The views expressed by (*4*) contributors are their very own.
Starting a business requires a delicate balance of risk, passion, knowledge, research and confidence. You must trust your instincts – and build on the exertions you’ve got done to arrange for your enterprise growth. You also must weigh the potential risks against your self-confidence and belief that you simply have what it takes to succeed. I know this dance well; I founded over 300 firms.
I imagine that business development is my best strength. Building a business is an outlet for my many interests, from humanitarianism to scientific research and design. I have all the time enjoyed the unique challenges of business leadership, defining the “why” of a company and navigating the rough waters as a company takes off and grows. It’s not for everyone, but it’s definitely for me. Owning a business is a way for me to do my part to enhance the world around me.
With so many businesses under my supervisionI’ve learned a lot about scaling businesses. Here are my top 4 suggestions for growing your enterprise successfully.
Every business is unique, and determining what works will take some trial and error. For every win I’ve experienced, there’s been at least one loss. Every loss is a great learning opportunity—so trust me when I say I’ve learned a lot.
1. Success in business is only possible because of passion
My businesses proceed to grow because my passion for my work has never waned. Success is rooted in the insatiable desire to pursue your dreams through all the difficulties and failures you encounter.
I’m passionate about producing products that meet the needs of shoppers while contributing to the common good. This means creating products that support the health of people, animals and the earth, while also listening to the protection of the environment, land, air and water. It also means creating sustainable solutions that challenge the establishment scientifically and artistically. This is my calling, and it motivates me to work hard every day.
No successful entrepreneur can stand behind a business they are not passionate about. Having the numbers to prove your dream can yield real monetary value is one thing. But before that, when you are alone against the world, passion is a vital source of life to maintain you afloat.
2. Your mission, vision and value statements are more essential than your enterprise plan
Each of my many firms has one mission: to create positive change and make a difference in the lives of individuals around the world. Based on the products and services offered and the teams I assembled, I defined each company’s vision (how we are going to achieve the mission) and values (aspects that drive our decisions).
Mission, vision and work on values are mandatory to realize business success. They make it easier to differentiate your organization from the competition and be certain that the same compass guides your entire team and makes decisions that positively impact the larger team.
It is much easier to know the “why” and discover the “how” than to grasp the “how” and work out the “why”. When you truly care about the mission you are on, you bring creativity by exploring the “how,” encouraging innovation in the process. Your marketing strategy may come later.
3. Hiring is essential to growing your enterprise, so take it seriously.
You cannot achieve growth without a team to support your enterprise, so hiring is essential when scaling. Your employees must understand your organization’s philosophy, and it’s best to emphasize the importance of only hiring employees who agree with that philosophy. An worker who ignores the company’s mission is a liability, and screening out such employees during the recruitment process is mandatory. I’ll vouch for a candidate with less experience and a greater internal fit with my company’s philosophy than the latter. You wish to build a team, not a workforce.
I also have a progressive approach to employing people of diverse backgrounds and am open to second-chance employment. Look for the right person to fill each role, and don’t exclude people with a background, disability or unique experience. An open recruitment policy dramatically increases the pool of candidates and increases the probability of finding the perfect candidate. If you are too focused on hiring employees with impeccable backgrounds, you are depriving your organization of enormous potential. Employees with different experiences and perspectives are essential to innovation. Evaluate character without letting bias hinder your decisions.
4. Motivate for good results AND good attitude
Once you build a team, you should retain that talent. Don’t expect everyone who works for you to see their job as a calling. This sort of view is naive and, frankly, selfish. Motivate your employees to work their hardest and create a good atmosphere in the office, then reward them.
I have no problem compensating for a good attitude, as well nearly as good results. A positive attitude, a can-do attitude, and a sense of urgency work wonders when a team is working toward lofty growth goals. And if the team includes people you personally mentor and wish to see grow, then bonuses and incentives needs to be a pleasure to present. It means you probably did your job during the interview.
I even allow employees to bring children and pets to work when needed. Few CEOs take this approach for fear of being perceived as “weak.” However, I encourage entrepreneurs to advertise inclusivity in the office and create a friendly environment. I’m willing to accommodate my employees’ needs because I value their contributions and I would like them to know it. The traditional work environment is designed for a cookie-cutter form of worker, a mold that not everyone can fit. Celebrate diversity among your employees and encourage a work environment that works for everyone.
To successfully scale a business, I’ve learned that you should focus on what’s most significant: the passion and mission behind your enterprise and the individuals who make it work. Invest in those things first, then watch your enterprise grow.