Connect with us

Business Entrepreneur

How to build and lead a high-growth company

(Entrepreneur News) To be successful in a high-growth company, and to sustain that success, one leader tells us first hand how they nailed it.

Published

on

high growth success

high growth success

Building and leading a high-growth company

Mike Broderick, CEO of audience response systems company Turning Technologies began developing applications for the first radio frequency wireless group response hardware soon after its introduction as a partner and president of one of the earliest group response software companies.

Throughout his 20 years in the industry, Mike has been one of the leading innovators in the group response industry working and leading efforts in sales, marketing, research and development, as well as product delivery and fulfillment. He has led Turning through remarkable growth and to their current position of dominance in their industry and markets.

bar
Broderick notes that “Natural leaders may gravitate toward entrepreneurship, savoring the opportunity to build their own company and control their own destiny. For those with a good product or service to sell and sound leadership abilities, an entrepreneurial venture might be the perfect career path. But it’s a challenging mission, a path that takes extraordinary commitment and clear vision.”

They started Turning Technologies with a simple idea and built it from the ground up to become the world’s largest audience response technology firm. They were able to grow and prosper during an historically severe economic downturn, and their story boils down to two chapters: building and growth.

In his own words below is a spot-on guide to executing both chapters at your own company:

Building a successful company

To get a new company off the ground, the first thing a would-be entrepreneur needs is a product or service concept that will have broad marketplace appeal. The Hollywood depiction of entrepreneurship usually involves an epiphany from an inventor–a company founder who thinks of a brand-new, billion-dollar concept that changes the world. But in real life, most successful entrepreneurs simply analyze the market and identify an opportunity to do something better or streamline an existing process.

That’s how we got our start at Turning Technologies: We noticed that people who gave PowerPoint presentations had a difficult time engaging audiences and collecting real-time data. So we invented our flagship product, TurningPoint, a software that integrates with PowerPoint and allows presenters to embed questions in their presentations. Audiences can answer using a keypad or smartphone. The product took off because it solved an existing problem, giving presenters a way to instantly gather relevant data and engage their audiences.

Our next step was to tell our story effectively.

You could have the greatest product in the world, but if your target customers don’t immediately understand how it will improve their lives, it will be a tough sell. You need to create a narrative about your product or service that customers will understand and relate to their situation.

We’ve found that the tried-and-true strategy of identifying customer pain points and then of discussing how our product would resolve these problems works best. We had to show how our product would enable us to engage audiences and also collect real-time data. We went directly to the people who are engaged in making presentations every day– corporate trainers, educators, sales professionals, trade association speakers, and the like–and showed them a way to make their presentations more interactive, informative, and fun. That made selling our product relatively simple.

Another critical success factor in any company’s building phase is commitment. It sounds like common sense, but it’s important for aspiring entrepreneurs to know up front that launching and growing a successful company takes an incredible amount of dedication. You’ll be unlikely to make it if you go into the task thinking that you’ll give it a few months and see what happens.

Even for companies that are later heralded as “overnight successes,” it generally takes a few years to turn a profit. When I was starting my company, I made the commitment to work long hours for no pay for the first few years. I went all in–there was no “Plan B.” Of course, this took a lot of planning and saving on the front-end to make my total commitment strategy possible. If you’re an aspiring entrepreneur, make sure you’ve done the up-front preparations, and ensure that you have the level of commitment that building a successful company takes.

Leading for growth

Once you’ve successfully launched your company, you’ll need a long-term growth strategy. Every enterprise is different, but there are basic principles you can follow to improve your company’s chances of evolving and expanding over the long haul. One of the most valuable strategies to make that happen is a long-term commitment to learning about your industry.

No matter what business you’re in, your market and the needs of your customers will change over time. If you commit to spending an hour a day reading about your industry, taking a look at online research and evaluating business trends and competitors, you’ll be better positioned to spot new opportunities and challenges as they arise. If your business involves technology, keep up with technical advances and be on the lookout for new products that may affect your customer base.

Another critical growth factor for just about any company is being responsive to customer needs. Take every opportunity to listen to your customers. Find out how your product or service is working for them, what features they like the best and which aspects they think could use some improvement. Tradeshows offer a great opportunity to connect with customers, as do online surveys and social media interactions.

Employees are another excellent conduit for customer information. The employees who are on the front lines will know best what customers are experiencing, the challenges they face, the new business requirements that are emerging in their industries and competitive products that are entering the marketplace.

In addition to being an excellent repository of customer information, your employees can also be a primary growth driver for your business in their own right. A dedicated, motivated staff will result in happier customers, and satisfied customers help your company grow. For these reasons, building a positive, productive workplace culture is critically important.

