{"id":2644,"date":"2017-01-19T08:48:22","date_gmt":"2017-01-19T08:48:22","guid":{"rendered":"http:\/\/mydiscover.net.in\/sms\/?page_id=2644"},"modified":"2021-06-25T03:45:32","modified_gmt":"2021-06-25T03:45:32","slug":"tips-for-growing-a-successful-business","status":"publish","type":"page","link":"https:\/\/mydiscover.net.in\/blog\/tips-for-growing-a-successful-business\/","title":{"rendered":"Tips For Growing A Successful Business"},"content":{"rendered":"\n

Goldman and Nalebuff share 10 must-follow rules on how to start and build an equally impressive empire (you can find these rules in the back of their book; \u2018Mission In A Bottle<\/a>\u2019<\/em>):<\/p>\n\n\n\n

. \u201cBuild something you believe in — because that\u2019s the first step to building a great brand.\u201d<\/em><\/strong><\/p>\n\n\n\n

Just like Goldman and Nalebuff, I learned a powerful lesson in tenacious passion from 30 plus years of entrepreneurship. When you\u2019re all alone, sitting in a dark room wondering why your business is failing, there is only one true thing to power you forward — you believe in your purpose<\/em>.<\/p>\n\n\n\n

2. \u201cDon\u2019t aim for 10% improvement. Make it radically better and different.\u201d<\/em><\/strong><\/p>\n\n\n\n

Yes — in today\u2019s society we collectively create amazing products, services, and companies through entrepreneurship. World-changing at times and Honest Tea was radically different when first introduced. But, if you look around, we also live in the land of \u2018me-too\u2019 businesses. Don\u2019t fall for it. Dig deep and decide right now to build something radically<\/em> different and radically<\/em> better.<\/p>\n\n\n\n

3. \u201cPrepare to be copied. Don\u2019t start unless you\u2019ll survive imitation.\u201d<\/em><\/strong><\/p>\n\n\n\n

If your idea is truly radical and takes off, you can count the minutes before the copy-cats arrive. How will you survive competition from the big 800-pound gorillas on the block? Or even from the upstart little guys? Your key is a system of \u2018continuous innovation\u2019. Although you could also take the road of Honest Tea — make friends with one of the gorillas and let them buy you out. (Coca-Cola Company acquired Honest Tea in 2011.)<\/p>\n\n\n\n

4. \u201cBuild up reserves of money and energy for bad luck and mistakes.\u201d<\/em><\/strong><\/p>\n\n\n\n

Great advice — but sometimes extremely difficult to do. What startup or growth company has reserves of cash sitting around? But Goldman and Nalebuff make a good point — run as lean as you possibly can and do not waste money or energy. You will endure mistakes and bad luck along the way, so having a good war chest full of capital and energy can help handle it.<\/p>\n\n\n\n

5. \u201cNever, ever give up control — until you sell.\u201d<\/em><\/strong><\/p>\n\n\n\n

Some high-impact entrepreneurs will readily give up control in exchange for the lure of high-growth through venture capital — but I am not one of them. Relinquish control and you risk losing the culture and vision of the company you set out to build. Even though Honest Tea raised investment capital from the beginning, the co-founders always remained in the driver\u2019s seat. (And yes — Goldman can still drive his vision as CEO of Honest Tea, but his boss at Coca-Cola can say \u2018no\u2019 at any time. Thus, true control is forever gone.)<\/p>\n\n\n\n

6. \u201cDon\u2019t compromise on the big things — compromise on everything else.\u201d<\/em><\/strong><\/p>\n\n\n\n

Vision. Purpose. Core values. Write these things in stone and never budge. But flexibility in the value propositions, products, and services you build to execute your purpose is vastly important. Many entrepreneurs I see fail to \u2018bend to the market\u2019 by adapting to what their customer\u2019s are telling them.<\/p>\n\n\n\n

7. \u201cFigure out how to achieve your goals on a tiny budget — then cut that number in half.\u201d<\/em><\/strong><\/p>\n\n\n\n

Yes — you\u2019ve heard it said before — it will cost twice as much, and take twice as long as you think. My recommendation is you apply the principles of lean to your business from day one. No fancy offices. No fancy full-color brochures. Your goal is to stay alive until you can nail your secret formula for success. Blowing the budget will ensure nothing but a quick death.<\/p>\n\n\n\n

8. \u201cIt\u2019s a marathon, not a sprint.\u201d<\/em><\/strong><\/p>\n\n\n\n

Is it ever. Building a business is neither for the faint of heart or the speed demon. Climbing Mt. Everest is not done in 3 easy steps: 1.) decide you want to do it, 2.) fly to Nepal with zero preparation, 3.) sprint straight up the mountain in 12 easy minutes. Build systems for the long-haul and focus on small-connected steps. (It takes 26,364 steps of 7″ each to climb Mt. Everest, and that\u2019s starting from halfway up at Basecamp.)<\/p>\n\n\n\n

9. \u201cTake care of your family, personal and spiritual health — if you aren\u2019t laughing or smiling on a regular basis, recalibrate.\u201d<\/em><\/strong><\/p>\n\n\n\n

Imagine the path to a wildly successful business: founder working at a feverish pitch for 18 hours each day, for at least 5 years straight. True? No, it\u2019s not. In my private conversation with Goldman, he flat-out told me two reasons he made it through the rough years: first — he believed in his purpose, second — his drive for personal balance. The notion we need to kill our family relationships, personal health or level of sanity to build our own business is sadly misaligned. Take it from me — don\u2019t go there.<\/p>\n\n\n\n

10. \u201cBuild the enterprise and the brand as if you\u2019ll own them forever.\u201d<\/em><\/strong><\/p>\n\n\n\n

Will you sell your business someday? Maybe. Should that be the sole reason you are building it? Probably not. When you start and build a business based on passion and purpose, with a burning desire to solve the pain of your customer through the deliverance of monetizable value, you build a far more valuable enterprise. Those in it for the short-term quick buck rarely succeed.<\/p>\n\n\n\n

Plaster these 10 rules from Goldman and Nalebuff to your mirror, live by them every day of your life as an entrepreneur and you might end up as successful as they. Honest.<\/p>\n\n\n\n

Don’t forget to Read These articles can help your business growth<\/em><\/h3>\n\n\n\n