Five Strategies To Help You Create A Mission-Driven, Global Company

Perhaps you have an idea for a killer product or app. Perhaps you’ve gone through the development process and even sold your product to a couple of people. Perhaps their reviews are glowing, and purchases are flooding in. The dream of becoming an entrepreneur is unfolding in front of you. What’s next? Do you want to know how to build a global business with engaging clientele and great financial results?

At my company, to date, we have taught over 12,000 students from age four and up from over 20 countries, operating classes online and offline in over 30 locations across the world. I built a mission-driven, multimillion-dollar profitable company from the ground up, and here’s how you can take that same path. Here are the five top things that can help you create this.

1. Get clear on the why.

This is an era of the entrepreneur. Everywhere on the internet, there is exciting news about different startups, be it the latest funding round of some all-star teams or so-and-so being acquired. Beyond all the startup chatter, I cannot emphasize enough the importance of taking the time to get clear on the “why” behind your entrepreneurial endeavors.

Venture capital funding is not for everyone, and what suits one entrepreneur may not suit another. When I started my company, I knew that the power of outside funding could help with a lot of things, but I was mindful in taking money from the right partners. Given that our focus is on teaching, the quality of education was key to us, and I made sure that we found investors that aligned with our vision.

Why do you want to build what you are building? What does success look like to you? Is it measured by impact, financial success or flexibility of your work hours? Every entrepreneur has a different “why.” Get clear on these at the get-go, and refer back to them along your journey.

2. Get your founding team set up.

A disproportionate amount of companies fail because of cofounder disputes. I get it; selling to customers, getting people through the door and shipping products is much more exciting than sitting down at the table to discuss how equity should be split. A large part of my company’s success can be attributed to a strong partnership between my cofounder and myself; we complement each other in many ways and were able to build a solid team from day one.

Now whenever I sit down with first-time founders, one of the first questions I ask is about their founding structure. While there is no absolute right or wrong way to set up your founding team, having a discussion early on and putting it on paper is essential.

3. Think leverage.

As the business grew and our customer base expanded, soon I was being pulled in different directions on a daily basis for the company. I got clear on my strengths in product and growth and assembled a team around me to handle operations and administration. I learned how to train, delegate and grow teammates, from junior members to managers.

Think about hiring a good team as adding leverage to your time. There are people who can excel at and enjoy doing things that you are not attuned to do. Assembling a good team can afford you the creative space to keep growing the company and innovating your products to better serve your customers.

4. Go deep in one distribution channel.

Own one channel and keep growing it instead of spreading too thin. Before starting my company, I spent time working as a growth product manager in top Silicon Valley startups, so suffice it to say that growth and distribution are deep in my DNA.

When I created my company, I knew with our limited resources we had to focus on one channel that would work for us. Back then, it was a Facebook page and Facebook ads. It has since evolved, and we now have a comprehensive funnel where customers learn about us.

It is tempting to look at successful brands where they have this beautiful Instagram feed, an active Facebook page and engaging Facebook group, a flourishing YouTube channel and so on. When I advise early-stage startups on their growth strategies, focus and taking measure are always the keys. Understand how customers flow to you through one acquisition channel, then tweak it so that you understand the levers inside out before moving on to testing a new one. That is the key to learning and growing quickly.

5. Embrace a long-term growth mindset.

To me, this is the most interesting and challenging part of being an entrepreneur. It is more than a job title. It is a role that changes every few months. When I started the company, I wore all hats, from product design and website management to brand design and marketing. As we scaled, I got very good at hiring and training staff.

There are many times that I was faced with challenges that seemed so big that I couldn’t overcome them. Yet each challenge is an opportunity to learn and develop a new skill as an entrepreneur. In addition, during these moments, I always find it helpful to refer back to step one: the why.

Reinforcing a growth mindset was a huge benefit for me and will be for you, too. When faced with challenges, think of it as an opportunity to grow and be more persistent.

Click to go to the full article:
https://www.forbes.com/sites/yec/2019/07/16/five-strategies-to-help-you-create-a-mission-driven-global-company/

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