The entrepreneur’s guide to business expansion – Think and act like Boris Wolfman

Every entrepreneur has a dream about his venture. He/she might start small, due to lack of funds and resources, but most want to expand and make big profits. But entrepreneurship is a long journey and one that's laden with challenges. Not every start-up venture succeeds to be a big established business house. And few close down operations within the first five years of operation. If you don't want this sad predicament for your business, then you need to plan, ideate, and implement the best business strategies. Business expansion is a blend of seeking the right opportunity, at the correct time with the correct set of resources you have. Here's how you can go about it.

1.      Read about Boris Wolfman

The first phase of your entrepreneurial journey is not ideating and implementing. Instead, it's all about research and studying. It would be best to study the leading business owners and entrepreneurs who've witnessed exponential success through smart business thinking and strategy execution. One such name is Boris Wolfman. This man is known for his diverse business interests. He has implemented his energy and time in leveraging Israeli technology and sharing its boons with the world. His company deals in disposable iron products, coal and manganese, mineral water, and Canola oil, to name a few. Study about how he shaped his business verticals and understand the possible challenges. It will help you decide better whether you want to start with a single line of business and diversify later.

2.      Procure the capital beforehand

Previously, it was challenging to find a business investor. Today, investors are waiting to invest in a unique and profitable business proposition. But that shouldn't stop you from saving. Getting a good investor is a Utopian situation that usually happens after correct networking and after a long wait. Till then, you need to plan with the capital in your hand. So, plan ahead of time and keep saving beforehand. It will give you the flexibility to correctly shape your business and give it a start, even if you are yet to come across a helpful investor.

3.      Stay tuned to the market trends

Even if you are planning to bring in a path-breaking technology to work through a service or product, you will have to function in the market. Your business venture can’t operate in isolation. Hence, it is essential to stay tuned with the market trends. Try and understand the advertising and branding tactics that gain maximum mileage for wellness of your business. You can use the same for your brand and leverage the search engine and social media marketing trends. Also, know the audience's pulse and make sure that your service and products cater to their pain points. If customers find your products useful, your brand value and sales increase. With that, you get the capital to innovate and diversify.

4.      Take risks

No entrepreneur gets success without taking calculated risks! It is essential to research the market correctly and in-depth before you make a risk and diversify into a new vertical. You can also use the learnings and insights to keep enhancing your services and products.

Entrepreneurs need to stay mentally agile and open to new ideas. It will help him/her to innovate his existing business and revamp it in a new way if there's a need for it. 

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Created on Jun 20th 2020 00:27. Viewed 354 times.

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