I recently had the pleasure of interviewing one of the greatest entrepreneurs to come out of Australia, Andrew Morello. Andrew has a Tony Robbins, state changer, type quality to him and after hearing him speak you just feel awesome!
Andrew is an all round nice guy and has one of those addictive personalities that everyone wants to be around. He also exuberates a type of confidence that we all wish we had and that every sales person aspires too.
His business ventures include The Entourage (with more than 70,000 business members) with fellow friend Jack Delosa, Bellagio & Co Jewellery and Head of Business Development for Mark Bouris’s Yellow Brick Road. Andrew shot into the spotlight in 2009 when he won the Australian version of the popular television show The Apprentice (the format is similar to the US version with Donald Trump).
Last year he spoke in 19 countries and you will typically see him out and about at entrepreneur events such as the Entourages Unconvention and Scaleable & Saleable, as well as pretty much every entrepreneur, Financial Services or Real Estate related event. He prides himself on being an ex-auctioneer and just a simple boy from Moonee Ponds, and every startup can learn something valuable from him.
“It’s not about the education someone has or where they grew up; it’s more about the sort of person they are”
Below are the top tips from our interview, and there is some cool stuff in there that hasn’t been shared anywhere before. Get into it, get amongst it and get excited!
1. Know your 30-second “Why You At 3am”
Andrew gets out of bed every morning because of his 30-second answer at 3am. As the entrepreneur in your startup, it is your job to drive a sales culture, and that starts with you knowing your why – without knowing your why you can’t inspire your sales team. Imagine this, if someone came to your home in the middle of the night and dragged you out of bed, put a gun to your head, and said why you, what would you say? Why do you continue to try and put yourself in the 1% of the population and be an entrepreneur? If the answer is not good enough then you’re dead.
This concept might sound extreme, but the crazy thing is that this happens every day, all over the world. The Nazi’s in the 1930’s, Korea in the 1950’s, Vietnam in the 1970’s, Yugoslav / Bosnia in the 1990’s and Iraq & Syria today. Because we live in the greatest country in the world, Australia, the land of opportunity, we forget why we wake up in the morning and what motivates us.
Andrew’s why you is “ he wants to make lots and lots of money, to pay other people really well, to do the things he doesn’t want to do, so he can do more things he loves doing, with the people that he loves.” Remind yourself that you are in the 1% and within that 1% there is a 0.1% and in order to get where you want to go you must know your why you.
“If you believe in what you do, even if you are the nerdiest guy in the world, people will be inspired by your vision. You don’t need to be a great salesman; you just need to be passionate and believe in what you’re doing“
2. Use your startups strengths
The advantage of a startup is that you are nimble. You can evolve your product or your service overnight, which a big company can’t do. This only works though if you’re prepared to evolve.
Andrew has had people come to him and say things like, “I have a client, and I thought they were going to move forward with my product, but then they told me they wanted something completely different, and I told them that that’s not what we provide.”
This is the wrong thing to say, it’s what you provide now. If that client is prepared to write out a cheque tomorrow and get started, then you do what you need to do to generate income and serve that customer in anyway you can.
“Play to your strengths and work on your weaknesses”
Remember to remove your ego because if you’re going to be in the world of entrepreneurialism then you do what the market wants and what your clients want. If you’re not prepared to make those changes, then you might be better working for a large organisation.
3. Build sales confidence
Life around sales is a game of building confidence. The more door knocking and phone calls your sales people do, the more confident they get. A great way for startups to get their employees to build more confidence is to gamify the sales cycle. Get all the guys to stay on a Tuesday night to make prospecting calls and give out prizes and trophies so that they compete against each other and forget about that they are doing sales.
Build a culture around the relationship and make your sales people know that this comes first, and the transaction comes second – this helps recession proof your business. Andrew believes that if you build a culture around your sales people acting with a Boiler Room (sales movie) or Wolf of Wall Street style, you’re destined for failure.
