10 Ingredients To Accelerate Your Business & Leadership Growth

In the entrepreneurial space, the success rate of new startups is phenomenally low. Twenty percent of businesses fail in the first year alone; by the third year, 60 percent have gone bust . Being an entrepreneur is undoubtedly a risk – and a big one at that.

What you'll find, though, is that successful entrepreneurs have tapped into a mindset that drastically increases their odds of success: they aim for scalability.?

Rather than starting a business with the goal of simply making ends meet, these entrepreneurs have their sights set on building a company that can grow and thrive regardless of who is running it or where it's located.

The Key Ingredients of Scalability

You're probably thinking – but aren't most entrepreneurs looking for scalability? While most startups do have scalability as one of their goals, few actually achieve it. This is because scalability requires a different way of thinking and operating from the get-go.

If you're ready to tap into this mindset and make scalability your ultimate goal, read on. We'll explore each of the key ingredients needed for successful scalability.

Ingredient 1: Technical and Spiritual Insight

The first ingredient to building a scalable business is technical and spiritual insight.

If you look at the most well-known entrepreneurs in recent history, you'll see that they were all driven by insight – whether technical or spiritual.?

Steve Jobs described his idea for Apple as a spiritual calling. Elon Musk had his vision for Tesla while he was at the Burning Man festival. For Steve Jobs in particular, his calling was so strong that he was driven to take his company back later on in order to maintain its vision and culture.

On the technical side of things, we've got the Google founders. They were in search of a better way to index the web, one that was based on the actual behavior of web users. This technical insight led to the development of Google's now-famous PageRank algorithm.

What both of these examples have in common is that the entrepreneurs were able to see beyond what was currently possible and into a future where their ideas could be realized. But they also designed products for the demographic and audience they knew best – themselves.

Ingredient 2: Unwavering Faith

Without faith, it's incredibly unlikely that you'll ever see the results you want. Why? Because faith isn't just a feeling or conviction. It shapes your outlook, and therefore your attitude – and that has a direct impact on your actions.

In order to build a scalable business, you need to be able to take massive action. Faith gives you the courage and fortitude to do what's necessary, even when it's difficult or uncomfortable. It also gives you the gumption to convince others to believe in your vision and join you on your journey.

Ingredient 3: Sell the Dream

Startups require a lot of buy-in from people who may not have the insight and knowledge that you do. But make a convincing pitch with faith in your vision, and you'll be able to get the support you need.

To sell the dream, you need to understand that what you are selling is a new version of the future. It's not about what exists today, but about what could be possible if people rally around your idea. Sell people on the world you are creating. Paint a picture of the future that is so compelling, they can't help but want to be a part of it.

Ingredient 4: Believe That You're Qualified

"She believed she could. So she did."

As entrepreneurs, our lives should be the embodiment of this quote. We need to believe in ourselves so fiercely that our confidence becomes a self-fulfilling prophecy.

If you don't believe that you're qualified to start and grow a successful business, then who will? There's so much to figure out as an entrepreneur, between the business model, the product, and the market. You have to believe that, no matter how complicated the task, you have it in you to figure it out.

Another aspect of self-belief is the potential effect it can have on the people around you. Your team will see right through any lack of confidence on your part, and it will sap their energy and enthusiasm. The reverse is also true – if you believe in them and their abilities, they will rise to the occasion.

Ingredient 5: Desire to Create

This really goes without saying, but entrepreneurs need a strong desire to create something world-changing. Whether that's a product, service, or theory, we need to be driven by a desire to make an impact.

Sometimes, we see startup companies that spend the first months of their existence throwing out product after product. They swing this way, they swing that way, but they never really find their footing. That's because they're not driven by a desire to create something great – they're just trying to find something that will work.

Work on your main product until it's perfect; don't just move on to the next thing. It's easy to be mediocre, but it's far less rewarding than being great.

Ingredient 6: Learn and Adapt

Always be in the state of learning. Don't for a second stop learning, growing, and taking in new information. Even the best of the best in their industries should be constantly learning and growing.

Why? Because the world is constantly changing. What was true a year ago may not be true today, and what's true today may not be true tomorrow. The only way to stay ahead of the curve is to be perpetually learning.

