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What are the steps in establishing, and scaling an organization?


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Patryk’s Answer

Hi Paridhi

To establish a business, you first have to come up with an idea and a plan to bring that idea into the real world. Whether that is a product or a service, you have to figure out how you are going to do it, where you will do it, how you are you going to get the investment for it. You also need to look at the market and identify who you are specifically trying to cater to, and what competitors/obstacles can hinder your idea.

In order to scale a business, you need a strategy to identify whether growth is available for your business and how you will capture that growth. Next, you must find the investment to financially secure your expansion (loans, reinvestment, equity offering). You also have to invest in your business + relevant technology to make sure that you can handle the increase in volume that comes with expansion (orders, capacity, supply chains, software). Finally, you need to find the people that will work in your store or factory to be the staff of your expansion, so you will need to either outsource the labor or hire more people.

I hope this helps!
Patryk

Excellent response! I can clearly tell you have the knowledge, Patryk! Once again, I can't thank you enough for taking time out of your day to help out students like me! Aun M.

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Vineeth’s Answer

This is a very good question. This century we have seen a lot of startups coming. Youtubers rule the world and even TikTok's. Every thing need a branding and scaling. Start with branding yourself. Identify which segment of people you are targeting. Be very clear on what you want to showcase and where to reach. Do you want to reach the youngsters? or elderly people. Are you more interested in a section of people who are tech savvy? or no tech savvy? Think about each and every specifics and start the branding. Brand it to the crowd you like to reach.

Once you brand yourself, think about how you can scale it. Will you be able to take care of all queries / questions from all your people/ customers? Identify the area you are getting most challenges. Bucktize the areas and then try to address the problems.

Hope this helps!

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Justin’s Answer

I wanted to touch on a different angle of this question. It is important when starting a business to understand your relationships and advisors and how they play a role. You may know your skill very well, however, almost nobody is an expert in all angles of what they have to accomplish as a business owner and leader.

Do you have a partner and/or someone you can trust in the following areas:
- Accounting
- Legal
- Insurance
- People and Human resources

All of these areas are important when discussing scaling the business. You want to provide your solution to your clients in the most efficient way possible to allow for real scaling. If you do not surround yourself with true advisors you can trust then you will not be able to focus on the necessary operation towards scaling. Having these partners, listening to them and challenging them will bring you to a successful place - along with taking an interest in leadership. If you are leading your organization and growing you are taking care of other people and their families, assuming you have employees. A huge part of your time will be spent making sure your employee base is happy, and listening to them will be the first step in delivering.

Best of luck

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Diana’s Answer

There are a number of ways to establish a business. It depends on the type of business you want to start and whether you will be providing a product or service or both. First find out whether you are going to start a business to provide a product (which many people use Shopify to build a website and find a supplier) then decide whether the business will be established as an Limited Liability Corp. (LLC) which if so Luke's response above can guide you in that. Once you have your LLC, and Shopify or Wix website then establish a Facebook and Instagram account for your new business, so your business has an online presence. Start to build a brand by sharing content on those platforms. A good book to reference is the 4 Hour Work Week by Tim Ferris.

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Katya’s Answer

Hi Paridji, I will share with you my take on the scaling the organization.

First, always remember that your reputation is the most vital key to your success. Your reputation starts with how you act towards others, feedback that your receive from your peers and clients, of course your your performance, your company networks and your individual development plan.

With this being said, it sound a lot but I am a firm believer your reputation is everything- just like the company has a responsibility to sustain a certain level of reputation -same goes for us as associates.

Having network and being involved opens many doors to opportunities. Yes,it does take a lot of your time, sometimes after working hours-but you have to be passionate about doing all these networking activities. Companies, do offer career networking events where you have an opportunity to meet and greet individuals from other departments. This is the time to make connections, ask for mentoring and support, share your individual interest and your career path.

Now, as always you have an responsibility to stay on top of your career path and follow up, ask for feedback, new assignments, and be a team leader. Sometimes, the team likes to say he/she is the go to person.

How you are being perceived by others and ho who’s support the bigger picture of the organization is important. Are you an individual contributor or do you care about the team performance?

Reputation is the key- it’s takes a moment to ruin it and a lifetime to rebuild it.

Good luck

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Diana’s Answer

There are a number of ways to establish a business. It depends on the type of business you want to start and whether you will be providing a product or service or both. First find out whether you are going to start a business to provide a product (which many people use Shopify to build a website and find a supplier) then decide whether the business will be established as an Limited Liability Corp. (LLC) which if so Luke's response above can guide you in that. Once you have your LLC, and Shopify or Wix website then establish a Facebook and Instagram account for your new business, so your business has an online presence. Start to build a brand by sharing content on those platforms. A good book to reference is the 4 Hour Work Week by Tim Ferris.

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Luke’s Answer

The other answers here by Vineeth and Patryk are wonderful and I recommend starting with theirs. However, I wanted to add a more practical answer to give you a call to action after you've worked on the conceptual side that they outlined.

To establish a business, you have to go to the country clerk's office to file for it. This can often be done online and is relatively simple as far as government forms go. You will have to identify what form your company is (i.e. corporation, private owned, etc.). If you are planning on growing the business, I do not recommend privately owned. The typical recommendation is a Limited Liability Company. It is the most flexible and the safest.

After you have your paper-work in order, you want to set yourself up for success. If you're planning on growing it, then I recommend creating your mission and vision statement with that in mind. Focus on why this business exists (businesses do not exist to make money, they exist to create some form of service or fix some issue in the world).

Think of it this way, you can build a manufacturing plant in a small room but using the same processes as a warehouse. That way as you grow, you're not re-inventing your wheel, just adding a larger room and bigger tables. Use this mindset both for the physical infrastructure and also the conceptual structure mentioned in he other comments.

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