In this article, comprises of 7 different successful entrepreneurs will share to us their important lessons that helped them become what and where they are right now. With their advises, they could help you shave and save some years of potential wasted efforts and help you achieve similar success.
These 7 mega-successful entrepreneurs, share the most important piece of advice that helped them close millions of dollars in deals. Their tips will save you years of wasted effort and help you mirror their success.
1. Build a strong foundation.
If you want to raise capital, you seek advice from investors. Its an alternative and smart way to avoid rejection and help you improve your pitch. Help you in executing you company goals, return with improved pitch and eventually land some investments.
Melanie Perkins the co-founder and CEO of Canva, this year has doubled her company’s worth to $345 milion. In her statement regarding building a strong foundation, she said a few issues about it. One, One, don’t promise to raise capital by a certain date; you’ll look like a failure if you don’t close the deal in time. Two, avoid needing capital. Investors ironically want to invest in companies that will succeed regardless. Three, don’t prematurely raise capital. Grow your company as far as possible alone; you’ll learn many important lessons and how to execute. Most importantly, you’ll have time to figure things out without a ticking time bomb as you ramp-up expenses.
2. Use tactical empathy.
The founding partner of DFJ Tim Draper gave us his take on using tactical empathy. “When the stakes are high, they are usually high for everyone. Be reasonable, but stay firm on the issues that matter most to you. Everyone will have slightly different motivations—try to ensure you understand them all. Treat everyone fairly, lay out your concerns and issues honestly, and expect the same from others. Issues that can matter in addition to cash, debt and equity are timing, responsibilities, stakeholders, communications and future opportunities.
3. You must be liked.
Tai Lopez is an investor and advisor to many multi-million companies. His mentor told him, “Most deals are done on the golf course.” People do business with those they like thus you need to be likable. He taught us that, One, master reading personality types. Are they extroverted or introverted? What motivates them? Financial gain? Freedom? Status? Two, adjust your pitch. If I’m negotiating in China, it’s courteous to speak the language they understand. Three, like attracts like. People are more attracted as you adjust your personality to theirs. He made money online and in conventional business by reminding people of their values and showing how he support their worldview.
4. Help the other side of the table win.
Maury Rogow the CEO of Rip Media Group explained to us on better negotiation battles. He focused on the matter of When in negotiations, find the negotiator’s personal and professional wins, and do all you can to help them achieve those wins, even if they are outside your negotiation. It could be a new job, a promotion, an introduction—make it happen. Remember, the person on the other side of the table is just trying to keep their team safe. Help them achieve this goal, because they are afraid, on some level, of making a career-ending decision. It is your job to help this person look good!
5. Don’t be afraid to walk away.
Craig Handley the co founder of ListenTrust has this to say. At one time, we were making $50,000 a week in profit. Life was beautiful. But one of our key clients made a change in their business—suddenly we were losing $70,000 a week. We were forced to cut everywhere. Frustrated, I asked a friend for advice. He explained that U.S. business people are the worst negotiators in the world. We think a final offer is a final; in other countries, a deal hasn’t been properly negotiated until someone walks away.
We used this strategy in every area of our business. We proposed extreme cuts with every vendor. They all tried to negotiate, so we told every vendor that we were leaving. After a few days, we reached out with one last opportunity to keep our business. Eventually, we saved about $4 million in annual expenses. Don’t be afraid to walk away. Rather, you should walk away and return to the table to get the best pricing
6. Learn how to sell before it’s too late.
According to James Swanwick the CEO of Swanwick Sleep he said, “learn how to sell now. In one year, I sold $2.7 million worth of programs over the telephone—after I finally learned sales techniques. This has probably cost me $20 million in lost revenue from missed sales in my 30s. Even if you feel that you don’t like sales and it makes you uncomfortable, too bad. Learn it anyway. Sales is a great thing. Get a sales mentor to coach you. Get on the phone. Start practicing sales techniques. You are helping customers solve problems and take action. When you rewire your brain around it and feel good about selling, you can make millions of dollars.”
7. Create win-win-win situations in every deal.
When we think of big time companies, we see them as winners all of the time. But that is not the case with all rising companies. The CEO of Mirza Holdings Com Mirza previously failed in eight companies. Now today runs a nine-figure enterprise with over 600 staff members. “I enter every negotiation with two premeditated outcomes: One, the line in the sand that I’m not going to budge from regarding specific terms and conditions. Two, how to create win-win-win situations for everybody involved in the deal. Many deals fall apart because someone doesn’t get what they want.” – Com Mirza
Your journey of being an entrepreneur is your own. You take your own steps and obstacles, by using the knowledge gave by these entrepreneurs you are able to prepare for the future and overcome any adversities. Success does not come easy but the goal for it will be more worth it to achieve from your own efforts.
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