Accomplishments and Lesson Learned Friday! - (November 06, 2020) Entrepreneur

Accomplishments and Lesson Learned Friday! - (November 06, 2020)
5 books that changed my business
How to deal with social anxiety in business?
I have 0 experience in business or entrepreneurship, where & how do I start?
Entrepreneurship while Full Timing?
Need advice opening offshore bank account and incorporating offshore
Offering business services to your current employer? Thoughts?
Building a product to connect other entrepreneurs with resources
Objection-Handling Cheat Sheet: The 15 top objections your prospects will give you, and how to handle them!
If I'm looking to get into entrepreneurship, what would be a good first business to start? So I can get a feel for what its like?
How to differentiate myself
Objection-Handling Cheat Sheet: The 15 top objections your prospects will give you, and how to handle them!
A Notion template for validating business ideas using Reddit
Needing some advice/direction
Any way I can cheaply survey many women?
Startup Insuretech but missing expertise in Tech
Email marketplace
Is there a platform for B2B contract?
Selling on Amazon USA vs Amazon India?
I am creating a pipeline management tool to manage all the jobs candidates have been applying to on various platforms. Need thoughts and advice.
MarcoNet
How to give back to a mentor?
I NEED FRESH MINDS TO HELP ME OUT!!
Clothing brands
PayPal vs Stripe (should I charge my customers less for Stripe usage to encourage Stripe-use?)

Accomplishments and Lesson Learned Friday! - (November 06, 2020)

Posted: 06 Nov 2020 05:12 AM PST

Please use this thread to share any accomplishment you care to gloat about, and some lessons learned.

This is a weekly thread to encourage new members to participate, and post their accomplishments, as well as give the veterans an opportunity to inspire the up-and-comers.

Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

submitted by /u/AutoModerator
[link] [comments]

5 books that changed my business

Posted: 06 Nov 2020 03:38 AM PST

Although I read voraciously, I've never been a big consumer of business books. With few exceptions, they seem to get to the point in three chapters and then repeat themselves ad nauseam until they fill 200 pages, so most business books in my house only have their spine 1/3 cracked.

But there are five incredible books, business books all (pretty much), which I finished. Not only that, each of them, in their own way, changed my business and my life.

Reboot

Written by a former VC turned executive coach, Jerry Colonna's manifesto on startup leadership and how to live a life has quickly become a classic among the early stage startup world. I still remember the first time I read it, feeling, perhaps for the first time, that someone really understood the challenges I was going through as an early stage CEO. So much of success in leadership is built on a foundation of self-awareness, and Jerry's magnum opus does as good a job of teeing up a journey toward self-inquiry for readers as anything I've read.

The Second Mountain

I started a book club over a decade ago, in which a group of leaders (CEOs, entrepreneurs, doctors, lawyers, pretty much the gamut of perspectives) would read and discuss a new book every month. Looking back, The Second Mountain was the moment the book club transformed. So many CEOs start out their career trying to get somewhere (rich, famous, successful), only to realize upon getting there that it was an incomplete goal all along. This newsletter's namesake, The Second Mountain explores the evolution of meaning-making in the life of a leader, from the Self-Oriented-Success of the first mountain to the Community-Oriented-Purpose of the second. A critical read for accomplished leaders looking to dive deeper into purpose.

The Meaning Revolution

The last decade has revolutionized the art and discipline of building and getting the most out of teams. In that time we've moved from a wholesale expectation that a complex stew of carrots and sticks would drive behaviors to a realization that people yearn to dedicate their lives to something bigger than themselves, what author Fred Kofman calls "immortality projects," if only their work was worthy of that commitment. In The Meaning Revolution, Kofman, the former head of culture at LinkedIn, provides a cutting edge analysis of the power of purpose in a modern organization, as well as tools to find the reader's own purpose and integrate it throughout their organization, perfect for leaders of second-stage companies looking to bust through a ceiling.

