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One of the hardest challenges for startups is deciding when it’s time to scale up and plan for growth. Scaling requires a new set of skills and know-how that are different to founding a startup and defining a minimum viable product.
Too often, entrepreneurs get lost in this shuffle.
To scale up, a startup needs a sound strategy, which is easier said than done, in order to drive long-term growth and profitability. You need to understand how to effectively allocate your business’ resources over an extended period of time, especially when these resources and the purse strings may already be tight.
The only true measure of effective scaling up is to achieve a position where revenue is finally starting to outpace your costs, where solid returns are no longer a pipeline goal but just around the corner.
This requires refining your skills to attain greater independence, seek and acquire new customers, build brand awareness, and generate new revenue streams.
It can be a minefield for errors. Entrepreneurs like to talk about failure and learning from failure. The scaling up phase for a company is in fact where most startups fail.
The IE Business School in Madrid has developed the Owners Management Program to guide, help, and educate budding entrepreneurs through this tumultuous period, from devising scaling strategies to managing your resources more effectively en route to a sustainable future.
The IE Business School says “entrepreneurship is in our DNA” and describes the program as being built for entrepreneurs by entrepreneurs. The Owners Management Program uses a non-traditional classroom setting and interactions with entrepreneurs that have been through the scale-up process themselves. Their experiences of success and challenges in the business world will provide practical help to anyone that takes this course.
IE Business School has been providing support for business owners by cultivating and adding to the ecosystem with their in-house entrepreneurial support platforms Venture Lab, Area 31, and collaborations with Spain Start Up, South Summit, Net Impact, or Hub Madrid.
“Get ready to take a step back, change old habits, learn from experts, be open to the latest cutting edge ideas, and adapt to the coming changes to take your business to the next level.”
For more information about the Owners Management Program, click here.
Featured image credit: Kai Schreiber / Flickr