• Home
  • About Roxanne Joffe
  • The Purpose
  • Speaking
  • Contact
  •  

    Women Business Leaders reveal 7 Secret Ingredients For Women to Grow their Business

    The information in this post is from the Internet magazine, The Next Women and what was learned when about 170 ambitious entrepreneurs and investors met up at the University of Cambridge ideaSpace to network and discuss different elements involved in the growth of a business.

    What was revealed were the Seven Secret Ingredients to Grow a Business:

    1. Start with a Great Team

    According to Female Internet Entrepreneur and the NextMentor Jana Eggers, CEO of Spreadshirt, the key elements to build and maintain a good team are:

    • Communication and Trust
    • Fire people quickly and let people leave
    • Only trust negative references when hiring people
    • Have a simple goal, clear enough for all employees to understand and focus
    • Give both Guidance and Autonomy

    2. Develop A Strong Advisory Team

    Create an advisory board with a “star” entrepreneur who will influence business decisions and investors. The type of people you manage to get on board will reflect the quality of your product idea and business plan thus endorsing your idea.

    3. Adapt to Dynamic Markets

    Timing and adaptation to new markets is essential along with a market for the product or service. The customer base must be established and the market identified. Stay tuned to changing and emerging trends and adapt your business plan accordingly.

    4. Follow your Customers

    Successful serial entrepreneurs will keep telling you, “Follow your customers!”  An excellent entrepreneur will be able to predict what her customers will want in the near future.

    Care about what people say about you and your brand. The importance and influence of “word-of-mouth” in constantly increasing so good customer relationships are essential. Identify your company detractors, the ones who wouldn’t “recommend you to someone else” on the survey feedback, and follow up. You learn best from your mistakes.

    5. Have the Ability to Fund Growth

    Entrepreneurs have to find investors they can work with. Transparency and trust are key. The person who invested money will be working closely with the entrepreneur and her team for several years, so their relationship will be very determining. Be careful of the kind of money you take on.

    Any investment comes with a different baggage, different strings attached. You may want to think through carefully what is expected from you and manage expectations: accept the fact that you cannot do everything.

    7. Plan on Global Expansion

    There are 2 ways:

    • Choose a country where you already have competitors, implying the presence of relevant customers and markets,
    • Go where opportunities and gaps are and find the right local people and partners to work with.

    7. Learns from Failures and add Luck to the Mix

    There are no set rules to grow a business successfully but entrepreneurs learn from each other through shared knowledge and experience. People learn from their mistakes and from their competitors’ mistakes. Unfortunately, luck is also a big component of a growing business.

    As business leader Ashish Patel said, “I’d rather be with a lucky investor than a smart one.”

    As entrepreneurs learn from mistakes, adaptability is also a key skill to have to be able to follow the trend, market, and customers in order to grow a business further on a long term basis.

    The event ended with a few words by Mark Littlewood, the Founder of BLN, summarizing the main themes which came up during the Growth Forum: Honesty, Bravery, Passion, Simplicity, Great Advice and Timing.

    Summary

    To grow your business, it is essential to have: a great team, an entrepreneurial “star” on your advisory team, adaptability to dynamic market change, ability to follow your customers, resources to fund growth, foresight to expand market globally, and the ability to learn from mistakes. A little luck doesn’t hurt either.

    Read the entire article, Business Leaders reveal the 7 Secret Ingredients to Grow your Business

    http://thenextwomen.com/2010/07/20/business-leaders-reveal-the-7-secret-ingredients-to-grow-your-business/

    4 Responses to “Women Business Leaders reveal 7 Secret Ingredients For Women to Grow their Business”

    1. [...] This post was mentioned on Twitter by Michele Holmes, Roxanne Joffe. Roxanne Joffe said: Women Business Leaders reveal 7 Secret Ingredients For Women to Grow their Business http://dld.bz/7cUD [...]

    2. RT @RoxanneJoffe: Women Business Leaders reveal 7 Secret Ingredients For Women to Grow their Business http://dld.bz/HxRW

    3. [...] I highly recommend it. Here are a few of my favorite blogs on mentoring and growing your business: “Women Business Leaders Reveal 7 Secret Ingredients for Women to Grow their Business,” and “8 Mentoring Dos and Don’ts for Women Business [...]

    4. [...] can impress others.  If you are interested in growing your business, consider reading my blogs: “Women Business Leaders Reveal 7 Secret Ingredients for Women to Grow their Business” and “Seven Strategies for Women Business Leaders to Achieve their Business [...]

    Leave a Reply to Create a Mentoring Group for Women Business Leaders in 5 Simple Steps