The Artist's Way

Most founders that I work with look back at the early stages of their company as a time of tremendous innovation, when they were free to take risks and innovate. But the constant demands of running a company have a way of beating the creativity out of founders if they're not careful, which can turn even paradigm-shifting companies stagnant. Julia Cameron wrote The Artist's Way to help stuck people rediscover their creative spark. For a leader this can be the key to unlocking previously inaccessible levels of growth, as founders are simply artists working at scale. This book, designed to be read and workshopped over 12-weeks, is perfect for leaders looking to introduce or expand their creativity and innovation.

The Advantage

The most useful "how to run a business" book I've read, Patrick Lencioni's The Advantage lays out a blueprint for company operations that leaders can use immediately to transform their organizations (and their relationship to those organizations). In The Advantage, Lencioni distills the highlights from his other groundbreaking works (Four Obsessions of an Extraordinary Executive, Five Dysfunctions of a Team, etc) into a single volume that was foundational to how we rebuilt our corporate culture at VNN, aligning a 100-person team with only a few key structures. For entrepreneurs leading companies >20 people, this book is gold.

More?

I'm looking for more business books that don't suck. What other business books are worth reading the whole way through?

——

From Second Mountain Startup, my weekly newsletter for purpose driven startups.

——

Edit: This thread is awesome. Thank you to everyone for providing your fav business books! Gold in the comments.

submitted by /u/ryanhvaughn
[link] [comments]

How to deal with social anxiety in business?

Posted: 06 Nov 2020 02:53 PM PST

For people who suffer from social anxiety or anxiety in general:

How do you do it? How do you get through having to constantly talk to investors, customers, etc. I'm in the early stages of my start-up and I'm not sure how to deal w/ this. I've had social anxiety for my entire life, but I'm super passionate about being an entrepreneur and bettering my social skills.

I know I kind of just have to do it, and it'll probably get easier as it goes but if anyone has any tips besides that. I'd love to hear it.

submitted by /u/rickyp1313
[link] [comments]

I have 0 experience in business or entrepreneurship, where & how do I start?

Posted: 06 Nov 2020 11:20 AM PST

I'm 19 years old and I dream become a successful entrepreneur one day. I'm currently occupied with exams and assignments but at the same time I wanna earn some money for myself. And can I start by doing online since I'm at home most of the time during this pandemic? If so what should I do?

submitted by /u/i_don_evenn
[link] [comments]

Entrepreneurship while Full Timing?

Posted: 06 Nov 2020 08:54 AM PST

I have a hobby I am thinking on turning into a business. My workplace is fine with that, as long as I am not doing it on their time and there is no conflict of interests.

I am more concerned about burning out, and managing work/life/work balance.

So - people that have been there, how have you done it?

submitted by /u/TomWithATee
[link] [comments]

Need advice opening offshore bank account and incorporating offshore

Posted: 06 Nov 2020 03:00 PM PST

I'm getting pretty close to launching a platform I've been working on. For a few reasons, I do not want to incorporate within the states, and I would prefer if my money was held outside the U.S. as well. Swiss would be preferred. I was looking at incorporating in New Zealand but it looks like I'd need a full office and i don't have capital for real estate. Was wondering if any jurisdictions were friendly with online businesses and which players would be the best to play ball with.

submitted by /u/Ramstren
[link] [comments]

Offering business services to your current employer? Thoughts?

Posted: 06 Nov 2020 02:48 PM PST

Hi everyone & happy Friday to most.

I have a quick question for the community with something I've pondered on for a little while.

I own my own company in the trades industry, specifically welding and millwrighting. What a change from all the tech stuff, right? No employees as of yet and the current schedule I'm blessed to have is working full time (employed) Friday to Sunday supervising (work 36hrs get paid 40hrs), and I'm running/growing my business every other day during the week, 7 days a week for quite a while now.

Now my question is: would it be unethical of me to offer my business services for work thats suggested to be done, through my company, on my "days off" to my employer? I think I know the answer but honestly wanted to ask. They seem to hire contractors to change a light bulb it seems sometimes.

