Nothing in life is more rewarding than watching something you’ve created flourish as it grows. Daniel Shin is an entrepreneur from South Korea who came into the fold as a prolific thinker, developing businesses like TMoN (TicketMonster) and PortOne Global.
Adhering to logistical groundwork and mental plans, Daniel Shin has ensured that his hard work has helped to motivate and machinate new opportunities for his businesses, scaling them as opportunities presented themselves.
To help others pursue their success in scaling a business, Daniel Shin outlined a couple of tips that he has found helpful over the years.
Perform a Competitive Analysis
Business owners and entrepreneurs need to put their egos aside while they perform a comprehensive competitive analysis of their industry. This competitive analysis will note where they are within the market about competitors.
Along the way, Shin values asking questions like:
- How Can Customers Engage With My Business?
- Does My Business Offer a Loyalty Program?
- How Can My Business Meet the Needs of Customers?
A competitive analysis will allow entrepreneurs to learn from the industry while advancing from points of failure.
Learn the Art of Delegation
Entrepreneurs always have something that requires their attention. As a result, learning how to delegate tasks while understanding when to do them on your own is essential. Daniel Shin suggests that most jobs should be empowered by professionals within the business who have the time and skills to accomplish them.
Leaders like Daniel Shin should be focused on high-value tasks that require intrinsic attention from someone in a leadership position. This allows people like Shin to remain utterly involved while concentrating solely on big-picture items.
Develop the Marketing Flywheel
The Marketing Flywheel exists in a three-point phase: Solving Problems, Cultivating Customer Relationships, and Providing Superb Customer Service Experiences. Daniel Shin is a believer in a business’s growth through its marketing flywheel’s success. Once the flywheel kicks into motion, it should stay in action as it generates an influx of happy customers, steadily leading to business expansion.
Cultivate Effective Leaders
A successful business will prioritize employee development as it elevates team members. Shin advocates for the continued growth of critical employees into well-positioned leadership roles. Along the way, Shin suggests encouraging leadership development through various concepts.
- Quarterly Team Building Activities
- Company Book Club to Encourage Growth
- Build Bases of Knowledge to Enhance Experiences
- Prioritize Learning Opportunities For Employees
Growth is rarely linear and requires many adjustments along the way. Daniel Shin suggests carefully controlling the wheel to guide company growth and scaling strategies from a leadership position.
