Many individuals worldwide strive to create impactful ventures in the ever-changing world of business and entrepreneurship. Building a successful business requires a combination of vision, strategy, perseverance, and flexibility.
Ryan Moran knows this all too well.
Ryan has built, operated, sold, and invested in multi-million dollar e-commerce brands as a serial entrepreneur, speaker, author, and investor. In addition to being the founder of Capitalism.com, he teaches entrepreneurs how to build businesses and invest profit. In just a few years, he has helped over 300 new entrepreneurs build 7-figure companies without needing big teams or 100-hour work weeks.
As well as that, he empowers entrepreneurs to make the changes they want to see in their lives. By living the life they want, discovering their passions, and participating in causes they care about, they are able to leave a lasting impression on society.
Embrace your vision
Having a clear and compelling vision is the key to building big. For entrepreneurs to be successful, they must be able to clearly envision the future of their business and explain it to stakeholders, team members, and potential customers.
Additionally, a vision is a guiding light during challenging times, motivating you and providing direction. Make sure your vision is aligned with your passions and expertise, and that it is bold, ambitious, and inspiring.
Ryan’s values can be summed up in one of two words: freedom or capitalism.
Goal-setting should be SMART
Once your vision has been defined, break it down into Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) goals. In addition to tracking progress, setting measurable milestones will ensure that you stay focused on your goals.
Defining these milestones is necessary to divide your big vision into actionable, manageable pieces effectively.
Keep your eyes open to new opportunities
As the world changes, new opportunities arise. These opportunities may pass entrepreneurs by if they do not pay attention.
This was a lesson Ryan learned from his mentor JP Newman.
He was walking through a deal with Ryan, who watched with fascination how they vetted the deal — and how the next step was to convince his investors to believe in it. As Ryan said, “Oh, this is what I signed up for.”
Promoting is something Ryan enjoys. As the relationship guy, he enjoys his role, “And I’ve learned I need to stay in that lane,” he adds. For him, it’s becoming interesting to manage relationships with people with capital, find deals for them, and act as the go-between between them.
Tips for entrepreneurs to keep their eyes open
- Be curious. It is essential for entrepreneurs to stay on top of new trends, technologies, and industries. New opportunities are more likely to be spotted when they know more.
- Network with people. It’s crucial for entrepreneurs to network with everyone. Keeping up with the latest trends and learning about new opportunities may help them stay competitive.
- Be open to new ideas. Unconventional ideas should not discourage entrepreneurs. Untapped opportunities are often the best.
- Be willing to take risks. Risk-taking is essential for entrepreneurs. You should not be reckless, but try things outside your comfort zone.
Grow your mindset
You can develop your abilities through hard work, dedication, and learning if you have a growth mindset. Entrepreneurs need this mindset because it allows them to view challenges as learning and growth opportunities.
Entrepreneurs can benefit from having a growth mindset
- Increased resilience. Setbacks and failures are more likely to be overcome by entrepreneurs with a growth mindset. In order to improve their skills and strategies, they understand that failure is a natural part of the learning process.
- Greater willingness to take risks. An entrepreneur with a growth mindset takes calculated risks more often. They believe they can learn from their mistakes and grow by trying new things.
- Work to improve problem-solving skills. An entrepreneur with a growth mindset is better able to solve problems. When they need help, they do not hesitate to ask for assistance and approach problems as opportunities for learning and growth.
- Stronger work ethic. An entrepreneur with a growth mindset has a strong work ethic. To succeed, they are willing to work hard and dedicate themselves.
Develop a growth mindset as an entrepreneur
- Challenge yourself. Don’t be afraid to step outside your comfort zone and set challenging goals for yourself. As a result, you will be able to learn and grow.
- Be open to feedback. You should ask your customers, mentors, and peers for feedback. By doing this, you will be able to identify areas where you can improve.
- Celebrate your successes. Take the time to celebrate your achievements when you reach your goals. As a result, you will become more confident and motivated.
- Surround yourself with positive people. Put yourself in the company of people who believe in you and have a growth mindset. Your goals will likely be achieved if you stay motivated and focused.
Connect them with mentors
For entrepreneurs, mentors can be invaluable resources. They can provide guidance, advice, and support.
Engage in strategic partnerships
It is possible to grow as a business through collaboration with other businesses. Identify strategic partnerships that can offer complementary resources, expertise, or distribution channels that are aligned with your vision.
By collaborating, companies can draw from each other’s strengths and benefit from each other’s strengths.
Put together a strong team
There is no way for one person to build a big business independently. Your vision needs to be shared by a team of talented and dedicated people. If you want to cover all your bases, you should build a team with people with different skills and expertise.
