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• 28-06-2023

How do I ScaleUp my business?

Who is an Entrepreneur? 

Entrepreneurs are little nuts and crazy people; and they have to be, to start a business. They want to do what they want to do, they make something happen, they make something out of nothing !! They are the ones, who start something out of passion, because they believe in it, and they are a bunch of relentless, sleepless creatures that ensure and build their vision.

They Stop at Nothing – they are thick-skinned and simply Don’t give up, Never Ever. They are Born to Build!

I have been working with many Business Owners – both first generation as well as family businesses, and I am always amazed to see them, the passion and the clarity on what they want to build, their vision, even if no one believes is just inspiring to me, and I started this journey into the world of entrepreneurship a decade ago. The journey also brought me closer to another wonderful organization – Gallup. Once I went through the BP-10 Certification and read ‘Born to Build’ by Jim Clifton, Chairman of Gallup, my views on business changed! Forever. I am happy to share my learnings from these two awesome scientific tools….

The Four Keys to Building and Scaling Up a Business

• Creating Self Awareness 
• Recognizing Opportunities
• Activating on Ideas
•  Building a Team 

Creating Self Awareness: BP10 assessment helps you in discovering your Talents/Traits as a business Builder and once you are aware and start using them, you do much better in life. The assessment is based on a study of 400 business builders over 5 years, by Gallup. 

The Top Talents are 

Confidence                  Delegator                   Determination           Disruptor

Independence            Knowledge                Profitability                 Relationship

Risk                                Selling 

According to Gallup, the 10 innate talents of any successful entrepreneur are as follows:

Confidence – Lack of which may hinder the growth of an aspiring entrepreneur. Successful entrepreneurs are not inhibited by a fear of failure. A confident business owner syncs his skills with the external environment. 

Delegation – A good leader contemplates his style of control and delegates when needed. All major global corporations run hierarchical structures where delegation is fundamental to getting a job done. 

Determination – It is rudimentary for a business to pass through a series of challenges during phases of inception, growth, and sustenance. Perseverance is the key to success during any challenging business scenario. Jeff Bezos’ determination at a time when online shopping was a nascent concept, allowed Amazon to become the mammoth online store it is today. 

Ability to cause disruption – Steve Jobs’ ability to come up with creative ideas and disrupt the market with unforgettable products led Apple to its astronomical rise. A successful entrepreneur can identify a market that is ripe for disruption and disrupt it with innovative products and services.

Independent spirit – There is no doubt that an independent spirit forms the cornerstone of an entrepreneurial approach. To move away from the herd and create one’s own brand requires a high sense of independence. 

Knowledge – In order to start a business and grow it, one needs to be very well versed in different aspects of running a business, which includes product information, market intelligence, technological know-how, and anything else that is relevant to the growth of the business. 

Profitable decision-making skills – A sharp mind with an analytical approach is crucial to running a business that can make financial profits. The decisions of an entrepreneur must be based on an observed or anticipated effect on margins. Howard Schultz, the founder of Starbucks, invested heavily to scale the intimate experience of a fancy coffee shop across the globe. This helped turn Starbucks into a brand that became synonymous with coffee and coffee shops. 

Good relationship skills – Great business owners have a knack for building long-lasting relationships. They have a high social awareness and an ability to maintain beneficial relationships for the survival of the firm.

Effective risk management skills – All modern businesses work in a highly competitive and cluttered environment. This raises the financial uncertainty that the entrepreneurs have to deal with. With high stakes, successful business owners know how to manage or avert high-risk situations in the best interest of the business. 

Great sales skills – An imperative skill for any business to do well is the ability of its founder to sell an idea, a product, or a service. The sales pitches begin from the funding stage to eventually sell the products and services to the customers. An entrepreneur who is also a good salesperson is a match made in heaven. 

To get a BP10 assessment, click here.

Learn to ScaleUp with our year-long intervention with Business Builders

“ScaleUp: You – Your Life – Your Business” and in that order only.

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