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Latest Startups

How to Scale Your Startup

Grow your startup at a rapid pace

18 March 2020
he intention and the ability to scale is a defining characteristic of startups. It means that the startup must be able to massively grow at a higher-than-usual rate. It's is different from normal businesses, which tends to be more careful.

The book, "Blitzscaling," by Reid Hoffman and Chris Yeh, describes how you could achieve scale the way companies like Airbnb , Paypal and Dropbox were able to do.

To achieve scale, several things must balance out:

1. The Intention and Desire

Scaling at a high rate is often a big risk. You may have to enter a market before you are completely ready. This requires a risk-taking mindset and a purpose to match.

2. The Strategy and Plan

Come up with a plan taking into account how and when you would handle the next two items below. Revise your plan as new information becomes available, at least every three months.

3. The Market

Firstly, determine the market you are entering because the market size must be able to support your business growth.

Consider how you could take advantage of network effects and referrals, and how else you could make your products and services go viral.

To expand globally, you may have to create presence in other countries. You may require to form partnerships.

4. The Resources Required

Ask yourself: What if my customers grow 10 times tomorrow? How would we be able to handle it? Consider the technical and financial resources you would require. Consider, too, the impact on your organisation.

Automating tasks using machines and software can keep your resources and cost down.



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