One way to position your company for rapid growth is to give your employees incentives to make it happen. Link rewards to results and give employees a sense of ownership in the company (through incentives like profit sharing programs, for example) to ensure that they’ll be focused on making sales, expanding relationships with existing customers and ensuring client satisfaction.

The Bottom Line

Every business is different, and each marketplace has its own unique considerations, but there are basic principles all entrepreneurs can apply when launching and growing a new company. When contemplating a startup, the first step is to identify a need for a new product or service, and then find a way to tell customers your story in a compelling way. Ensure that you’re adequately prepared financially and personally for the commitment launching a new company requires.

Once you have your enterprise off the ground, remember that growing a company requires constant innovation. Commit to ongoing learning, reading up on new developments in your industry to identify opportunities and emerging challenges. Listen to your customers to find out what their needs are and how you can help them succeed. And give your employees a stake in your company’s success so that they’ll treat it like their own and help your business growth and thrive. By following these steps, you can successfully launch a new business – and keep it growing long into the future.

The American Genius is news, insights, tools, and inspiration for business owners and professionals. AG condenses information on technology, business, social media, startups, economics and more, so you don’t have to.

Continue Reading
Advertisement
2 Comments

2 Comments

  1. Paveya

    April 3, 2014 at 3:22 am

    Thanks AG Staff! I agree with you above all tips are Amazing! I think that additional Tips are give bellow.
    1.Qualify leads: We’ve hired a lead-generation company. We define for them our target market and message, the proposal we’ll make and our sales process. They provide very well-qualified leads, and we take it from there. In our industry
    2.Embrace social: LinkedIn has become a very effective tool for us. Our theory now is: with all the social media at our fingertips, we should never have to make cold calls. There’s always some way to connect with a person you want to talk to and get an introduction, so when you make the call, it won’t be cold.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business Entrepreneur

How to spot when it’s time to go full freelance

(ENTREPRENEUR) There may come a point when traditional work becomes burdensome. Know how to spot when it is time to go full freelance.

Published

on

freelance productivity

Freelancing is often thought of as a mythical concept, something that is almost too good to be true. While it isn’t all about hanging out at home in your pajamas all day, being a freelance is something that is completely possible to be successful – assuming you do your homework.

Recently, a friend of mine who is a licensed esthetician was no longer happy with her position at the salon and spa she worked for. The set hours were becoming a burden, as was having to divvy up appointments between another esthetician within the salon.

She noticed an increasing number of people asking her if she could perform services (eyebrow and lip waxing) from her home, as they preferred not to go into the hectic salon. My friend also found an increase in requests for her to travel to bridal parties for their makeup, rather than the parties coming into the salon.

It was around this time that my friend began to seriously consider becoming a freelance esthetician, rather than a salon employee. After about six months of research and consideration, she decided that this was the best route for her.

Below are the reasons she felt ready to pursue this option, and if they resonate with you, you may be ready for a full time freelance career.

1. She had a number of built-in clients and a list of people she could contact to announce her at-home services. Doing this at the start of one’s career would be very difficult without a contact list and word-of-mouth references, so it’s important to have…

2. …experience! My friend had worked for a number of salons over the years, and had the experience of working with all different types of clients. She also learned what she liked and didn’t like about each salon, which were pieces that factored into her own work-from-home space.

3. Since she had years of experience and had done all of the necessary aforementioned research, she knew what was expected of her and knew that getting a freelance career off the ground wouldn’t be a walk in the park. Operating a freelance career is completely on you, so you have to be 100 percent dedicated to making it work – it won’t just happen for you.

4. Once she began thinking about this idea nonstop and became more excited, she knew it was time to move forward. At first, the “what ifs” were daunting, but became more positive as time went on. If the idea of being a freelancer elicits more smiles than frowns, definitely take the time to consider this option.

5. In addition to the clients she already had, she also had an amazing support system who helped her develop her freelance brand and get her at-home business up and running. Having a solid group of people in your life that will help you is crucial, and any offer for help should be appreciated.

Other things to consider are: do you have enough money saved in case the freelance venture takes longer than planned to take off? If not, maybe stick with the day job until you feel more financially secure.

Jumping into something too quickly can cause you to become overwhelmed and drown in the stress. Make sure you’ve covered every single base before making this leap. Good luck, freelancers!

Continue Reading

Business Entrepreneur

Hobby to profession: The new-age entrepreneurs

(ENTREPRENEURS) Turning your hobby into a career is harder said than done but a few knitters are putting on a clinic on how to do it.

