Las Vegas Small Business – Business Scaling Strategy
Small Business Scaling Solutions are available from Small Business Solutions Providers located in our Small Business Solutions Mall.
Now a days talking about Small Business Scaling is Sexy! I have heard “If you are thinking, THINK BIG” many times. Venture capital providers always ask key question to entrepreneurs “What is your scaling strategy?” Entrepreneurs include small business scaling plan in their “20 Minutes” VC Pitch. They dream about quickly making $Millions.
There are fundamentally two TYPES of New Business:
TYPE 1: Innovative and creative Concept for service and/or product. Nobody else is doing it. World does not know they need it. It will disrupt and transform the existing traditional World.
This type of business requires “Proof of Concept” as the first step. Make it work and monetize it. Convert dream into reality. This first step process requires pragmatic business plan and capability to change the plan during execution phase of the plan.
TYPE 2: Product and/or Service exist but I can do it better than anybody else and the World will line up to buy. My Coffee and Tea will be far better than Starbucks. LYFT is better than UBER.
This type of business requires HUGE differentiation. It will have strong barriers to entry for competition. There cannot be similar products in the market by copying my products. Must develop a Business Plan. Have to start making money Pronto!
I believe first business location should become successful before worrying about next growth locations. Everybody knows the importance of MVP – Minimum Viable Product. The first location provides lots of learning opportunities about managing a new business. Nobody started BIG from “Get GO”.
Now let’s face the fact. Every Entrepreneur is not cut out to be a successful business owner. Everybody is born with limited gift. Everybody cannot be Mark Zuckerberg or Bill Gates or Roger Federer or Isaac Newton or Mahatma Gandhi or Yitzhak Rubin. “Peter’s Principle – Managers rise to the level of their incompetence” applies to Entrepreneurs. When that happens, they must seek expert advice.
Moral of my story is “Stay Local” and make local business very successful. Starting a business is hard. Staying in business is harder. Business Scaling is the hardest.
Small Business Solutions Providers in our Small Business Solutions Mall can help you start and scale your small business.