In this video interview, Entrepreneur Magazine's Emerging Entrepreneur of 2011 Adam Nelson shares growth strategies that helped his startup succeed. The founder and inventor of the Good Nite Lite says he never sat down to write a long-term business plan when he first created his product to solve his son's difficulties falling asleep.
But Nelson says he quickly began to realize that he had to build processes around his vision as the company began to gain traction. "It's never too late to add a strategy," Nelson says.
He started to add structure to his company and then continued to reevaluate and adapt as he garnered more feedback on the product.
"If you don't have a [business] plan, one will form on its own," Nelson says. "The good news is a plan will form. The bad news is you may not be in control of it."