How to advance your business
Matthias Lesch, the Founder & CEO of TAB, has built a successful business with a $20m+ revenue in under 18 months. He shared 10 valuable success factors at EBSpreneurship Forum 2017 and now we would like to share them with you too:
- The core of any good business is putting the customer first. There is no step by step checklist to building a big business and getting rich but good entrepreneurs position their thoughts around their customers and how to provide the most value for them. Bringing innovation to the market is not enough. Finding a unique business model customers love is the real challenge but it will take you a step closer to advancing.
- An innovative product is not everything and your business idea / product is not the only one. Always keep on challenging it against other ideas and remember to make use of technology to innovate your business model. However, the product technology is not the only thing that creates value, it is the combination of a good business model with the help of technology that creates true value.
- Use technology not to create value but to innovate your business model. The 4 elements of a successful business are: value proposition, value architecture, revenue model and team values. To make sure you have covered these elements with relevance to your business, answer these 4 questions: What excites potential customers? How do I create value for my potential customers? How do I earn money? Who is on my team?
- Make sure you have the 4 elements of a successful business covered! Great employees are only great if you enable and encourage them.
- Trust in your team! Stop micro-managing every single topic. Enable your employees to grow beyond their current knowledge.
- Have a clear mission & vision for your business. Entrepreneurship is continuously learning what works and what doesn’t. Prototype fast! Learn faster! But most importantly start DOING it. Having a clear mission and values of your business which is clearly communicated and supported by your team will enable your employees to move in the same direction you envision.
- Don’t be afraid to make mistakes. Learn from them and start improving.
- Change perspectives! Don’t just ask your customers what they want, understand how they use your product in order to improve it. Ask for feedback/test and check how it works for other people because they will have a different view on things and their opinion will help you improve the value proposition.
- RCN – Read, Connect & Network.
- Luck. Luck is more of a psychological factor. However, don’t put all your eggs in this basket.
If you are interested in the event and would like to know more about it – read about our EBSpreneurship Forum 2017 Highlights!