Paul Sanders, CEO of James River Capital, is a business expert. That’s because his venture capital firm has partnered with some of the most successful businesses in a variety of industries. He offers a few tips on building a successful business.
Every business needs funding. It’s inevitable that you’ll reach a financial hurdle where you can’t afford to move forward. This is when you need to start looking into financial options. Sanders understands the pain of scaling a business because James River Capital routinely partners with businesses to help steer them in the direction of profitability.
Be a Leader
If you want people to follow you, it’s time to take charge. Sanders recommends you never wait for others to take the reins of a problem you can easily solve yourself. Draw out the plans and volunteer to take the lead. When you take charge, people will naturally start to follow your lead, and that’s when the business really starts to take off.
Sanders also mentions the importance of demonstrating the qualities you want in people. This means taking notes, acting with confidence, and being a positive force in the workplace.
You need a positive reputation to be an effective leader. Nobody wants to give their all and proudly partner with a business they know to be a scam. That’s why disgraced CEOs are promptly removed by any large enterprise’s board of directors to save face with the public. If you don’t want to end up ousted from your own company, you need to build strong relationships with everyone within it.
Crowdsource and Crowdfund
Delegation is the hardest skill to learn in business. Thankfully, modern technology makes platforms available to leverage the combined skillset and resources of the crowd. Crowdsource your work and crowdfund for financing each project to make a big impact.