Thanks in advance. 💯

submitted by /u/jacklegjoe
[link] [comments]

Building a product to connect other entrepreneurs with resources

Posted: 06 Nov 2020 02:35 PM PST

Hi everyone!
I'm starting to explore the world of entrepreneurship, and am working on a product that will connect other small and medium-sized business owners with resources (whether that be expertise, capital, or tools). In order to do this, I need to understand these needs and how to prioritize them.

If you are a business owner and can take 10-15 minutes to answer a few questions and to do my little activity, it will be greatly appreciated! Your information will remain anonymous. If you know any entrepreneurs, please feel free to pass this along as well. https://ows.io/os/zfk034bc

Thank you!

submitted by /u/nobla281
[link] [comments]

Objection-Handling Cheat Sheet: The 15 top objections your prospects will give you, and how to handle them!

Posted: 06 Nov 2020 01:44 PM PST

*Objection-Handling Cheat Sheet\*
Here are the 15 top objections your prospects will give you, and how to handle them!

Here's a fact: Your prospects object. That's just how it is. And when you think about it, it makes sense.

Because if the buyer didn't have reservations about your solution's price, value, relevance to their situation, or their purchasing ability, they would have already bought it.

Objections are a sure thing for almost every sale. And if you want great results, it's your job to be ready for them and know how to deal with them.

So without further ado, here are the 15 most common objections your prospects may throw at you:

1. "It's too expensive."

Price objections are the most common type of objection, and are even voiced by prospects who have every intention of buying. And 99% of the time, those objections don't mean they don't actually have the money. They just don't see enough value in giving you the money you're asking for the solution you're offering.

But if the value scale were to shift, and they started valuing their money LESS than your solution, then you're in business.

Beware — when dealing with this objection, do NOT focus on the price. The moment you start focusing on price as a selling point, you reduce yourself to a transactional middleman. Instead, circle back to the product's value, the benefits of solving their problem, and the pain of NOT solving it.

2. "I don't have money."

Again, 99% of the time when a prospect says this, it's not that they don't actually have the money. Most of the time they just value it more than your offer, and the way to fix this is by increasing the perceived value of your solution, increasing the perceived pain of their problems, and

It IS possible that they're not lying about this and they really don't have the money (or they have it but can't spend it). If that's the case, what you need to do is ask questions and determine if they're telling the truth.

Gauge if they're interested in your solution and perceive their problem as significant enough to warrant action.

If they DON'T – they're likely lying.

If they DO – try to figure out a solution – either a payment plan or something else that would allow them to start in their situation. Think outside the box and see how you can help your prospect get to a place where your offering would fit into their business.

3. "I don't want to get stuck in a contract."

A prospect with a genuine need and interest who balks at time-based contract terms is generally hesitant for cash flow reasons or because of negative experience. Luckily for you, there are workarounds — find out if you can offer month-by-month or quarter-by-quarter payment instead of asking for a year or more commitment up front.

If you can't, then just dig deeper and find out exactly why your prospect doesn't want to get stuck in a contract, and deal with their concern. Once you deal with it, the objection will disappear.

4. "We're already working with [someone else]."

A prospect who's working with a competitor is a blessing in disguise. They've already recognized a need, realized their problem, and identified a solution. So much of the education you'd otherwise be responsible for has already been done for you.

So in this case, you can spend your time doing the one thing you'd have to hold off on with a prospect who hasn't recognized their pain yet — talk about your product.

Just because a prospect is working with a competitor doesn't mean they're happy with them. Probe into the relationship and the outcomes they're getting: Why did they choose this service? What's working well? What's not? Pay special attention to complaints that could be solved with your product.

Also, even if they're happy with your competitor, you COULD still make a sale if your product can be used as an add-on to what they're using. If they can benefit from both your product and your competitors together (and there's enough value in it for them), you should communicate that to them and show them why it would be a good idea.

5. "I can get a cheaper version of your product/service somewhere else."

This objection is a lot easier to deal with than you may think.

