Being successful often means learning from those who have already achieved their goals. Entrepreneurs who are willing to share their secrets to success aim to help others grow. They understand that entrepreneurship is not a selfish road and that it is important to learn from others and teach in the process.
Chairman and President of the Pearl West Group, Jason Kwan, has found that learning from others is one of the most valuable resources any entrepreneur can utilize. The self-made digital entrepreneur born in Canada to a Chinese family shares some of his secrets to success as an entrepreneur.
1. Create A Solid Plan
Planning plays a critical role in the success of any business. Creating a business plan defines your skills and weaknesses, what you offer, your unique advantages, and how you plan on scaling your business. “When we acquire a brand, there are checklists that we run it through to optimize the brand even further. We look at everything from optimizing the supply chain, improving PPC performance, new facelifts for the product, keyword ranking, international presence, branding, optimizing the listing quality, and much more. We essentially build a road map for the brand and rebuild things from scratch if necessary.” Kwan and his team put a plan in place to improve the brand and increase earnings.
2. Prepare for Financial Challenges
Many entrepreneurs often buckle under the weight of financial pressures. They are unprepared and unarmed to face financial challenges. Being prepared can be the difference between a company that can weather a financial storm or one that can’t. According to Kwan, “when the Pearl West Group is looking for acquisitions, we evaluate the businesses based on the sustainability of their earnings. We want to understand if sales will be at risk in the future and whether we could do anything about it. We’ve been bootstrapped since the beginning, so we know how to use capital efficiently.”
3. Build A Team That Shares Your Vision
Even solopreneurs have individuals they rely on to keep their companies afloat. Similarly, business owners who hire employees must be careful to build a team that shares their vision and cultural values. Great people make a great company. They utilize personality tests at the Pearl West Group to ensure that they find the right fit for each role. “A better understanding of each other is a must to have a fun and productive team culture and build trust. Every person is different, and they respond differently. Some of us want direct feedback, and some of us need more gentle feedback. For example, we would want our bookkeeper to be detailed oriented versus big-picture thinking. We all have strengths and weaknesses, and we feel it’s important to understand them so we know how we can contribute to the overall collective group.”
Being a successful entrepreneur takes hard work, vision, and perseverance. These tips from a successful entrepreneur, Jason Kwan, will help you navigate the path effortlessly.