4. The way you hire sales people matters
You should always try and hire sales people on culture and enthusiasm – don’t hire on skillset or experience. Make sure their core values and beliefs are in line with yours, and your startups – you can always teach someone about your product. Many startups are scared to send sales people out on the road who haven’t got experience in something like IT. Andrew says that in the early days you can send them to a client to do a fact find / client analysis, get them to fill out a document, and allow a relationship to be built over the course of the meeting.
A couple of days later they can come back with a tailored proposal for their business. If the sales person is enthusiastic and prepared to go above and beyond the call of duty, no client will expect them to know something complex like a cloud-based product. The client will expect them to represent their business, be on call for them and be prepared to grow with them on the journey of their business.
Gone are the days of pressure selling, we are in a world of permission selling. You need to win over the prospect and form a relationship with them.
5. Three traits to look for in salespeople:
Humility –someone who treats everybody equal and tries to do the right thing by people (Andrew did this by being the simple boy from Monee Ponds and staying grounded)
Empathy – someone who understands where people come from
Resilience – someone who can handle getting a lot of no’s especially in the early days when they will get the most.
As a startup, having so few sales people and manpower is a big advantage for you. If you’re not a good sales person, don’t try and be. Go and find someone who is and hire them. You need to sell this person the dream (legitimately) and tell them that you can’t pay a lot of wages but that you will give them great commissions. If the business reaches certain revenue points, you could give them a chance to earn in at a discounted rate or buy into the business. This way of thinking will attract good talent and help make them an owner in the business and have skin in the game. If you sell the dream to 10 people, you may only find that one in ten will reach the set targets or want to pursue this path.
It’s also a great idea to sell this same dream on the operations side too. You might think that you can never afford to pay these people good money or that they would be interested in an earn-in, but that’s not true, these types of people are dying to work with someone who is a great sales person. The idea of them working with someone who is a visionary and an inspiration helps these operations people to do what they love doing which might be maintaining or building the product. Even if you can’t remunerate them greatly at the start, it’s important to sell the dream and show them that their hard work could help them become an owner in the business.
6. Once the sales model is right, know how to scale it
A great way to scale a good sales model quickly, is to let a strong sales person build out their own team and run it as a business within your business (this is the intraprenuer model we hear so much about these days). If they were to take three people under their wing and mentor them, then you could offer them a 2% commission on anything these three team members produce. If this goes well, you could also offer them equity later on.
Another model for scaling the sales model quickly is to partner with people. This model can be a recipe for disaster or a recipe for massive success, so you need to have some quality agreements in place so that you can end the relationship quickly if things don’t work out. Don’t be disheartened if this doesn’t work the first time, just evolve quickly and find the next partner.
7. Don’t make these mistakes with your startup
One common mistake that startups make is that they try and sell the big package. In financial services, that could be trying to sell the home loan, insurance, financial planning and income protection all on the first contact. The client needs to get to know you and like you first. Try and sell them one product or service first, and then win them over, get a couple of referrals and then look to see what else you can sell to them later.
Giving up too early can be another fatal mistake in sales. Andrew tells some sales people that they need to make a hundred calls a day to test them. Shortly after, they come back and say it was too hard. Andrew asks them how many calls they made over the last two weeks, and they might say 300. They could of at least tried 50 a day as a bare minimum but at just 300, they give up. You must be prepared to take the no’s and be resilient.
Andrew also shared with me a story about a guy that had 30 appointments and didn’t get a single sale out of it. He came to Andrew and said I don’t think this is for me. The guy had made a very large financial commitment in the business and left a big corporate role to go out on his own. They went back and did some work on his relationship building and discovered that he needed to win the client over first.
Having originally been in a corporate role he hadn’t done client facing, so he had the mindset of just wanting to get the appointment out of the way in 15 minutes. Through the process of coaching with Andrew, he began to realise that prospective clients just wanted him to listen to them and that the appointments needed to go for longer in order to achieve this. Half the time he didn’t even needed to say much, it was just a matter of listening and genuinely caring about their situation.
