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Entrepreneur Exclusive: Time-Tested Business Practices For Exponential Growth
- March 21st, 2018
7 min read
“I like the impossible. There, the competition is smaller ” ~ Walt Disney
Entrepreneurship could be synonymous to success, failure, dollars, lesson or whatever your experience has been with it. The undying drive for exponential growth of business that accelerates to the top of industry eventually makes a compromise down the line when you’re caught up by a burden of responsibilities, surrounded by risks and pressurized to keep it going.
How can you dodge circumstantial hiccups and focus on long-term growth?
Walking in the shoes of an entrepreneur is never too great because spikes and thorns make its sole. To elaborate, you’ve to worry about your employees’ well-being, company policies and making out safe through all of the expectations that your company has from you as a leader. One wrong move and you’ll be out of the game. Whatsoever, as Mark Zuckerberg, founder of Facebook says, “The only strategy that is guaranteed to fail is not taking risks.” Whatever scale of risk that you’re going to take, triumph is set to be yours.
The Highway To Drastic Company Growth
There could be myriads of advises that you would be collecting from the businessmen around the world for exponentially growing into a multinational company but what’s missing is the bridge that puts you in the position of implementing them into your business. What you need to be there?
1. Mindset & Fearlessness To Attempt Unusual
At times, the budding businessmen risk everything without the thought of ‘what if?’ That’s because your losses will affect you and your mates, but not the 100 employees that you’ve employed. The truth is if you’re going to nurture your mindset of growing 2x each year then you’ll find yourself in the pothole of not developing but sustaining. However, the fact is you can only sustain if you’re developing because the saturation starts to bring you down. Instead of getting stuck with what you have, start to 10x your possessions each year. It could be in number of employees, services, revenues, customers or targets. Don’t think you are thriving at 2x speed. The dirt game starts when you aim higher.
2. Integrate Technology At First Sight
Entrepreneurs who read are the ones who understand. Having foresightedness regarding a new technology is important because that’s the only medium of how you can optimize your process. Let’s say, preparing and filing of tax needs an outsourced team of experts which could be reduced to one employee with the help of tax software like TurboTax, Freshbooks, Wave Accounting and more. Keep tracks of software flowing in the stream of innovation to improve your current process and restrict your greens that could be used to materialize more profitable ideas.
3. Invest In Your Strengths
Hovering a magic wand over your weaknesses might make you a great person but as a businessman, you need to take a different route. It’s as simple as it is, “A+A=2A”. What you’re good at, invest your energies and resources in it to make it furthermore rich. Taming your company’s weaker sections will only leave you lost in a jungle of ideas but no way to implement them. You can only scale up your progress if you can excel the tact of leveraging resources at right place and time.
4. Yearn For Strategic Acquisitions
Facebook is the magnum opus of strategic acquisitions. WhatsApp, Instagram, Oculus VR, Liverail are some of the 67 companies which were bought by Facebook. Does this keep you pondering how a small business can benefit out of it? Imagine, Matt has a company that deals with home appliances which makes generous revenue of $5,00,000 annually. He buys another company that deals with car insurances and has a number of trusted customers producing $1,00,000 per year. Now, you have a clientele of customers who bought your appliance and would be interested to buy car insurances and inversely. Growing both of your businesses through cross-marketing of warm relations is the stroke you can’t miss.
5. No Excuse-Day Possible
As you grow, your company would need more people to trust in your crests, hang on in the troughs and lead the company by an example. Do conquer the truth at earliest that “Overnight success is as good as a dream.” You need to put in your efforts each day. Workout your ways to integrate optimized systems, non-viscous workflow and motivated employees who would show their adequacy to handle gritty challenges continually.
Some examples of companies who experienced growth from zilch to billions!
Every new concept introduced to the world will have a setback initially; until you develop and tempt the customers so much so that their life is unthinkable without your products and services. Companies that render this idea into reality:
Hadn’t Jeff Bezos found the way to sell products through online portal, do you think this era of e-commerce was set to come? With 30% expectation to succeed, he anyway started to sell books through his garage.
This peer-to-peer ridesharing took a started off in 2009, by the name of UberClap in San Francisco. Travis Kalanick got Garrett Camp on board to bring the idea of booking cab by click of a button that sends the text to driver for confirmation into existence. It took no time to spread through 633 cities over the globe with right advertisement and interpretation of consumer needs.
PayPal might have a number of backstories attached to its success but when Peter Thiel took off as CEO of the company, it engrossed profits forthwith. Over 200 million members find this method of online payment much simpler in terms of technology when compared to card transaction, echecks or other means.
Reed Hastings blames the ‘$40 late fees’ on rented movie records in his younghood for his idea of starting Netflix. Along with Marc Randolph, Reed Hastings worked on this internet business which engulfs 100 million views worldwide. This company took less than 2 decades to become one of the Top 10 revenue generating businesses.
When everyone must have thought that time is up for singers to emerge out big in short time, Spotify made it possible. It lets the singers to make their audios available to their listeners without incurring cost. However, Spotify makes revenues on the basis of premium services and earning a percentage on sale of records.
These companies made their way through to the top when the internet was upgrading its tendency. What’s possible now is unbelievable but can you wait for the time to show you the way?
Being a businessman is not always as cozy as chiffon but that’s the highway you took by your choice. So, you need to pull up your sleeves and get the construction going forever until you’re in the business.