The Confession of an Entrepreneur
Have you ever noticed that the minute you start trying something new, the entire world tells you what you should do?
Yes, they do!
All the fucking time!
As if they are the ones with all the knowledge and you dear are An Idiot!
If you’ve ever tried to change your diet, you know what happens: Your boss, your aunt, and your garbage man all start giving you their advice:
- Do this Garima! It’s the best way to lose weight.”
- Don’t bother, you are a mom now. It’s ok to look a little fat. (Dude! Moms can be sexy)
- The only thing that worked for me is this green juice cleanse.
The same thing happened to me when I first started blogging. My first client was an asshole (You know who you are and I hope you read this ) and it affected me and my confidence. Some people even ignored the excellent content I was writing.
Instead, they told me:
- No one would take you seriously
- That my writing sucks
- I can write better, give me the topic .. and so on
- The money is too little, why are you putting so many efforts.
I remember thinking two things: First, never go to that person for some serious advice. Everyone thinks they’re a business expert after watching Mark Cuban for 30 minutes on Shark Tank.
Second, I thought that if I wrote my heart out and was successful, all the critics would shut their mouths and bow down to my feet. ( that would never happen but what's bad in imagination)
Man, I was so naive back then.
Here’s an unexpected lesson I learned
The world wants you to be vanilla. They will always push you to look and act the same as everyone else.
The moment you think or act which is kinda new to them, you will be criticized and demotivated a lot.
But you have to believe in yourself and just do it.
I am so glad that I did.
The same applies to young entrepreneurs and newbie startups. If your business is going to stand out and succeed, it’s up to you to push back. Your business development is in your own hands.
So for all those young entrepreneurs to succeed and to have that ultimate business development, keep these things in mind
Stand Out By Becoming Obsessed
Author, journalist, and psychology expert Charles Duhigg says one of the best ways to stand out is by “indulging in your obsessive-compulsive disorder.”
Successful are people who are not ashamed to say, that “I am super passionate and interested in X and I’m going to indulge that. Yes, I’m a weirdo. But I’m going to figure this out, and I’ll figure out what I like about it so that I can share it with you.”
Think about the most successful people you know:
Elon Musk was obsessed with battery and solar power, which led to creating Tesla. Howard Schultz was obsessed with the barista/customer relationship he discovered in Italy, which led to Starbucks. Steve Jobs was obsessed with functional yet beautiful design, which led to Apple products like the iPod and iPhone.
They stood out to the world because they became obsessed.
Do Business Your Way
Business isn’t just about creating money. Of course, you need to get paying customers but it should never be your end goal. And when you launch, you should be fiercely focused on building an audience of people who love what you’re doing (and are delighted to pay).
I’ve come to understand, viscerally, that the basis of all business, all work, all technology development is a relationship.
But How To Think About Business Development?
Business Development is the identification of opportunities, either externally or internally that drive growth for the company. This is done mostly through third-party partnerships, but it can also involve evaluating new business/product lines and corporate development.
Here is, how I think about Business Development
The mindset Various entrepreneurs apply to develop a business is more like a ‘freeway driving’ and less start-stop in traffic kind of driving and it involves two interconnected philosophies.
First, business development is the act of continuously being in motion on raising capital, developing partnerships, hiring and nurturing influencers.
This means always having your radar on to identify and engage with people who are potential investors, customers, team members and evangelists. And by definition, this also means disconnecting from the belief that funding rounds, sales, and recruitment are episodic.
The second philosophy is that business development is about keeping the venture alive long enough to achieve product/market fit. Or in other words, surviving false starts, failed experiments, poor decisions and allowing luck to play its part.
Investors help inject capital into businesses. Strategic partners help expand to reach. Hires help to create revenue-generating products. Evangelists help generate influence. And the net result of these combined philosophies is that it makes it easier to keep cash in the bank account and ultimately your business development.
Developing a business takes time and this Matters
In no one’s universe is it true that an entrepreneur wakes up one morning with a desire to raise capital and then days later the financing round closes. This is also true in hiring. For example, As much as we would like this to happen, you never find the ideal candidate days after posting a job ad.
But, as I alluded to in the title, I want to explain what it takes to be a great business development specialist, and that means firstly looking at the foundational business development skills you will need.
