Daniel Shin is a celebrated entrepreneur and innovator with numerous successful businesses at his backing. Born and raised in South Korea, Shin would end up founding TicketMonster and PortOne Global, raising his profile while developing successful companies.
Now a celebrated entrepreneur with something to share with the world, Shin took time out of his day to outline some of the steps he took while scaling his business successfully.
Let’s dig into Daniel Shin’s work to understand better how he properly scaled his business for success today, tomorrow, and for years to come.
When Is It Time to Scale My Business?
There are several signs that an entrepreneur should prepare to scale their business. Shin suggests looking at the following factors before taking the next step in the scaling process.
Each business should have
- Established Brand – Daniel Shin advises the pursuit of analytics to make guided decisions on the favorability of their branding. Analytical tools can tell a business owner if they are ready for growth.
- Service Demand – According to Daniel Shin, businesses should operate within a five-year growth projection. Steady increases in sales indicate that the market is receptive to the company.
- Adequate Infrastructure – Before scaling a business, Shin suggests taking a long and careful look at the virtual and physical infrastructure of the business in question. Evaluate materials and human resources necessary for potential growth.
Successfully Scaling a Business
Attempting to scale any business without developing a strategy can be risky. Daniel Shins suggests investing in five time-tested strategies when scaling a company to improve and enhance the chances of success.
- Perform a Competitive Analysis – You will know where you stand in the crowd once you perform a competitive analysis. Daniel Shin advocates for competitive analysis while putting away the ego, noting where other brands perform better, and seeking inspiration and motivation.
- Delegate Tasks – Entrepreneurs and business leaders should be prepared to delegate most tasks to subordinates. Shin suggests remaining focused on only the most significant priority tasks.
- Embrace the Marketing Flywheel – The Marketing Flywheel is a tool critical to business success in the long term. The marketing flywheel involves Solving a Problem, Cultivating Positive Relationships, and Providing Exceptional Customer Service.
- Review Company Goals – Company goals may change along with economic conditions and consumer tastes. Quarterly meetings to retool company goals can keep businesses focused.
- Focus on Leadership Growth – Incentivize team-building activities while fostering growth in crucial leadership positions. Shin suggests starting a book club or offering incentives for employees to develop their professional skills.
Daniel Shin is the founder and co-CEO of PortOne Global. Before his current work, Shin founded TMON in 2010, guiding it into becoming South Korea’s second-largest mobile commerce company.