Five tips from successful entrepreneurs
As part of a recent round of Lazaridis Scale-Up Program scrums, we had our participants – all successful entrepreneurs – share with us their top tips they’ve learned since joining our cohort. Here are a few things they’ve discovered:
For Benoit Hamelin of ARC4DIA, a valuable take away is that you have to earn the attention of your audience before you can really speak and be heard about your company. Whether that be making a sale or shaking hands with investors, you have to be able to deliver a “wow statement” – something that not only connects with your customers, but one that opens up their minds and gets them thinking about the value of your product/service and what it can do to enhance their lives.
Communication is Key
An important tip shared by several participants, which goes hand-in-hand with drawing attention, is how you communicate to clients and potential customers. Always keep your customer well informed by engaging them in an ongoing dialogue about how your product/service can improve and integrate with their existing services, or make completing certain tasks and daily responsibilities easier and less costly in the long run.
Learn How to Say No
For successful entrepreneur Kevin Forestell of DOZR, it’s important to discipline himself and his company on when to say no and when to say yes. As a scale-up business, it can be difficult to stay focused and understand the guardrails you need to keep in place when you’re looking for traction in the right market. Knowing when to say no to initiatives and projects that aren’t going to move you closer to your end goal is pertinent.
Working on Fundamentals
When you run a busy, growing company it can be easy to get caught up in day-to-day activities and ‘fighting fires’. For Vitaly Pecherskiy, CEO of StackAdapt, his biggest tip is to remember why you’re running your business in the first place. Rather than getting too comfortable in your everyday norm, be sure to take a step back and look at your company through a bigger picture view. This gives insight on what’s really working for your processes and what might need a tune-up. While you’re at it, you might even uncover missed marketing opportunities.
Use Your Whole Brain
Perhaps the most interesting and valuable tip to be gleaned from this round of scrums is best said by one of our expert speakers, Paddy Harrington, who shares that during any phase of a scale-up, you should use your entire brain – not just the rational parts, but the seemingly irrational parts too. Trust your intuition and keen business sense telling you “I might be onto something”. Let your emotions and the way you’re “feeling good” about something become part of your decision-making process. A powerful tool when used the right way, your emotions can be a good gauge and guide when moving your business in the right direction.