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How did you scale your business?

I am a senior student at Brennan High school. I’m looking to get my MBA so that I can learn more about business. I want to own and run my own businesses. I want to be my own boss and have freedom. #entrepreneur #business-management #business #finance #money

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Justine’s Answer

I think you got a great response above. It is hard to give you action items when we don't know what your business is. And it's ok if you don't at this point, it is just something you will need to figure out. :) .

Once you know what industry you fall in, I would research all of your potential comps and see what has worked and what hasn't for them.

Thank you comment icon I appreciate you taking the time to answer this. Amrita Priyadarsini Nayak
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Vijay’s Answer

A simple answer is find a product that everyone needs but no one knows they need it. That's not a very serious response but there is a lot to unpack in it. You have to start with a market that needs to be served and has the demand for your offering. Many businesses I see miss this basic point. They have a product that does not really have a market pulling it, or their product fulfills a market need but at a cost/price that the market cannot afford. Once you have the market equation solved the scaling is driven by production and distribution. Also areas where businesses typically fail.
Thank you comment icon Thank you for sharing your perspective. Amrita Priyadarsini Nayak
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Kasturi’s Answer

You need to understand the market opportunities for your business. You need to understand and assess the strengths of your products and services. Based on this you can plan and explore to sell more and grow. You need to seek feedback from your customers. Customers are the best reference and you grow more with referrals than trying to find more customers. Think over - do you have any referral bonus for existing customers? Do you want to position any scheme or mechanism by which existing customer benefit and want to come back.

Thank you comment icon Thanks, can't wait to put this advice into action! Amrita Priyadarsini Nayak
Thank you comment icon Thanks a lot. I’ll work on those. David
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