By talking more with his clients about their families, sporting interests, the charity work he does in the community and his very personal story of his son who had autism, the prospects could see he was being genuine and showing a bit of vulnerability. The business has now turned around, and he is in the top 10% of his field. In his case, he was doing all the right things he just needed to talk with his prospects about them.
“If you’re not that type of sales person then find someone to represent your business who is”
Make sure that you as the entrepreneur and your sales team, stay humble, be prepared to work hard, concentrate on the relationship, and the sales will come as a by-product of all of that. Australia is one of the last western countries in the world where you can arrive on a boat, as a refugee, and if you’re prepared to work hard, you can be as good as the most successful person in Australia.
One of the best books that Andrew suggests you read (I suggest it as well) is “Think and Grow Rich”, by Napoleon Hill. It might sound a bit cliché, but a lot of the concepts in this article are represented in this classic book.
Andrew was also lucky enough to train with Deepak Chopra and learn a number of concepts such as the 7 Spiritual Laws of Success. What he learnt from these concepts was how to let go of the outcome, practice present moment awareness and embracing uncertainty – don’t try and plan everything otherwise you will achieve nothing.
Tony Robbins courses were another one of Andrews learning’s through his business journey. The main lesson Andrew uses from those teachings is “energy trumps all.” He was on stage the other day with one of the most well-known people in the technology space who has amassed a large fortune, but Andrew won the audience over because he had them standing up, in a peak state and cheering. The content is not always the most important thing; it’s the energy in which you deliver it.
Andrew has seen this first hand with his own mentor, Mark Bouris, who is turning 60 next year and has more energy than most twenty-year-olds. Often Andrew is asked how he gets so much done in the boardroom without a university level education, his answer……he has more energy in that board room than anyone else and when he’s asked what he’s on, he tells them life, and then they get their chequebook out.
Andrews’s philosophy on life, “if something is no longer fun, I’ll go home”. His philosophy has held him in good stead throughout his entrepreneurial adventures.
If you would like to connect with Andrew or follow him, then you can below:
Website – www.andrewmorello.com
Instagram – @andrewmorello
Facebook – Andrew Marcello Morello
Twitter – @ AndrewMorello
How to Create a Winning Startup Culture
Some time back, in my infographic on 51 Business Mistakes that most Entrepreneurs Make, I had outlined that one of the biggest mistakes is that you do not give any thought as to what you consider would be a great startup culture. And, without good policies or HR to keep things in check, the startup begins to develop a toxic business culture. (more…)
51 Mistakes That Can Sabotage Your Dream Startup
So you’ve got an idea. You know it will work. And, it means the world to you.
You are an entrepreneur and you think you can rock the world with this one idea that matters to you the most. And, you set out to form the idea into a startup that you are going to nurture and develop into a blooming business in the upcoming years.
However, I don’t want to throw water over your dreams but, I do need to bring this “optimist” you into the hard and cold reality…….. the reality which says that 90% of all startups fail.
Of course, this can bring a great deal of uncertainty into your life and you got to be prepared to deal with it. You are also going to face a ton of challenges in your life which will force you to grow as an entrepreneur. But, the important thing is that you stick with it.
Of course, as Charlie Munger (Warren Buffett’s friend) once said, “All I Want to Know is Where I’m Going to Die So I’ll Never Go There”. No entrepreneurs want their startups to fail after putting in days and weeks of effort into it.
So, a lot of research has been put forward into knowing what does actually sabotage a startup?
Fortune reported that the single biggest reason startups fail was because they do not identify what the market wants before setting up their startup.
However, it isn’t as simple as that. An entrepreneur needs to perform a comprehensive business plan before he sets out with his business idea. Also, you have to know whether your business idea actually suits you or not. If it doesn’t then, you either you need to fine-tune yourself with your business idea or you need to change the business plan so that it suits you.
