3 Business Growth Strategies That Should Inspire Your Way of Doing Business
Sometimes business owners need a little pick me up; a little bit of inspiration from entrepreneurs that built something from nothing. You don’t have to be best friends with a Fortune 500 company CEO to get inspiration from their successful business decisions.
The best way to learn the secrets of how global organizations reach incredible growths is to study how they began. In this special article, we want to share 3 business growth strategies that will inspire the next direction for your company.
Business Growth Strategies to Improve Your Company
Business Lessons From Starbucks
“When I first discovered in the early 1980s the Italian espresso bars in my trip to Italy, the vision was to re-create that for America. Starbucks re-created that in America in our own image; a place to go other than home or work. We also created an industry that did not exist: specialty coffee.” Howard Schultz
In 1982, Howard Schultz was hired as Director of Retail Operations for Starbucks Corporation. The original company, established in 1971, initially sold coffee beans and coffee machines. The only brewed coffee they sold in their shops were free samples given to customers (intended to showcase their unique roasted beans).
As the quote above states, Schultz was highly inspired by Italian espresso bars. He went back to the owners of Starbucks and tried to convince them that they should open their market to selling specialty coffee in their shops. The owners refused and Schultz quit Starbucks to start his own company, Il Giornale coffeehouses.
In 1987, Schultz went back and purchased Starbucks Corporation and as CEO, started to make his vision come to life. Specialty coffee was on the rise, “During the 1980s, total sales of coffee in the US were falling, but sales of specialty coffee increased, forming 10% of the market in 1989, compared with 3% in 1983.” And as they say, the rest is history.
Starbucks, as we know them today, has 23,768 locations worldwide, with more than 191,000employees. So what’s the main takeaway you can learn from Howard Schultz? Don’t let others tell you that your idea is not savvy and sustainable. Don’t close your mind to changing your business’s core purposes.
Always be on the lookout for how you can make your business better and if that means changing a key element or component, be brave; follow the numbers and follow your gut.
Business Lessons From Amazon
“If you’re competitor-focused, you have to wait until there is a competitor doing something. Being customer-focused allows you to be more pioneering.” Jeff Bezos
Just before the Internet Business Boom took off, Jeff Bezos opened a small company name Amazon.com, Incorporated in 1994. Bezos saw the potential and growth of dot-coms and wanted to be on the forefront of the economical surge. Before deciding on what product to sell online, he tactfully strategized the most profitable route.
When Amazon first started, “Jeff Bezos created a list of 20 potential products to market online… he narrowed the list to what he felt were the 5 most promising products which included: compact discs, computer hardware, computer software, videos, and books. Bezos finally decided that his new business would sell books online, due to the large world-wide demand for literature, the low price points for books, along with the huge number of titles available in print.”
Bezos’ online bookstore took off as soon as their website went live. In the first 60 days of business, having no similar competitors, Amazon sold to every state in the U.S. and to over 45 countries worldwide. In those first 2 months, sales skyrocketed to $20,000 per week.
Amazon currently offers, “Over 30 million items in the combined Clothing, Shoes & Jewelry department, 24 million in Sports & Outdoors, and 60 million in Home & Kitchen. There are 6.7 million Office Products items, 96 million in Electronics, 1.7 million in the Beauty department, 1.2 million Baby products, and 900 thousand Grocery items.”
Although Jeff Bezos’ startup story is filled with business growth strategiesyou can learn from, we want to focus on his innovation. Don’t focus on what your competitors are doing so that you can try and one-up them. Pay attention to your market’s wants, needs and demands to help you build the most profitable business possible.
Business Lessons From Mattel
“We didn’t know how to run a business, but we had dreams and talent.” Ruth Handler
Mattel, Incorporated was founded 71 years ago in January, 1945 in California. The toy manufacturing company was formed by Harold Matson and Elliot Handler. After a brief time, Harold sold his share of Mattel to Elliot’s wife, Ruth Handler. The high school sweethearts-turned married couple- began to turn their dreams into a reality.
In just their first year, Mattel was able to start seeing profits in their business by the invention of their first hit toy, a ukulele called “Uke-A-Doodle.” The couple had other hit toys but the product that would launch them into the history books for the toy industry was a three-dimensional doll.
In 1959, Mattel presented their new toy invention to skeptical toy buyers at an annual toy fair. The new product was, “an adult doll that had fabric clothing to replace the antiquated paper dolls the Handlers’ daughter played with. The doll was Barbie; who interestingly enough, will turn 57 years old in 2016.”
Barbie is now a household name and is Mattel’s most profitable line, having sold over a billion Barbie dolls. The global giant now offers a list of toys that’s so long, we couldn’t possibly list them out for you. Click here to see a complete list; which includes popular toys from Disney, Matchbox, Sesame Street and more.
What can you learn from this 7-decade old company? Mattel was formed by two partners that were perfectly suited to launch a toy manufacturing company. They had big dreams and a lot of talent that drove them forward. Don’t allow naysayers and skeptics to scare you away from introducing a product to the world that you truly believe in. Try to constantly think outside of the box so that you can create a truly unique and one of a kind product.
Our Main Business Growth Strategies Takeaway: Inspiration + Hard Work = Growth
We really hope that you’ve been inspired by these 3-featured entrepreneurs that once started from nothing. If you like this read, head on over to our Facebook Page and “Like” us to get all of our articles on business growth strategies delivered straight to your newsfeed.