You can do this practically by:

• Always having a book on the go. Read for enjoyment, but also read to learn more about what you do.
• Attending industry events and conferences. Get out there and meet other entrepreneurs, as well as experts in your field. Find a mentor or two and learn from their experience.
• Listening to podcasts. There are so many great entrepreneurial podcasts out there, and they're a great way to learn on the go. Be aware of information overload, but make sure you're taking in new information on a regular basis.

In order to build a scalable business, you also need to be adaptable. The world is full of surprises, and you need to be able to roll with the punches. The most successful businesses are the ones that can pivot quickly and effectively in order to stay ahead of the competition.

Ingredient 7: Make Principled Decisions

Every decision you make as an entrepreneur should be guided by your principles. This is the key to consistency; have a set of principles by which you live and make decisions, and then stick to them.

Not only that but have a principle for every given situation. What principle do you refer back to when making hiring decisions? Marketing decisions? Operational decisions?

For instance, your hiring principle might be to onboard the person who aligns most with your vision – regardless of their experience. Or your marketing principle might be to always put the customer first.

Your principles should be the foundation of your business. They take the stress out of decision-making because you know that no matter what, you'll always make the best decision possible based on your principles.

Ingredient 8: Resilience Over Rejection

Regardless of who you are or what you're doing, you're going to face rejection. It's simply a part of life.

What separates successful entrepreneurs from unsuccessful ones is their resilience in the face of rejection. Successful entrepreneurs don't give up after one rejection – they keep going until they find a way to succeed.

And how do you become resilient in the face of rejection? Simple: you face rejection. Put yourself in situations where you're likely to be rejected, whether it be shooting for an unlikely job or pitching your business to a tough crowd.

The more you face rejection, the easier it becomes to deal with. And eventually, you'll start to see rejection as a challenge – something that you enjoy overcoming.

Ingredient 9: Commit to Integrity

In a past article, we talked about Fred Kofman's concept of Essential Integrity. It means that in everything you do, you are committed to following through. You do not make promises that are unlikely to be kept. You simply do what you say you're going to do.

This is an essential ingredient for any successful business. When your word is your bond, people know that they can trust you – and when people know they can trust you, they're more likely to do business with you.

Integrity also breeds respect. People will respect you more if they know that you're a person of your word. And when people respect you, they're more likely to want to help you out and see your business succeed.

This is another area in which you can be guided by your principles; for instance, one of your principles might be that you never mess with an employee's pay. Sticking to your guns means that you remain a consistent and reliable leader.

Ingredient 10: Be Generous

The final ingredient on our list is generosity. Being generous doesn't necessarily have to mean giving away your money or your time – it also means being open and giving of yourself.

Take every opportunity to be a generous leader. Give positions to people who prove their commitment to the vision. Provide benefits and opportunities to your team. Be open to new ideas, even if they come from unexpected sources.

Be generous with your praise, too. Let your team know when they've done a good job, and let them know how much you appreciate their hard work.

When you're generous with your time, your money, and yourself, you create a positive reinforcement cycle in which people are more likely to want to help you out. And that's what it takes to build a successful and scalable business.

Sadly, there are plenty of entrepreneurs who limit their generosity in order to maintain control and monopoly – but rest assured, these people will not succeed in the long run. If you're unprepared to constantly give of your time, energy, and resources, the entrepreneurial life is possibly not for you.

How To Turn Your Ship Around

For some reading this article, you might be feeling a little clammy. Perhaps you've identified one or several ingredients that you're missing; maybe you never had them to begin with. The good news is that it isn't too late to steer your business in the right direction – and the change starts from within.

An excellent way to approach this time of change is to make a thorough game plan. Print out this article with the ten ingredients, and then use a highlighter to mark off the ones that your business currently has. From there, you can start brainstorming creative solutions for filling in the gaps.

Most of the ingredients on our list require a bit of internal work, so don't be afraid to roll up your sleeves and get dirty. You'll also need to be patient; Rome wasn't built in a day, and neither will your successful business be.

Wrap-Up

Of course, these ingredients are not the only factors to be aware of when creating a scalable business; there are practicalities too, like choosing a technology stack that can easily be scaled up, and effective team management practices.

But by focusing on the right things – culture, values, and a clear vision – you can give yourself the best chance of building a business that is both successful and scalable. A successful business starts and ends with the attitude of its leader, so taking the time to hone these foundational elements is time well spent.

P.S Thank you for reading! If you found value from this article, please share it with your network. To learn more about working with me and my team to help you activate your untapped potential as a leader and in business - visit www.altercall.com