And, it is only after that, should you venture upon your startup.
Now, is that all? Of course not. The problem most entrepreneurs face when they first begin their entrepreneurial journey is that they don’t know what they don’t know.
That’s where they tend to make a series of mistakes that may cause great harm to their startup.
That’s why I scoured for successful entrepreneurs to provide me with information on what they think were the most common mistakes that startups do. Plus, I also got tips on how to avoid these mistakes.
You can check out the original article here: 70 Mistakes Startups Make And Tips On How You Can Avoid Them
Now, it’s your turn to do some work. Let me know what you thought of these mistakes and tips that entrepreneurs commit. Do you know of any other mistakes that entrepreneurs do? Comment below!
8 Key Factors That Discourage Investors From Putting Money Into Your Startup
Today’s ideas are tomorrow’s winning businesses. Ideas executed brilliantly and with proper investment bring your business success. That is how the world of business got the likes of Apple, Google, McDonald’s, Amazon and so on.
But why in spite of the brilliant and promising ideas at the core of their business, many startups fail to attract investors? Why do investors hesitate to put their money into some startups? Well, investors have reasons and only by deciphering these reasons we could get hold of some deterrent factors that hold them back.
Let us explain some of the vital factors that prevent investors from putting their money in the startups below:
1. Inefficiency or Absence of Leadership Qualities
Inefficiency is the most significant deterrent factor for pulling the success of most startups. This can also be referred to as the lack of leadership qualities. Investors always want to make sure that they don’t lose their money through a company that has an extraordinary business model but no efficient and skilled business leader to make it successful. When fetching investment from investors, you need to offer a clear prospect and detailed plan of how you are going to achieve the goals.
2. Lack of Trustworthiness
An investor puts his money on a venture purely on the basis of the credibility and trustworthiness of the business. This is why besides having a sound business plan with clear objectives, you need to establish the integrity in terms of the security of the investor’s money and how the fund is going to be invested to give results as per business plan.
If an investor has a feeling that the startup may not have enough customers to fulfil its financial liabilities or if it finds that the business is hiding some information, it may further push the trust of the investors down. Total transparency and establishing the faith of the business brand are crucial for finding investors in favor.
3. Lacking Experience in Business Management
You have a great business idea backed up by a sound business plan and solid trustworthiness based on your background, but you have zero experience in managing a business. This is a serious reason for an investor to deny making any investment in your business. An investor cannot put his money just to allow you trying and learning your management skills the harder and riskier way. Uncertainty is the single biggest turn-off factor for any investor and lack of managerial experience is synonymous to that.
4. Business Model is Not Sound Enough
You have a business idea, some efficient, competent and experienced professionals as leaders, the great stamp of trust and pretty much everything that make a company look promising. But what about your business strategy and business model? Are they sound enough to take on the market competition and challenges for business growth? Well, this is what investors are most interested in.
In most cases, a business model is what makes an investor think twice and even take a backward step from investing in a startup. After all, your business model and strategy will decide how your business and products will be able to withstand competition and become victorious.
5. Taking Investors for Granted
This is a big mistake on the part of many startups. Just by becoming confident in the potential and the soundness of the business model and prospect, a business can consider getting investors on board requires just a little effort and time. But in reality, getting investors on board is the toughest thing a business can think of.
This is why without proper and meticulous preparation, it would be foolish to approach investors for your business. Most investors receive hundreds of such emails and a similar number of approaches through other means and they coldly just let them pass. This is why you need to send them very detailed proposals backed by strong recommendations and referrals.
6. Targeting the Wrong Investor
Every business has a target customer base, right? Not all customers are interested in every product in the market. Similarly, not all investors are interested in your business. Investors based on their prior experience and industry exposure, put their money in businesses that they know like their own palm of their hand.
