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Starting a business requires a delicate balance of risk, passion, information, research, and confidence in yourself. You have to trust your instincts and rely on the hard work you’ve already done to grow your business. You also have to weigh the potential risks against the confidence and belief you need to succeed. I know this balance well; I’ve launched over 300 businesses.
I believe business development is my greatest strength. Building a business is an outlet for my many interests, from humanitarianism to scientific research and design. I have always enjoyed the unique challenges of business leadership: defining a company’s “purpose” and navigating the rough waters as the company launches and grows. This is not for everyone, but it’s definitely something I’m suited to. Being a business owner is how I contribute to making the world around me better.
lots of My business experienceI learned a lot about scaling a company, and here are my top four tips for successfully growing your business.
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Every business is unique and requires trial and error to learn what works. For every success I’ve had, there has been at least one failure. Every failure is a great opportunity to learn, so believe me when I say I learned a lot.
1. Business success is only possible with passion
My business continues to grow because my passion for my work never fades. My success is rooted in an insatiable desire to achieve my dreams despite all the obstacles and setbacks I encounter.
I am passionate about creating products that meet my customers’ needs while also contributing to the greater good of society. That means creating products that support the health of individuals, animals and the planet while also caring for the conservation of land, air and water. And it means creating sustainable solutions that challenge the status quo scientifically and artistically. This is my mission and what drives me to work hard every day.
No successful entrepreneur can stand behind a business without passion. It is important to have the numbers to prove that your dream actually creates monetary value. But even before that, passion is the key lifeblood to survive when it is only you against the world.
2. Mission, vision and values statements are more important than a business plan
Many of the companies I run each have a common mission: to make and drive positive change in people’s lives around the world. I’ve defined each company’s vision (how we achieve our mission) and values (what drives our decisions) based on the products and services we offer and the teams we have assembled.
Commitment to your mission, vision and values is essential to the success of your business – they differentiate you from your competitors, align your entire team with the same principles and allow you to make decisions that positively impact the entire team.
Knowing the why and figuring out the how is much easier than making up the why. If you truly care about the mission you are pursuing, figuring out the how will spark creativity and foster innovation in the process. The business plan can come later.
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3. Hiring is essential to growing your business, so take it seriously.
Growth cannot be achieved without a team behind the business, which is why hiring is essential when scaling. Employees need to understand the company philosophy, and you need to emphasize the importance of only hiring employees who align with that philosophy. Employees who ignore the company mission are a burden, and it is essential to weed out such employees during the hiring process. I would recommend a candidate with less experience and a better internal alignment with the company philosophy over the latter. It is a team, not a workforce, that you want to build.
I also practice a progressive policy to hire employees with different backgrounds and am open to re-employment. Look for the right people for each job and don’t exclude people with criminal records, disabilities, or special experience. An open hiring policy significantly expands the candidate pool and increases the chances of finding the perfect candidate. If you are too fixated on hiring employees with great backgrounds, you will miss out on a great potential for your company. Employees with different experiences and perspectives are essential for innovation. Don’t be blinded by prejudice and judge people by their character.
4. Provide incentives for good performance and Good Attitude
Once you have built your team, you need to retain that talent. Don’t assume that everyone who works for you considers their job a calling. That kind of thinking is naive and, frankly, selfish. Encourage your employees to work hard and bring a good atmosphere to the workplace, then reward them.
There’s nothing wrong with rewarding good attitude as well as good performance. Positive attitude, motivation, and a sense of urgency go a long way when your team is working toward big growth goals. And if you’ve got people on your staff that you care about personally and want to see grow, you should be happy to offer bonuses and incentives. It means you’ve done your job in the interview process.
I also allow employees to bring their children and pets to work if they want to. Not many CEOs take this approach for fear of being seen as “weak.” However, I encourage entrepreneurs to promote an inclusive environment in the office and foster a welcoming environment. I am willing to accommodate my employees’ needs because I value their contributions and want them to know it. Traditional work environments are designed for cookie-cutter employees and not everyone fits in. Celebrate the diversity of your staff and encourage a work environment that suits everyone.
I’ve learned that to successfully scale a business, you need to focus on what matters most – the passion and mission behind your company and the people that make it work. Invest in those things first, and then watch your business grow.