I responded to a question posed by an entrepreneur on business growth fundamentals. Here is what I wrote in response to his question.
Hi Firdous
A corporation can achieve sustained business growth when it has products, services, systems, and processes that will help it gain a competitive advantage over competitors.
I have tried to summarise a growth model in the form of a graphic that you will find Business advisory and growth section on the About US page of my website –
https://www.sudhirahluwalia.com/
The growth model provides you with a summary of how business growth is impacted. At a high level, the model has the following key elements- strategy, business model, marketing strategy, and digital marketing.
Let me elaborate on the model with the example of a successful enterprise like Airbnb. Airbnb, as you know, is a platform. Its founders experimented with the idea of shared renting. They tested the hypothesis, failed, tweaked the model, further developed it, and built it into a successful business that now has a global footprint.
You will find similar examples all across the world. The theory of growth is the same everywhere; the difference lies in execution. Following a simple process demonstrated by Brian Chesky of Airbnb, you will have to discover the answers to each of your hundred questions. Conceptualize an idea, test it, modify, experiment and re-test and keep going through the learning cycle till you finally succeed.
I hope this works for you.