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3 Things Every Entrepreneur Must Know to Grow Their Business

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It seems like everyone these days is an entrepreneur. After all, anyone with a computer and an internet connection has the opportunities to serve a global audience. The harsh reality is that the vast majority of these budding entrepreneurs will never make the money they hope to through their new business venture. Most will fail to ever make a dollar, others will earn very little and eventually abandon the idea as the novelty wears off and discouragement sets in. 

The difference between the runaway success stories and the masses of entrepreneurs silently toiling in their businesses is that the former possess a skill that the latter do not. The winners know how to sell.

Weekly, I encounter starry-eyed entrepreneurs with big ideas and a palpable disdain for sales, sales processes, and anything that conjures mental images of used car salesmen in cheap suits who reek of equally cheap cologne. These entrepreneurs likely won’t make it. If you want to succeed you have to learn to sell.

Here are three lessons from top sales leaders on how entrepreneurs can improve their sales results:

1. Educate, don’t pitch

Don’t even think about pitching your offering until you know exactly what ails your would-be buyer. The fastest way to sink a deal – and your reputation – is by pitching an offer that won’t actually work to alleviate your customer’s pain point. A superior way to sell, however, is to avoid pitching at all. This proverbial high road is one that will set you apart from virtually every other sales person who comes knocking. You will become more than another offering in a crowded field; you will become the trusted advisor.
The first thing you must do in any selling situation is take the time to self educate by asking thoughtful questions that invite your prospect to open up about their current situation. The best sales leaders do this effortlessly and the meeting begins to feel more like therapy than a sales call.

Once you’ve established a level of trust with your could be buyer, now is the time to show them how your offering would be the right next step to solve their problem – but only if it actually will. Spinning your offering to shoehorn a customer into a deal they’ll later regret is a fast way to trash any trust and goodwill you’ve managed to create. By demonstrating how your offering will make their lives better, you have put yourself into the role of the trusted advisor and your soon-to-be customer will thoughtfully consider your offer free from the typical pressure of transactional sales.

“Keep yourself positive, cheerful, and goal-oriented. Sales success is 80% attitude and only 20% aptitude.” – Brian Tracy

2. Expect to hear ‘no’

Hearing no is hard. Especially when you know that the product or service you’re selling will genuinely help make your customer’s life better. The first time you hear a no it can be pretty devastating, especially true when it’s your business that you’re trying to get off the ground. Rejection is always hard though a healthy perspective can go a long way towards keeping you on the path to eventual success.

The good news is that every no is a great opportunity to learn. From building your confidence as you pitch your offer to modifying how you present the benefits of your offering each no give you permission to experiment with your presentation.

3. Do the Hard thing

Bottom line is you’ve got to put yourself out there. Yes, it’s easy to send out a handful of cold emails to potential prospects and wait, with fingers crossed, and hope for an unlikely ‘yes’. Unless you are able to craft a curiosity inducing subject line and an email that provides an astounding amount of value, cold emails seldom work. That widely accepted reality doesn’t stop scores of entrepreneurs from spending untold hours in their inbox sending messages to every email address they manage to track down.

If you want to succeed you need to strand out and that means finding less crowded spaces to occupy with your message. It means doing the thing that no one else has thought of or that no one else wants to do. Sending an email is easy while getting up on a stage at an industry trade show is not. Neither is cold calling prospects out of the phone book. Consistently do the hard thing that no one else will and you’ll find success sooner than later.

“If people like you, they’ll listen to you. But if they trust you, they’ll do business with you.” – Zig Ziglar

Falling in love with the process of selling is no small task but it’s critical for entrepreneurs who desire to leverage their businesses to achieve lifestyle and wealth. The most successful entrepreneurs and sales leaders are the ones who have designed processes that align with their personality and strengths. Ultimately the road to success is one of consistency so map out your path and commit to walking it out every day.

Bryce Conlan is the Founder of the Narrative Advantage, a consultancy that empowers sales leaders to build high-trust, high-performing teams by discovering the everyday genius of leaders and sales reps alike. Bryce has worked with 10 Fortune 500’s and many other well-known brands such as GE, Proctor & Gamble, National Geographic, Harley Davison, and Sony Music Group and has directly influenced over $72MM in new revenue for himself and his clients over the course of his career.

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Entrepreneurs

The Many Faces of Benjamin Franklin: A Masterclass in Versatile Leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.

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benjamin franklin leadership

Versatile leadership involves the ability to adapt communication as per the needs of others.  It is different from situational leadership where the leaders have to adopt the strategies as per the situation.   (more…)

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to sca.auction.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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