Daniel Shin is an entrepreneur born and raised in South Korea. Spending his younger years in the United States, Shin would find his way to the University of Pennsylvania’s Wharton School, where he graduated with his B.S. in Economics. Now a notable entrepreneur and industry disruptor with various outlets, Shin has been vaunted for his work founding businesses such as TMON (TicketMonster) and PortOne Global.
Looking to share the insights that made him so successful, Daniel Shin offered some information regarding his experiences scaling and building his businesses. With the proper preparation on hand, Shin believes that any entrepreneur can develop a thriving business.
Set the Stage for Scaling a Business
Entrepreneurs who don’t take the time to develop a successful growth strategy will find it exceedingly difficult to scale their businesses successfully. Avoiding expensive mistakes is part and parcel of finding success in the entrepreneurial field, and Shin suggests the following to continue doing so.
- Develop a Favorable Brand – Before considering scaling a business, entrepreneurs should know what their brand stands for and why it is recognizable. Use analytics to back up these assertions.
- Define Service or Product Demand – Entrepreneurs can only grow correctly if there is demand for their offer. Before scaling a business, Shin suggests developing a robust market for what they have to offer. If sales are steadily increasing, this is a sign of potential scaling.
- Develop Sufficient Cash Flow – Before scaling up a business, entrepreneurs should have an adequate cash flow to cover all additional expenses, including workspaces, hardware, software, new hires, and supplies. Cash flow requirements will vary from one industry to the next.
Proven Tactics For Scaling a Business
Before attempting to scale a business, Daniel Shin advocates developing a thought-out plan of attack. Successful South Korean entrepreneur Daniel Shin suggests following at least a few of the ideas below:
- Perform a Competitive Analysis – Find a thorough understanding of the businesses surrounding you by performing a competitive analysis. This analysis will analyze company offerings while noting their position within the market.
- Delegate Tasks Appropriately – Entrepreneurs should focus on high-value tasks while delegating lesser tasks to subordinates. According to Shin, maintaining a focus on the larger picture allows for focus during growth stages.
- Adapt an Omnichannel Strategy – We live in a technologically fueled landscape that requires constant attention. Daniel Shin advocates developing an omnichannel communications strategy to meet customers in as many places as possible. From emails and social media platforms to SMS/text messaging support, an omnichannel approach ensures your business is not left behind.
- Review Company Goals – Finally, Shin believes it is essential to take at company goals to ensure changing conditions haven’t necessitated any alterations or course corrections.
