In a recent interview by Smarter Loans, David Souaid, co-founder and president of Evolocity Financial Group (now OnDeck Canada), was asked to share some advice on building a successful business. Although there is no exact recipe for creating a successful company, there are some things every entrepreneur can do to build a strong foundation for their business. David shared 3 key tips:
Tip #1: Focus on the problem that you’re solving.
First and foremost, businesses thrive because they solve problems for customers. So, it’s important to clearly define the problem you are seeking to solve. Once that’s clear, “be obsessive and relentless in your pursuit of solving that problem.”
Tip #2: Hire complementary people.
“Build your team with people that have strengths that you may not have.” As a leader, it’s vital that you be able to identify your strengths, but even more importantly, your weaknesses. By having this self-awareness, you’ll be able to identify the gaps that need to be filled. When growing a business, you’ll need your team to have a variety of skills, so be sure to hire people with talents and attributes that complement yours.
Tip #3: Make sure you have enough working capital early on.
“Raise enough equity to have the firepower to execute on your business plan early on.” Whether you’re just getting started or looking to take your business to the next level, take the time to assess how much funding you need to achieve your goals. This way, you’ll know exactly what you need to fuel your business with to succeed. In the interview, David shared some inspiring examples of small businesses who have grown tremendously by accessing the right amount of capital at the right time.
Every business and business owner is unique, so every path to success will look different. But, by having the right focus, the right people, and the right amount of capital, you can set yourself up for success.
Click here to view the full Smarter Loans interview!