It’s no secret that the road to success is paved with unforeseen obstacles. This is the reason why some of the most promising ideas fail, and why some of the most ordinary individuals can be extremely successful. With the arrival of the digital age, competition has only increased. As an entrepreneur, you might find yourself wondering how your small business could survive the saturated market competition? The solution can be acquired from those entrepreneurs who have an intricate understanding of the market, attained by countless years of experience. One such entrepreneur who has mastered this craft of outlasting the competition is David (大卫 | Dawei) Zhao.
David Zhao is an investor and entrepreneur originally hailing from Shanghai, China. He is the Managing Partner and co-founder of NXT Group, an American conglomerate company based in New York City. Its diversified companies include NXT Factor (Digital Agency), NXT Auto Club (Luxury Car Sharing Service), and Food & Dining Ventures like Chubby Cattle and the X Pot.
Over the course of his career, David managed online marketing services for a multiple number clients, before launching his own e-commerce network: MoreViews Inc. (initially recognized as MoreViews.net) in 2007. A specialist in management, marketing, and digital development, he has also served on the board of multiple non-profit organizations for many years.
Through his knowledge and understanding of the digital marketing space, David is able to build brand awareness and increase revenue for his agency’s clients and his vested ventures, setting the foundations for an exponential growth. It’s no surprise then that in 2014, his business NXTFactor generated over $15 million in revenue for its clients. Today, his portfolio of ventures gross over $100MM in annual revenue.
The entrepreneurial journey for NXT Factor’s guru has not been without hurdles, and still, he continues to face stiff competition. But despite those obstacles, David Zhao has kept up with the modern trends of today and combined them with his years of experience to help him maneuvers over any hurdles that may arrive. Here are three strategies he seeks to implement to stay at the forefront:
Hiring talents that are ready for exponential growth
Hiring the right talents is the key to future-proofing your company’s growth. If motivated correctly, the professional team can benefit from a culture of creativity. This also helps employees take risks and come up with new strategies, while working collaboratively as one unit.
The efficiency of execution and team assembling
The correct execution is a clear road map to create Minimum Viable Product (MVP) quicker than most competitors. It also helps the more advanced businesses to scale quicker, while having multiple projects in progress.
Know the competition
Knowing your competition helps to build your business by focusing on the areas that competitors are neglecting. It also gives the business an added advantage to diversify their products and services for long term success.
Having the edge
The most important thing is having an edge in your venture. The edge could be your technology that will cut labor cost; it could simply be the low cost of your product; or it could be a mix of many factors. It’s essential to know what your edge is compare to the market.
For an upcoming entrepreneur looking to venture into the digital agency space, David Zhao’s advice is to focus on solving your client’s core problems. This can either be marketing their products, upgrading their products, or even raising capital. There is no rocket science to succeed in entrepreneurship, the secret is to beating the J curve of entrepreneurship and being ahead of the curve.
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