How to grow your business

Learn from our talk with an investor and a couple of entrepreneurs, why ambitions are good. But also, why ambitions need to be rooted in reality and why your commitment is the most important factor, if you want to successfully grow your business.

Growing ambitions

You wouldn’t start a new company or pursue your business dream, if you were not driven by an ambition to succeed. So, of course, you recognize how important personal ambitions are to any aspiring entrepreneur. Without ambitions no business, basically. However, too much ambition could also get in the way of your otherwise promising success.

“If I see that the potential is there, I will step in and help accelerate their business.”

A mentor will help you grow

Investor Casper Dreymann has helped a string of new and young entrepreneurs. Some he has helped as an investor, and some he has helped as a mentor. Regardless of how he is related to any of these small businesses, what he has come to realize is, that very few young entrepreneurs have realistic ambitions. 

They often ignore the fact, that in reality even a business idea with huge potential often takes 2 to 3 years to actually fulfil just 60% of its potential. But according to Casper, if the business idea is good, and you got an investor or a mentor to help you remain patient, make the necessary adjustments and stay on track, chances are, that you will succeed. As Casper explains:

“If a young startup comes to me with a great business idea that is doing okay, maybe they have some regular customers, but they haven’t yet gained traction in the market, then, if I believe in their idea, I will have them test it on my companies’ customers. And if I see that the potential is there, I will step in and help accelerate their business. And by that I mean I will help set up a salesforce and lay out a sales and marketing strategy.”

An investor and mentor like Casper Dreymann do not mind getting his hands dirty. That was how he made his own telemarketing company a success. And he expects the same uncompromising dedication from the entrepreneurs he decides to collaborate with.

“Everyone within the company must be able to make calls, create leads and get deals in the book.”

“Marketing is key when you want to grow your business. But, if your marketing budget is low and access to financing is limited, you have to set up as small and cheap a sales and marketing channel as possible. Everyone within the company must be able to make calls, create leads and get deals in the book. If the market isn’t open, you need to be able to open it yourself. That sort of dedication is crucial if you want to grow your business.”

Not every entrepreneur can be fortunate to meet an investor/mentor like Casper Dreymann. Most entrepreneurs have to fight for and win market shares on their own. However, that shouldn’t stop you from being ambitious and it shouldn’t prevent you from trying to grow your business.

“…we want to hire more and expand our business into new markets, like Sweden and UK.”

If you do it good, do it more

In Oslo on the terrace of a 9-story building, that houses multiple startups, we meet mInvoice founder and CEO Sonni Christine Jacobsen. She is very confident about the growth potential of her business. In fact, she is so confident that she speaks about the potential of mInvoice as if it was already an established international brand. And maybe her attitude has helped the company get this far so fast.

Right after mInvoice was founded it participated in a Norwegian accelerator program, which gave the company the means to get off to a good start. So far, mInvoice have had no need for outside investors to help improve their success, and so their ambitions are fueled by their current success:

“We are 9 people in the company now, and we want to hire more and expand our business into new markets, like Sweden and UK. And the way we will do this is by investing our profit in the company and use our growing business network to reel in new customers.”

“The key is to track the ROI on your marketing effort, do what is most profitable and do it more.”

Leadfeeder is located in the center of Helsinki in a building that also houses a cinema, and in their office in front of a huge TV-screen we meet founder & CEO Pekka Koskinen. He has been in the game of software startups for more than a decade. Though Leadfeeder is a fairly new startup the approach to growing the business is the same as Pekka has practiced for all his earlier ventures.

When it comes to growing your business through marketing tactics Pekka has this comment:

“If your marketing effort is able to drive in business, which costs less than the revenue it brings, then just put the pedal to the metal and do it more. The key is to track the ROI on your marketing effort, do what is most profitable and do it more. Then your business will grow.”

On the huge TV-screen anyone visiting or working at Leadfeeder can see, where in the world customers are currently using the software solution provided by Leadfeeder and how well it’s performing. From all the blinking dots it’s easy to see, that business is booming.

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