First off, you need to find out exactly what you're dealing with. Are you in a competitive situation, and the prospect is playing you against a competitor to drive up discounts? Or is your prospect under the impression that a similar, cheaper product can do everything they need, or that it can do the same things your solution does?

If it's the former, get some information and then focus on the benefits of your solution over the cheaper one. Emphasize on the features that make your product superior, and the problems that may arise from using the cheaper solution.

Don't give them a discount too quickly – this is a trap. But if they're unrelenting and they insist on getting a discount, negotiate the price and try to close them on something extra (like the promise of giving you a review after they're happy with your service).

In the second scenario, take advantage of the comparison. What are the things that would provide your prospect the most value? Why is your solution so much better than the cheaper one? Play them up and emphasize overall worth, value and benefits, not cost.

6. "There's too much going on right now."

If your prospect feels overwhelmed or "too busy" to deal with the problem you're looking to solve, it's likely that they're just not placing enough importance on the problem you're looking to solve for them.

Ask them to define their priorities for you. If they can't (or don't want to), it's likely a brush-off and you should press them on precisely why they don't want to engage with you (find the real reason or concern that made them say that).

If they can provide concrete answers and their case is solid (if they really SHOULD focus on the other things and not on this), don't sweat it. Set a meeting time for a follow up and send over helpful resources in the meantime to stay top of mind and on your prospect's radar.

7. "I've never heard of you or your company."

Treat this objection as a request for extra information. It doesn't mean they won't buy from you. It just means they need to know more about you so they can trust you enough to buy from you.

Don't give an elevator pitch. Just provide a very quick summary of your value proposition, or some impressive facts or stories about customers you've worked with (best if they're similar to your prospect).

For example: "We're a company that sells ad space on behalf of publishers like yourself. I'd love to speak with you about your revenue model and see if we can help."

8. "X problem isn't important right now."

Sometimes, a simple "Oh?" will be enough for your prospect to start talking. Listen closely for the real reasons the problem has a low priority in their eyes. Keep in mind that excuses can be a sign that your prospect understands they have a problem and are trying to rationalize their inaction.

Capitalize on this, get them to realize the importance of taking action and solving their problem, and instill a sense of urgency.

9. "I don't see what your product could do for me."

This is another request for information packaged as an objection. Reconfirm the goals, challenges or pain points you've discussed, and explain how your product can effectively solve their specific problems.

10. "I don't understand your product."

This usually means you're overcomplicating the explanation of your solution. You need to Keep It Stupidly Simple and make sure you're explaining it in a way that even a kid would understsand.

If your prospect literally can't wrap their head around your product, that's a bad sign. If your product is particularly complicated or specialized, it may be time to disqualify your prospect (so they don't just give up and ask for a refund a few months after buying).

Don't give up immediately though. Ask your prospect what aspects of your product they're unclear on. Then, try explaining it in a different way. Alternatively, bring in someone else from your team to re-explain it and answer your prospect's questions. Sometimes just hearing it from someone else is enough.

11. "Your solution is too complicated."

Find out if your prospect is confused about specific features or if the product is indeed over their head. If it's the latter, you might have to disqualify. But if it's the former, remind your prospect about how you will support them throughout the journey.

For example, tell them that they'll have help from your customer service team and that you'll support them every step of the way when it comes to implementation (if that's true).

And if you won't be doing that – tell them whatever IS true in your case. For example, if you have a community where they can find support, tell them about that.

Whatever the case, make them feel supported and tell them how you'll help them effectively and easily execute and implement your solution.

12. "You don't understand my business."

If your prospect feels like you don't understand them, their situation or their business, that means you've made a mistake somewhere along the sales process. If that's the case, don't worry – it's fixable. Just focus on figuring out why they're thinking like that, and show them why they're wrong.

If you sell to a specific industry and have some experience doing so, chances are you DO know a bit about your prospect's business. Let them know that you have experience working with similar companies, and have solved similar problems in the past. But don't just tell – DEMONSTRATE!

