In an article driven towards entrepreneurs Anand Kapoor- Founder of Midcom Group shares his insightful tips on how to go from Startup to Conglomerate, and how entrepreneurs can grow their businesses. It takes more than a catchy name, interesting idea and enthusiasm to ensure a startup doesn’t remain stagnant.
Anand Kapoor talks about his journey with Midcom Group, from being a tiny startup in Rwanda to currently being a multinational enterprise. This was primarily due to his keen interest in diversifying within industries- from telecommunications, commodities, commercial and residential real estate, dairy products, Forex to education.
Here are 8 tips he shared for entrepreneurs looking to grow their businesses.
1. Understanding the ins and outs of the business. Passion is most important whilst getting into a business and one should be ready to eat, sleep and breathe their business making it the epicenter of their lives.
2. There’s no looking back. This endeavor must be a wholehearted effort and not just another job.
3. No matter how cliché it sounds, Planning is key. This will help you get a holistic view of your goals and achievements and feasibility.
4. Give yourself a chance. Make use of every opportunity. And even if it means stepping out of your comfort zone, grab it and follow your dreams.
5. Don’t fear failure. It will be part of every journey, and instead of getting knocked down, one should rather learn from the experiences, get up and start running again.
6. Diversification is vital. Unless you have a niche business category like Airbnb, a restricted line of business is hard top sustain. Diversification also helps you diversify the risk levels, because failing in one will keep other options open.
7. Keep looking for opportunities to grab. It is important to identify businesses that can potentially turn into a cash cow. Don’t ignore opportunities because the sign of a true entrepreneur is that he never lets go of a good opportunity.
8. Increase the scope of work. Along with diversification, it is important to spread your business geographically. Expanding horizons is important, because the same business might reap different business results in different regions.
Anand Kapoor- a true entrepreneur in every fashion has made a statement through this inspirational piece. So if you’re looking to grow your business and make the world your playground, these 8 tips will get you well on the way.
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