It is every entrepreneur’s dream to build a company that outlasts them. A report from the International Monetary Fund (IMF) using data from the Kenya National Bureau of Statistics (KNBS) in 2015 reported that the number of companies registered between 2011 and 2015 increased by 52.9%. While this is an indicator of a conducive economic environment, the truth is that most of these companies may not have made it past their startup phase.

For the selected entrepreneurs that manage to steer their companies through the tides associated with the startup phase, scaling and longevity become a priority. They start thinking of building the company’s future that goes beyond them. They, therefore, become
preoccupied with succession planning, building a solid team as well as unyielding structures that will ensure seamless running of the business. Here we will share with you tried and proven ways as well as advice from various experts on building a company that lasts.

Rock-Solid Team

Great teams build great products. And your team is a reflection of your company. Think of it this way, are your employees empowered enough to make decisions as well as stand on their two feet without you? An entrepreneur should focus on building a team that will propel the company even in his/her absence. Therefore, you should identify the gaps in regards to employees’ abilities and talents and bridge them. More than anything you should hire people who share your vision.

Expert Tip: The way you multiply time is by spending time on things today that give you more time tomorrow- Rory Vaden, American author and co-founder of
Southwestern Consulting.

The 10x Test
Serial entrepreneur Joseph Ansanelli insists that your product should be 10 times better than all the alternatives in the market.

To read the rest of this article from B&M Issue 3, please download the FREE pdf or view it as a flipbook here.

Business & Money Magazine Issue 3 Cover
Business & Money Magazine Issue 3 Cover

 

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