And if you simply made an incorrect assumption about your prospect's company or industry, don't be afraid to own up to it. Your prospects will appreciate your candor. Say, "Sorry — I assumed X was true, but it looks like that doesn't apply to your business. Can you tell me a little more about X?"

13. "We're happy the way things are."

Maybe everything really is going swimmingly (however unlikely that is).

But don't believe this without checking. It's extremely likely that your prospect is having some sort of challenge (after all, who isn't?). Do some light digging to determine if they're facing any problems you can solve, then move forward or disqualify based on their answers.

14. "I want to think about it."

When your prospect tells you "I want to think about it", they don't actually mean they'll get off the phone and go into a 'thinker position' for 2 hours actively thinking about your offer. 99 times out of 100, they won't put too much thought into it after the call. And that's because they usually say this to brush you off and avoid making a decision.

So whenever you hear "I want to think about it", you need to understand there's something else hiding behind that objection. There's a reason why they don't want to move forward (or don't want to make a decision at that moment) – and you need to find that reason and overcome whatever's concerning them.

15. "Your solution sounds great, but I'm too swamped right now to handle [implementation, execution]."

Prospects are often put off by the effort required to switch products, even if the ROI is substantial. Most people just don't like doing new things, going into the unknown, and putting in a lot of effort (unlike us – we thrive on that, right?).

To overcome this objection, you need to empathize with them, prove that you're trustworthy, and ensure they actually CAN handle the implementation (they just FEEL like they can't).

You can say something like, "I understand. It typically takes our customers [X days/weeks] to get fully up and running with [your product]."

OR here's one that may work even better, "I hear what you're saying. Many of our prospects felt like that when we were discussing this. But after we started working together, what they found was that, with our help, implementation was a breeze compared to what they expected. So let me ask you, if you knew that we'd be there every step of the way and help you with the implementation, how much time could you allocate for this?"

If they're still hesitant, next you should combat their reluctance to change by digging into the costs or pains of their current situation, and building on the cost of inaction.

You might ask something like, "How many minutes do you spend every day [on X task]?"

Then calculate what they're currently losing as a results of this, and what they stand to gain — in time, efficiency, money, or all of the above.

This is a bit of a longer post, I hope you found a lot of value in it.

Knowing how to deal with objections is one of the most important things for high-level selling. Apply the ideas in this post and, hopefully, you'll see quite a jump in your conversion rate.

𝕻.𝕾. Let's have a discussion! Leave questions, challenges or ideas below and let's make this thread more exciting.

𝕻.𝕻.𝕾. If you have any sales-related challenges that are a pain, it would be awesome if you share them in the comments. If I can solve a problem for you in my next post, that would be great.

I'll be here to answer all the questions related to this topic – 'coz that's my 'thing'. Let's go! 👇

Stay awesome, Champions! 🏆

submitted by /u/Bobby-Gadjev
[link] [comments]

If I'm looking to get into entrepreneurship, what would be a good first business to start? So I can get a feel for what its like?

Posted: 06 Nov 2020 01:24 PM PST

What would be something I can start up and get a feel for what its like? I do have some experience in my past, but nothing that I've really expanded on.

submitted by /u/ZenBuddhism
[link] [comments]

How to differentiate myself

Posted: 06 Nov 2020 01:20 PM PST

Hi,

I'm looking at starting an online distribution of hay for rabbits. I can buy a ton of hay for £350 and sell it for £5 a kg as an online subscription.

As my dads business is making high quality hay for racehorses I thought it would make a good side project to fit into the farm.

The only issue is that there is just one other company doing this already, and doing it well from my research.

Have you guys got any tips on how to differentiate my service/brand to theirs without having to compete on price and how to get the attention of UK small mammal owners.

Thankyou :)

submitted by /u/penguin18119
[link] [comments]

Objection-Handling Cheat Sheet: The 15 top objections your prospects will give you, and how to handle them!

Posted: 06 Nov 2020 01:06 PM PST