Traditional education teaches conformity. During class you’re instructed to obey the rules, do what you’re told and walk down the hall in a straight line. Challenging the rules is frowned upon. Memorizing for the test, only to forget it later, is how we progress from one grade to the next. This totally overlooks students with an entrepreneurial mindset.
Ditch the Employee Mindset
The combination of blending in and rote learning sets the foundation for your entire life. Honor roll students bring home A’s in all subjects. Going against the rules earns you a seat in the principal’s office.
Your education teaches you a skill set. That prepares you to work for someone else.
But how about the leaders, creatives and independent thinkers? Schools lack a curriculum for an entrepreneurial path.
Because of that, lack of business “know-how” sets entrepreneurs up for failure. We repeatedly hear about most businesses failing within the first five years. No one wants to become that statistic.
Successful entrepreneurs, fortunately, figure out the business side of things. You learn how to effectively network, negotiate deals, set your pricing and get things done fast. Most importantly, as a successful entrepreneur, you don’t let failure become an obstacle.
Fail Forward: Learn from Elon Musk
You have to be willing to fail in order to succeed. Read full post. #getpaidwhatyoureworth Click To Tweet Elon Musk poured all his money into his dream company SpaceX. He experienced an epic setback. The massive failure eventually triggered a very public nervous breakdown.
Hundreds of millions of dollars went down the drain. Because SpaceX is deeply personal to him, he picked himself up. Once again he used all his personal funds along with borrowed money from investors. On his fourth attempt, he successfully landed on Mars. His entrepreneurial mindset fueled him to keep going.
Success can seem like a gamble. Highly successful entrepreneurs share several commonalities. They combine mindset and skills to beat the odds.
Do you possess an entrepreneurial mindset? Here are five business skills to master:
Sell your services
Sales is the cure-all to every problem you face in your business. Yet, it has a bad rep.
I don’t know anyone that wants to be pushed, persuaded or manipulated into a sale. The old school sales strategies simply don’t work, especially if you’re seeking long-term loyal clients.
Don’t lower your standards. The sales people I know possess high integrity. It’s their attitude which sets them apart. They consistently put the clients need before their own.
Discussing your service feels awkward at first. Yes, you may become tongue-tied as you stumble your way through. It’s uncomfortable because you’re developing a new skill. Keep at it. Gradually you’ll develop a style that works for you.
Following a system is more effective than winging it. Start to develop these fundamental sales skills.
- Connection. Develop rapport.
- Information gathering. Ask great questions.
- Attention. Keenly listen to their answers.
- Value. Gather insights which uncover their real concerns.
- Offer. Become comfortable discussing your services.
- Go-to expert. Your sales process positions you as an expert.
- Solution. Your expert-level knowledge solves a specific problem.
- Ask. It’s okay to ask someone to enroll into your program.
- Objections. You’re comfortable with this part of the conversation.
Price for value
Traditional pricing models fail to recognize your expertise. They don’t acknowledge the time you spent and the numerous hurdles you had to overcome along the way.
No one ever taught you to price your services. Either you rent yourself out by charging an hourly rate. Or, you quote a fixed price based on costs and time.
These pricing models leave a lot of money on the table since they emphasize time. Studies prove that your clients care more about your knowledge than your time. If you want to work with clients who highly value your service, then focus on solving their problem. That’s why they hire you.
Value-based pricing highlights your knowledge. All forms of service based businesses now price for value rather than time. This applies to a soft service i.e. health or wellness and to business related services i.e. bookkeeping. Remember, your best clients work with you because of what you know, not what you do.
Develop your network
Statistics claim we each know about 250 people. If that’s the case, then step out from behind your computer. Network, either virtually or in-person, to let people know you exist. Even if networking isn’t your thing, find a way to connect with people who will refer clients to you.Statistics claim we each know about 250 people. Network, either virtually or in-person, to let people know you exist. Read full post. #getpaidwhatyoureworth Click To Tweet
According to Hubspot’s survey, nearly 100% of people say face-to-face meetings are essential for long-term business relationships. If that’s the case, then your network is an untapped source of opportunities.
New ideas emerge from your connections. As Steve Jobs said, “Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something.”
During the start-up phase, you handle all the jobs. For growth to continue, you’ll eventually need to get some things off your plate.
True business owners free themselves from the day to day operations. Over time you develop, and document, workflows and procedures. Then you start to gradually hire people for the routine tasks. Since your highest value is your expertise, you want to focus on the activities that only you can do.
Develop your team building skills. When you hire the right people, they bring out the best in you. Hire people who enjoy the tasks that you struggle with. Surround yourself with team members who compliment your strengths.
We have heard this all our lives, “Failure is a stepping stone to success.” Don’t avoid adversity. Your growth is proportional to the level of difficulty that something requires. Those challenges often extend beyond your comfort zone.
Successful entrepreneurs don’t view failure as a dead end. They acknowledge it without beating themselves up. Then they search for the insights that occurred. It’s like mining for diamonds. Initially, the failure looks like black coal. Its true value is only obvious after it’s been cleaned up and polished.
The entrepreneurial mindset recognizes the importance of doing things that extend beyond your current capabilities.
Embrace an Entrepreneurial Mindset
School doesn’t teach you the skills needed to survive in the real business world. It teaches you to work in a business, but not to own a business.
Shifting to an entrepreneurial mindset requires that you learn the core skills of sales, pricing, networking, delegation and dealing with failure. Master these skills to rise up as a valued expert in your field.
Follow these recommendations for your business to be successful, and grow while keeping your passion alive. Are you tired of doing work for free because you don’t know how to charge for it? Discover how to get paid what you are worth and attract clients who understand your value. Right NOW claim your FREE RESOURCE to create value based pricing.