So how should Business Development professionals spend their time?
I’m outlining how Business Development folks should spend their time.
Networking / Relationship Building
You need to be an extrovert and enjoy speaking with others. You’ll be sending cold emails and having lots of phone calls/meetings to communicate your company’s value to potential partners. Developing relationships is the lifeblood for a Business Development exec as they lead to partnerships and help drive Corporate Development efforts (if you have the coin to spend on Corp Dev). If a company is looking to fill a gap in its product offering you need to be in their consideration set if what you offer meets their needs. If you aren’t, that’s a problem.
Getting “Stuff” Done, And by stuff I mean deals, More specifically good deals
This sounds like a no-brainer, but it’s not. In most cases, less is more when it comes to Business Development. The cardinal rule for any Business Development professional is…… DO NOT BURN YOUR FINITE TECHNICAL RESOURCES!!!!! This was hammered into the startups early in their career. It’s so important, especially at the early stages of a startup’s lifecycle. Whatever deal you bring forward, it needs to have concrete value supported by a business case for justifying tech time.
The Business Development team is the eyes and ears about what’s happening in the marketplace. They thoroughly understand the competitive landscape and keep the broader organization abreast of major initiatives by competitors. Google alerts, Twitter, etc. are your friends. You should know what’s happening at the same time or before your organization does by leveraging your contacts, reading news articles, scanning competitor’s job postings, etc. Having a granular understanding of competitors and new tech trends will aid in your Business Development efforts.
Being a Futurist
A good Business Development professional is thinking about the future and “connecting the dots” so your company can capitalize on future technological developments.
Business Development Strategy
Business development begins with relationship development. And, it’s hard to do deals with people that you do not trust.
Earning trust as a startup is hard. Most of the time, you’re trying to gain the attention of a much larger company — offering legitimacy, domain expertise, distribution, or operating leverage. Every deal requires a weighting of risk and reward.
To establish trust as a start-up, you must mitigate risk and magnify upside.
But why does it matter a lot
Progress for a startup should matter to everyone in the company and each employee should take an active part in it.
It doesn’t matter if you are a salesperson or not, if you’re at a company, the way your wages are paid is because the company has revenue.
Just like I am a content writer in this company, so Revenue comes from customers or subscribers who read my article or any other author article. So Your job, whether you are the receptionist or in the accounting department, is to deliver good customer service.
Make yourself more valuable to your company
In a startup, in the case of new Customers, There might be lots of questions and they might be on the wrong product or service. You should be their only source of information. You want to dominate and be the well of data so they never need to go to another company for anything. This is how you elevate your value in the marketplace and that’s how your business grows.
If you’re not being paid what you’re worth — and, in the real world, you never are — it means you’re either underpaid or overpaid. So You want to be overpaid and to be overpaid you must become the only source for information your customers need to consult.
This means that you need to provide people with the information they haven’t even asked for yet — you want to predict what people want. Offer people more than what they ask for. Over-promise and over-deliver, not just under-promise and over-deliver as the is. Deliver information in writing, not just by mouth, because people believe what they read, not what they hear. The more you give people, the less they look. Overwhelm people with your willingness to serve. More is better. Give, give, give. Being slow, doing less and being like everyone else will only make the customer want to buy elsewhere. The world is so competitive and there are so many choices. If you make it difficult for someone they’ll send their money to someone else.
This is What We Do At HappyChases
When times are slow, we reach out to every subscriber or reader every week to provide an update. We Send emails with news, press coverage, awards and anything else that will keep them excited about your product which is our blog. While this may seem annoying, it keeps them in contact and aware of everything we are doing.
Effective business development efforts bring in the revenue and strategic positioning you need for long-term success. A business development leader must be willing to prospect, handle rejection and keep going. They must create trust with their counterparts and create a vision that results in profitable outcomes for both sides — and then get both sides to act on it. The success of the business depends on it.
Because we at HappyChases believe that self shout out is very important for business development
What if your growth as a person made your company better? And what if your company’s thriving existence requires you to be open about your weaknesses and insecurities?
What business development skills do you think are needed to be a great business development specialist?
Tell us in the comments below because we love to hear from you ❤️