Build Real Businesses

At Lobi Space, we’re more than just a place to rent an office — we’re a business incubator designed to help Chicago entrepreneurs grow. Whether you need a quiet workspace, a pro-level podcast studio, or just a solid community to lean on, we’re here for it. Based in Chicago since 2015, we’ve supported over 1,200 local businesses with flexible workspace, virtual office services, and real-world support.

If this video sparked an idea, we’ll help you take it to the next level — right here in your own city. Real-world insights like these, combined with a supportive environment, can make all the difference when you’re ready to turn lessons into action.

Watch the Full Video and Learn Directly from the Millionaires

Watch this video by AppSumo to see these five lessons from online millionaires explained in action. Their firsthand stories and practical advice offer a blueprint for accelerating business growth without chasing unrealistic ideas or complicated strategies.

Inspired? Come Build Your Version of Success at Lobi Space

If these lessons resonated with you, it’s time to stop thinking and start doing. Whether you’re launching a new business or scaling an existing one, the path forward is clearer than you think. At Lobi Space, we provide the resources, community, and real-world support to help you turn these lessons into meaningful growth.

Ready to take the next step? Visit us, join our community, and let’s build something great together.