So, targeting an investor who has no interest in your business will only drain your energy and bring you unnecessary frustration. When you are seeking investors for your software startup, don’t approach someone investing in real estate business.
7. Non-Realistic Proposal for Funds
Investors normally come with huge experience of your industry and so they have a clear idea about the fund requirements for your business startup. Moreover, they already have invested in other ventures or have gone through many proposals. Naturally, they have every bit of estimate already in their mind. So, any proposal claiming a lofty and unrealistic amount will only face rejection.
This is why it would be wise to become meticulous about your estimation of the required fund and calculation of various cost factors. Have meticulous details about every facet of investment backed up by breakup of the costs. Only when you can convince them with correct estimation, investors can take interest in discussing the matter further.
8. Make Sure Your Product Solves a Customer Problem
Will any investor put money in building a simple calendar app now? No, simply because such an app idea has no value for the end users now. Will an investor put money in a product that has already been outdated and has no use? No, no investor has to even go through such a proposal for dismissing them.
Well, to fetch investment, your product must be thoroughly customer-centric. It not only has to solve a problem but has to deliver some competitive value in comparison to similar products in the market.
Obviously, finding an investor for a new business is not an easy task, considering the huge competition that businesses need to deal with. But, if your business idea is unique and you fill all those requirements correctly as mentioned above, finding investors may not be as tough as it sounds.
5 Must Have Branding Tools for Your Startup
Your brand is more than just the colors on your website. And for startups, it’s important to create a strong and memorable brand from the beginning if you want to stand out from the competition, scale your company, and find your ideal customers faster.
Here are 5 simple tools that will help your company avoid branding mistakes, take charge of your visual identity, and set a solid foundation for future growth:
1. Graphic Design Software
The word “design” doesn’t have to be overwhelming. Before deciding on your startup’s logo, colors, designs, and overall tone, consider working with a brand strategist who can translate the core ingredients of your startup into a visual identity that speaks to your target market.
Brand strategists have expertise in the psychology of colors, shapes, textures, and words, and they will work with you to make sure that your branding appeals to your target audience. Once you have those basics of your brand established, there are several tools that can help your company refresh and maintain your visual identity.
The absolute best graphic design tool for non-designers is Canva. While the free version has a lot of functionality, the paid plans offer more customization such as the ability to import your exact brand fonts and colors.
But if your company handles all of your design in-house, you will need something more advanced than Canva. In that situation, I would recommend Adobe Creative Cloud to startups who work on their designs in-house, as it includes top-notch design software like Photoshop, Illustrator, Lightroom, InDesign, and more.
“Branding is what people say about you when you are not in the room – Jeff Bezos
2. Visuals & Creative Imagery
Have you ever wondered where your competitors get those beautiful branded photographs that end up on their website? While it’s possible that they worked with a photographer, it’s also likely that much of their imagery comes from stock photos.
Here are my recommendations on the exact places to purchase stock imagery to improve your company’s branding:
- Creative Market – A treasure trove of quality visual imagery where you can buy anything from stock photos, to branding mockups, to social media templates (Facebook cover photo, anyone?), to custom fonts… the options are nearly endless.
- Adobe Stock – Beloved by designers, and the platform offers tiered pricing plans based on your image needs and download quantity.
- Pixels – If you’re on a tight budget and just need to grab an image or two for a blog post, you may be able to find what you need on Pixels – which is great because all of the photos and videos on Pixels are free!
3. Social Media Scheduler
You’re a leader. You’re an entrepreneur. Your staff, board, funders, and admirers depend on you to make big decisions, lead the ship, and plot the vision towards your company’s future. You don’t have time to stare at a blank screen every day wondering what to post on Facebook.
By using a social media scheduling tool, you can sit down for a few hours, schedule batches of content, and schedule the dates and times when it will post to your accounts over the next couple of months. Then, once the content is posted, you only need to worry about responding to comments and engaging with your customers. 21st century efficiency at its finest.
