3 key pieces of advice for entrepreneurs who want to make it big | GHL Solutions
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Dr. Christina Blanchard-Horan, is a serial entrepreneur and founder of Global Health Liaisons, and GHL Solutions, Merry Homes, LLC and a Richer Me, Inc.
It’s been a crazy journey, and I am glad to know that I have learned some important lessons along the way. Starting up can be tough, so I thought I would share three key pieces of advice for entrepreneurs, consultants, and new business owners who want to make it big.
1 – Start Small & Grow Smart
Starting small and growing is the key to success. Research shows that businesses with a slow growth rate tend not only to make more money, but they also to have fewer problems associated with the expansion than their counterparts who try too quickly or are never able to expand at all in any capacity because of an early misstep like bankruptcy.
According to the Hartford, there are four stages of business development. Don’t zip through to the last stage!
4 Stages of Business Growth
Many people consider the first stage of a business’s life cycle to be the riskiest. However, about 80% of startups with employees actually survive the first year, according to the U.S. Bureau of Labor Statistics.
Marketing strategist,?Felix Rossknecht?says,?Slow Growth Thinking is Smartest. He says, “Slow Growth thinking is the attitude of taking the necessary time to build a repeatable, profitable growth framework, which is based on the fundamental metrics that will?create the success of a business, rather than those that?reflect?the success of a business.?“
So, how do you put this philosophy into practice? By starting small and growing your business in a smart way! This means that you should take the time to focus on your customer base, what services or products they are interested in, and how you can best serve them. You should also make sure that you have a solid plan for growth and expansion – one that is realistic and achievable. Trying to grow too quickly can be disastrous for any business, so it’s important to take things slow and steady.
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