What Does It Take to Grow Your Business Successfully? 4 Entrepreneurs Share What's Worked for Them
Photo: Smith House Photo
So you’ve made the decision to grow your business—congratulations! If you thought that was tough, now the next big challenge begins: Scaling your business for growth. Even if you manage to sell like crazy, you’ll soon have another problem: you have to be able to deliver to all those new customers.
We all know that having a good business idea is just the beginning. It’s how you turn that idea on paper into a product that takes strategy and stamina. Building a brand from the ground up is no easy task, and building a team and culture to scale it is a whole other business entirely.
At our recent Small Business Summit presented by Mastercard, Marla Blow, the Senior Vice President of Social Impact for North America at Mastercard, hosted a conversation on what it takes to scale, grow a team, and stay on top of cash flow to see a business thrive with Arian Simone, the general partner and co-founder of the Fearless Fund, Morgan Mercer, the founder and CEO of Vantage Point, and Sharifa Murdock, the co-owner of Liberty Fairs and the CEO of ENVSN Fest.
If you missed the conversation, don’t worry, we have you covered! Scroll on to read the highlights. If you want to watch the entire chat, you’re in luck! Join Create & Cultivate Insiders to get unlimited access to all of our Small Business Summit Presented by Mastercard content.
On accessing capital as a minority entrepreneur...
“Right now, Black women are receiving .0006% of venture funds. Women of Color are still under a percent, collectively.” -Arian Simone
“There is also a lack of diverse investors. The industry is 80% white male.” -Arian Simone
“It’s going to take a lot of movement and collaboration and allies in order to move the needle.” -Arian Simone
On finding the right employees…
“I want to know that someone believes in my dream. That someone is really on top of it, and wants to be a part of it.” -Sharifa Murdock
“Bringing on the wrong people is just as bad as having the role open, if not, worse.” -Morgan Mercer
On fostering inclusivity and diversity…
“When you think about every single person on your team, they’re all an extension of your values, they’re all an extension of your mission.” -Morgan Mercer
On caring about employees…
“Once you find a good employee, you gotta keep them happy.” -Sharifa Murdock
“Be authentic about it too. Do it because you care and you really want to know how your employees are doing.” -Sharifa Murdock
“If employees feel like they can't actually voice their concerns with a project, they’re not going to voice their concerns with their role.” -Morgan Mercer
“The best thing to do is have an open-door policy.” -Morgan Mercer
On preparing to scale your business…
“You can’t just go out to find someone who will work for you for ten dollars an hour.” -Arian Simone
“You need to build on where you’re going, not just where you’re at.” -Arian Simone
On finding the right funding option...
“Make sure you have really strong allies and make sure you have really strong mentors.” -Morgan Mercer
“Whether it be VCs, whether it be startup programs and accelerator programs, whether it be grants, loans, pitch competitions, there are numerous avenues, and it’s really about finding people who align with you.” -Morgan Mercer
On having different revenue streams...
“The pandemic is a prime example of why we should have multiple revenue streams.” -Sharifa Murdock
“Have different ideas on how your one concept can do different things cause you never know what can happen.” -Sharifa Murdock
On having a mentorship program…
“People who can train you and teach you where they have been are key.” -Arian Simone
On staying on top of cash flow...
“I am the cheapest person when it comes to business.” -Sharifa Murdock
“Stay as tight as you can.” -Sharifa Murdock
On leading a team...
“Leading a team requires the desire to be a leader.” -Morgan Mercer
On finding success…
“Success is incompletion. You always want to get to that next level.” -Sharifa Murdock
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