Developing a successful business from the ground up can lead to great operational satisfaction. Watching something created from scratch as it explodes into popularity is the specialty of entrepreneurs like PortOne Global’s Daniel Shin.
With a long and illustrious career in the entrepreneurial field and a B.S. in Economics from the University of Pennsylvania’s Wharton School, Daniel Shin has developed solid techniques for encouraging growth in start-ups.
A successful South Korean entrepreneur with three companies and counting, Shin has conquered numerous challenges, including scaling his rapidly growing work. Shin broke down five core tips that helped him find success in his career so that others could follow in his footsteps.
Set the Stage for Successful Scaling
Entrepreneurs must create a long-term growth strategy to ensure their work is for something. To avoid expensive mistakes, Daniel Shin suggests that entrepreneurs focus on a handful of factors that set the stage for the scaling up of their business.
- Recognizable Brand – Before scaling up a business, companies should have recognizable brands acknowledged and received well by their consumers. Analytics data is integral to getting this information.
- Demand For Services – Before scaling a business, Shin suggests that consumer surveys are performed to ensure the demand is there. With a robust demand for products and services, growth is available.
- Adequate Infrastructure – Growth without structure can lead quickly to failure. Entrepreneur Daniel Shin suggests evaluating to ensure operational capacities for potential growth.
- Sufficient Cash – An influx of cash sufficient for scaling operations must be acquired before embarking upon the journey. Cash reserves will vary from one industry to the next.
Proven Tactics For Scaling a Business
Scaling a business can be difficult. To make the process as easy as possible, entrepreneur Daniel Shin suggests adhering to a handful of successful strategies. Shin indicates that these strategies are beneficial irrespective of the industry in which individuals work.
- Competitive Analysis – Business owners should prepare to perform a complete competitive analysis. Shin believes that it is essential to shed ego for this part of the process, taking inspiration from brands performing better.
- Solid Delegation – Daniel Shin also suggests delegating tasks to subordinates that don’t fit under the ‘high value.’ Leaving entrepreneurs to focus on high-value tasks gives plenty of room for operation elsewhere.
- Solve Customer Problems – Scaling a business requires providing consumers with new solutions they hadn’t previously desired. Develop solid customer relationships with solving problems through free trials, loyalty programs, product samples, and promotional events.
Scaling a business isn’t easy, but with the proper preparation techniques, it is possible to succeed without suffering.