In addition, it is essential to surround yourself with passionate employees. In this way, everyone will be motivated and focused on meeting your goals.
Customer-centricity is key
For a business to succeed, its customers must be its core. Entrepreneurs must understand their customers’ needs, preferences, and pain points if they want to build big.
Customer feedback should be solicited regularly to improve products or services, and the value delivered should consistently exceed customers’ expectations. Through word-of-mouth and positive reviews, satisfied customers become brand advocates.
Don’t make decisions based on your own ego
Your decisions based on your ego may not be in your or others’ best interests. A few reasons why you shouldn’t make decisions based on your ego are as follows:
- Ego-based decisions are often short-sighted. Making such decisions to satisfy your ego, without considering the long-term consequences, is short-sighted.
- Ego-based decisions can be harmful to others. Ego-driven decisions may not take others’ feelings and needs into consideration. As a result, hurtful or unfair decisions may be made.
- Ego-based decisions can damage your relationships. You may be perceived as selfish or arrogant when you make decisions based on your ego. This attitude can harm your friendships, family, and professional relationships.
But, that’s not all
Ryan admitted that staging events during the first several years was pure ego. He wanted to be the best and stand out. However, he eventually found out that this was counterproductive. “Making decisions from ego results in stress and lack of results,” he says.
Utilize technology and data
It’s no secret that business today relies heavily on technology and data. Analytics can help you gain insight into customer behaviors, market trends, and business performance. You can streamline operations, enhance efficiency, and scale your business sustainably through the use of technology.
Inspire a culture of innovation
In order for a business to grow and succeed long-term, innovation is essential. Ensure open communication within your organization and encourage creativity. Encourage employees to share their ideas and experiment with new approaches by creating a culture that empowers them.
By embracing innovation, businesses will stay ahead of the competition and be able to adapt to the changing market conditions.
Utilize technology and data
There’s no denying that technology and data are essential to business today. Analyzing customer behavior, market trends, and business performance is one of the most powerful ways to gain insight. In addition to streamlining operations, improving efficiency, and scaling your business sustainably, technology can be a game-changer for building a large business, whether it’s cloud computing, customer relationship management (CRM) systems, or artificial intelligence.
Look for your “green button.”
“When you decide to help scale this business, how do you know it’s right for you?” If you want to answer this question, Ryan suggests you look for what he calls “the green button.”
To put it another way, is it possible to grow if we remove this thorn in the side?
Imagine investing in a product that’s, basically, an expandable cup holder. That’s it. “I would never invest in that business if he didn’t have a bigger vision,” says Ryan. However, that would change if he wanted to build a white-collar WeatherTech company. That’s a cool vision, but Ryan will not invest solely based on it. “I have to see a clear green button,” he adds.
But, let’s say that the company keeps rolling back its money into inventory, resulting in a larger inventory order. This drives down the company’s cost of goods, which leads to higher profit. As a result, they can advertise more aggressively, and the company quadrupled in 6 months. Within six months, sales went from $40,000 to $50,000 a month to $150,000 to $200,000 a month. The button is clearly green.
Now that profits have been generated, they can build a real infrastructure to support the next product, the next product, and the next product.
Failure is a skill they need to learn
In entrepreneurship, failure is a part of success, and it’s essential to fail gracefully. By learning from your mistakes, you will be less likely to be discouraged by them in the future.
Learning from the good is possible, but learning from the bad is much faster, states Ryan. “I mean, this is in your own business, my own business, and businesses that we’ve consulted or coached people in where, I mean, it is the joys and thrills of the up are great, but, man, when things don’t go to plan, and you are just struck with just a crazy situation, that’s where the growth comes from,” he explains.
Be adaptable and resilient
Unexpected challenges will arise as the business landscape continues to evolve. An entrepreneur must be adaptable and resilient if he or she is to build big. Make sure you embrace change, learn from your failures, and pivot quickly when needed. Businesses will be able to weather storms and emerge stronger if they are willing to innovate and evolve.
It takes dedication, innovation, and a willingness to adapt to teach businesses and entrepreneurs to build big. In order to navigate growth challenges and succeed, entrepreneurs must unleash a powerful vision, set SMART goals, foster a growth mindset, embrace innovation, and build a strong team.
Businesses can thrive and significantly impact their industries and beyond if they use customer-centric approaches, leverage technology, and form strategic partnerships.
And, remember, “build big,” but also take time along the way to grow and discover yourself.
Featured Image Credit: Photo by Photo by Gunnar Ridderström; Pexels; Thank you!