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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