Bigger vs. Better

“Most entrepreneurs strike out on their own because they want to create work on their own terms,” says Adelaide Lancaster, co-author of The Big Enough Company.

But while the freedom of entrepreneurship makes the hard work and risk worthwhile, missteps can derail your plans – especially during expansion.

How to stay on track?

Maintain focus, hold on to your company’s purpose and define success. “There are dozens of directions any company can go,” Lancaster tells PINK. Using purpose “offers you the opportunity to preserve and maintain the benefits and experience you’re seeking, both for yourself and for your company,” she says.

Bigger isn’t always better, adds Amy Abrams, the book’s other co-author. “As a society, we tend to evaluate companies by their revenue, number of employees, locations and rate of growth.” But when defining success, she says being bigger doesn’t always help companies achieve goals.

“Oftentimes,” she adds, “the way forward isn’t just about exponential growth, but about creatively evolving your company so it continues to provide what you’re looking for.” Ask yourself what you want the company to be known for and the impact you want it to have, then dismiss growth directions that don’t serve this purpose, says Lancaster.

Sites like A Smart Bear and Small Giants discuss different entrepreneurship models and various creative ways companies can achieve their goals of becoming “great” rather than just “big.”

Bonus PINK Link: Get eight tips for being your own boss in our online exclusive.

What approach helped you expand your business? Tell us in .

By Caroline Cox

“Not knowing you can’t do something is sometimes all it takes to do it.” Ally Carter