Talk to any fledgling entrepreneur and they’ll tell you the same things. They want to be successful. They have big dreams. They want to be a millionaire in a year. They want their company to be the next Apple, the next Google, the next McDonalds. But many of these entrepreneurs have no real grasp of what it takes to achieve growth in business. They might be hungry, but they’re hungry for results, not for the whole package. They’re also competing against thousands of other hungry people, who are perhaps as talented, or even more so.
So how do you stand out from the crowd? Make your business stand out from the crowd? What are the specific things that successful entrepreneurs do to maximize growth potential in their businesses?
Hire the Right People
The best entrepreneurs know that they can’t do it alone. A fledgling business is a complex and fragile construct that can only survive if it is supported by strong people. You can’t do everything yourself, but you can hire the best people to handle the things you can’t. Then, as your business grows, you won’t sink under the weight, because you won’t be holding it alone.
Be Ready for Growth
One of the biggest hurdles for startups is reacting to fast growth when it happens. Success can be more of a challenge than failure. You need to be equally as ready for a hundred thousand new customers as you are for one thousand. Do you have access to the infrastructure needed to meet demand? Many startups have failed because of a spike in popularity creating demand they couldn’t meet. The bad reputation of not meeting thousands of orders can be hard to escape.
Be Ready for Change
The market isn’t static, and neither should your business be. When demand changes and customers needs change, you should be ready to meet them. Can you alter your product to meet a new need? Can you take feedback about the negative aspects of your product and quickly roll out solutions? Digging in your heels might have worked in the past when the competition wasn’t as thick. But now, you’ll just be replaced by another business that’s willing to meet the need.