Entrepreneurs and the next level

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The ideas are out, the market has accepted you, customers adore you and you have all your funding in place. The first glimpse of profit is rising above the horizon and you are setting benchmarks for the next wave of imitators who are entering the market. The first level of success has been met and as an entrepreneur you are breathing a sigh of relief. It worked and all that work paid off, so what do we do next? How do we now go from this point to the next summit? Do we really want to grow organically or should we leap with a host of investments, sell-outs and partnerships?

Yes, when the next level comes calling entrepreneurs generally find themselves in a fix in terms of which path to take to achieve that next magically revenue figure. Organic growth might seem the simpler and more trusted way to go. But the lure of large revenue and diversification is also something that an entrepreneur cannot ignore. But how do we make that decision? How do we know that the time is now? Well there are several factors that can be triggers:

Auto pilot mode

If you see that your company is now running comfortably on auto-pilot mode and making the sales projections without much interference or audacious sales efforts then it’s time to look around and see what can be increased, improved or added. The new lease of life can come from diversifying, merging or even selling a stake of your company.

New service or product

If you see that your company will benefit greatly by adding a new product or service to the mix, then it’s time to start working in that direction. Many a times the foolhardiness with which you risked your first time round won’t support you the second time and you find yourself being more cautious. But this caution shouldn’t stop you from adding on more services and products to your company’s portfolio.

Changing market dynamics

Economic fluctuations, price wars and entry of new players into the market can shake up your set business and these market dynamics can determine which way you can steer the company. It would also be a good time to evaluate your financial spending patterns, your work force profile and also your work ethic. Imitators in the market are always a big push to do better and provide better services and products to your customers.

Customer Satisfaction affected

If you customers aren’t as happy as you would have liked them to be then it’s time to re-look at your business and see which areas are causing this problem. This may be also because you have set into an automatic business mode and the initial attention to detail is lost in the pursuit of healthy balance sheets. But always remember that without happy customers there is really no business to run.

Before you embark on the next level, evaluate your current position and see how you can make the leap without jeopardizing the already healthy business. This is the time the entrepreneur changes from the new kid on the block to an established and eternal business – then and only then can you see your company staying relevant in every economic environment