Published

on

knitting entrepreneurs

I’ve often heard the advice that you should follow your passion, and eventually, someone will pay you to do it. But the truth is, turning your hobby into a career is easier said than done. The process by which a person turns a hobby into a business is poorly understood by experts – at least partially because it’s so difficult to collect data on this topic. In order to separate the lifelong hobbyists from the entrepreneurs, you’d have to trace the activities of many hobbyists over many years to understand how their paths diverged.

An MIT Ph.D. candidate has hit upon a novel way to research the transition from hobby to entrepreneurship by following Ravelry.com, a social media and pattern-sharing platform for knitters and crocheters, often known as the “Facebook of knitting.” The site encourages crafters to keep track of and share their projects, tools, techniques, and patterns.

The Washington Post reports that by analyzing over 400,000 profiles on Ravelry.com and interviewing 100 knitters, found through an additional newsletter and three blogs, Ph.D. candidate Hyejun Kim was able to draw some interesting conclusions about what can “cause someone to flip the switch from ‘fun’ to ‘profit.’” Only 1.5 percent of Ravelry users become entrepreneurs who sell their own patterns, knitted items, or yarns. What sets this small number of knitters apart?

Although the internet provided the crucial data Kim needed for the study, it was, in fact, real-world connections and encouragement that turned out to be the tipping point into entrepreneurship for most knitters-turned-business-owners. When asked why they decided to start their own businesses, most reported that they were encouraged by their friends and spouses.

Most of the crafters who became entrepreneurs were already very skilled knitters, to begin with. Kim was able to isolate a number of knitters who joined in-person knitting groups like Stich ‘n’ Bitch. Those who joined a group were 25 percent more likely to become entrepreneurs than those who didn’t. That’s because their crocheting comrades would compliment their creations, boosting their confidence and inspiring them to take it to the next level.

It shouldn’t be overlooked that 96 percent of Ravelry users are women. The forces of sexism in the world of startups and the undervaluation and domestication of women’s handicrafts likely combine to give women the impression that their skills and talents are just for fun and shouldn’t be seen as an opportunity to make money. Kim’s research shows that when it comes to entrepreneurship, sometimes talented women just need a nudge in the right direction.

Continue Reading

Business Entrepreneur

Teach kids music and they’ll learn entrepreneurship

(ENTREPRENEUR) Sowing the seed of music education and appreciation in your child when they’re young is a great way to produce the fruit of entrepreneurship when they’re older.

Published

on

entrepreneurship

With all the focus sports gets as the petri dish for producing driven adults, I’d like to offer up a different extracurricular activity for your consideration: music. Supporting your child as they learn how to harmonize with others will help set them up for success later in life, as music cultivates many of the characteristics that entrepreneurs rely on every day.

Iteration

Anybody who’s played an instrument or been a part of a choir can tell you that the number one thing you’ll learn in a musical group is that you won’t make it unless you practice, practice, practice. Although in the moment it’s not that great to hear little Timmy or Ginny run through their C-scale a hundred times, a few years down the line when all those hours of iterating result in the lilt of Beethoven through your household, you can be sure that your kid has learned that repeating the little steps helps them achieve large goals.

Showmanship

A large part of being a successful entrepreneur is knowing your markets, or your audience, and able to keep their attention so that they come back to you when they need your business. Being a part of an ensemble not only teaches children to be comfortable in the spotlight but to crave putting on a show.

Teamwork

When young musicians come together to play in a band or raise their voices in a choir, they’re learning a lot about how to collaborate with others in order to achieve a goal. When a young alto sings alone, her notes may sound strange without the soprano tones filling out the melody. The duet that comes from them learning to work together and complement each other builds a strong foundation for any team venture your child will encounter later in their careers.

Competiveness

Although music provides a solid foundation in harmony, it also contains just as much grit and competition as the football field. Music groups compete in regional and national championships just as athletes do, and solos offer opportunities to self-select and advocate. Hell hath no fire like a second seat musician who dreams of being first chair.

Self Confidence

Unlike sports, music is accessible to those who might struggle with finding confidence. There are no “best” requirements to play—regardless of height, weight, and other characteristics that nobody has any control over—nearly anyone can pick up an instrument or find their voice. This perhaps may be the greatest gift that you can give your child, the confidence that no matter what they look like they can excel.

As your child begins to consider the different activities that will help them build toward their future, don’t discourage them from pursuing a musical path. When they have to stand in front of an audience of their peers and deliver a presentation with an unwavering voice, they’ll thank you for the years they spent getting comfortable in the spotlight. Especially if they pursue entrepreneurship!

Continue Reading
Advertisement

Our Great Parnters

The
American Genius
news neatly in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Emerging Stories