Popular social media schedulers include Buffer and Hootsuite, both of which include free and paid plans. Not sure what exactly to post? Check out these social media ideas from influential businesses. And if the idea of writing and planning months of content still overwhelms you, our next tool will help you stay organized and on-brand.
4. Editorial Calendar
When it comes to your content, it’s time to step it up a notch and start thinking like a media outlet. Every piece of content that you put out as a company, whether it’s an e-mail blast, blog post, social media post, podcast, or video, needs to be aligned with your brand.
Each major magazine maintains an editorial calendar which outlines the overarching theme for each of the upcoming 12+ months. By establishing a monthly content theme in advance, they create a framework to generate and organize their ideas.
Consider creating an internal editorial calendar that will guide your startup’s content over the next 6-12 months. The software tool you use to maintain your editorial calendar isn’t that important — I like to use Trello, but you can also create a simple numbered list in Google Docs or Microsoft Excel. You may be surprised at how quickly the creative juices flow once you have an editorial calendar in place.
“Design is the silent ambassador of your brand.” – Paul Rand
5. In-Person Networking
Offline efforts count towards your branding too! And if you run your entire startup from behind your laptop screen, you miss out on ample opportunities to build your business offline and gain local referral partners.
If you’re new to in-person networking, start by visiting Meetup.com or Eventbrite.com where you can browse for events in your area. Think outside the box when it comes to selecting events to attend. For example: If you’re a chiropractor, it makes sense to attend local holistic health meetups. But you could also attend a travel event and meet digital nomads who don’t yet realize that a chiropractor can help them recover after long plane rides.
Remember that you’re not at the networking event to make instant sales, you’re looking for referral partners and connections. Don’t be the person who tries to shove your sales pitch down everyone’s throat upon meeting them.
As you can see, there are many simple online and offline resources that can help you spruce up your branding, reach new customers, and pique the interest of your target market. If you take branding one step at a time and start with the tools above, you will be well on your way to creating a brand that your customers will cherish and remember.
Have you used any of these branding tools before? Are there any additional tools that have helped your startup’s branding shine? Share your thoughts below!
5 Ways to Magnetize Your Audience
If You Want to Avoid Failure Once and for All, Ask Yourself These 4 Questions
How to Create a Winning Startup Culture
8 Ways to L.E.V.E.R.A.G.E Your Story and Make Your Book Your New Business Card
How to Turn Your Hobby Into a Legitimate Business
55 Inspirational Quotes That Will Change Your Life
30 Famous Quotes That Will Inspire Success In You
72 Positive Thinking Quotes For More Inner Strength & Growth
(Images) 52 Motivational Picture Quotes For An Epic Year Of Success
(Images) 56 Inspirational Picture Quotes That Will Motivate Your Mind, Body & Soul
3 Prince EA Videos To Change Humanities Path To Greatness
(Video) What Is Success? An Entrepreneurial Story To Inspire You
(Inspirational Video) What If Today You Knew You Were Going To Take Your Last Breath?
How To Make Enough Money From A Blog To Quit Your Job – Kate McKibbin
How Finding Your Passion And Becoming An Entrepreneur Can Lead To Happiness – Chiquita Searle
- Success Advice3 weeks ago
If You Want to Be Successful Stop These 3 Toxic Habits
- Life4 weeks ago
What The Lion King Can Teach You About Self-Esteem
- Life4 weeks ago
Meditation for Beginners: How It Works and Where to Start
- Success Advice4 weeks ago
3 Mindset Reframes Business Owners Can Use in 5 Minutes or Less for Greater Success
- Success Advice4 weeks ago
How to Overcome Stage Fright in 5 Simple Steps
- Motivation3 weeks ago
The Guide to Staying Motivated While Working Alone
- Startups3 weeks ago
51 Mistakes That Can Sabotage Your Dream Startup
- Entrepreneurs4 weeks ago
9 Support Networks All Entrepreneurs Need to Succeed in Business