Everyone who starts a company wants it to be successful. But how do you achieve this?
Having been involved in founding PayPal, entrepreneur Reid Hoffman went on to be the co-founder and executive chairman of LinkedIn, a business-oriented social networking site. He is worth around $2 billion (in 2019). And he thinks he has found the secret of business success. This is…..blitzscaling.
‘Blitzscaling’ is a set of business practices for lighting the fire under growing a business. If you want to read, or know, more about it, Reid Hoffman has written a book, together with Chris Yeh, entitled ‘Blitzscaling: The lightning-fast path to building massively valuable companies’.
According to Hoffmann, ‘blitzscaling’ is what you do when you want to grow really quickly. It prioritises speed over efficiency in an environment of uncertainty. Hoffman’s philosophy is that we live in a global and ‘networked’ age and that in order to succeed, you need to move faster because you will soon find competitors who want to beat you to scale.
Hoffman thinks there are three kinds of scale:
· Grow your revenues
· Grow your customer base
· Scale the organisation.
Hoffman and Yeh’s book offers a framework that, they say, can be replicated in any industry.