The Trick to Achieving Rapid Growth

It’s great to build a steady, profitable business. But how can you break through and achieve rapid growth? That’s the question serial entrepreneur Mike Michalowicz tackles in his forthcoming new bookSurge: Time the Marketplace, Ride the Wave of Consumer Demand, and Become Your Industry’s Big Kahuna.

The secret, he says, is to identify impending “surges,” or shifts in customer behavior and adapt quickly. That might sound like a mysterious or complicated form of trend-spotting but Michalowicz says the signs are actually easy to spot if you know what to look for. Unlike predicting what will happen five to 10 years in the future, “A surge is an imminent wave. What that means is that there's an already measurable movement in the market from the early adopters,” he tells me.

To spot it accurately, all you need to do is listen and search for it online. “Early adopters are vocal and will speak out in forums or interviews or videos, and others -- journalists, bloggers, etc. -- will write about what early adopters are doing," Michalowicz says. If you can't find much information about the trend or a consistent uptake with early adopters, it may be a future trend, but it’s not a surge (an imminent wave).”

It’s important to discern the difference because being too early with a trend may mean wasted time and energy -- and ultimate failure (compare the early social network Friendster to Facebook). For instance, Michalowicz notes that electric cars are currently in surge mode, while self-driving vehicles (a possible future trend) are not imminently upon us, and therefore don’t qualify as surging.

How else can you tell when a surge is coming? One clue, says Michalowicz, is the use of the word "traditional" appending a phrase, like "traditional PR" or "traditional publishing." He notes, “When we see the word traditional, it means that the market has achieved an expected standard. When something is expected and consistent, that market is perfectly positioned to see a disruption.”

Another useful trick is doing an online search for the phrase “the history of [your industry].” The reason, says Michalowicz, is that history repeats. By understanding past variations on a theme, you’re poised to recognize when new variations are emerging, such as the vogue for early 1960s fashion inspired a few years ago by the success of the television show Mad Men.

Of course, there are tradeoffs that come with riding a wave. One is that some of your earliest advocates and true believers may be turned off when your company hits the mainstream. “When you start to serve the majority of the niche,” says Michalowicz, “that initial minority who took the risk on you will consider you a sell out. You will no longer be cool to them.” That was notably the case with the footwear UGG, which broke through in the U.S. with surfers who valued the boots’ ability to keep their feet warm and dry after a dip in chilly waters. “Surfers loved UGG until UGG sold to teenage girls,” he notes. Your early adopters won’t always revolt, but it may be a necessary trade-off as you expand and grow.

What remains most vital as you seek to capture the wave, however, is difference. “’Better’ is invisible to customers,” says Michalowicz. “Do you really care if your accountant answers the phone on two rings and that the competitor answers on one ring? One ring is better, but better doesn't get noticed. What does get noticed is different.” If your company can identify a distinct, unique advantage that you can provide, such as an accountant helping clients not just with taxes but also with developing growth strategies for their business, then you’ll thrive under any conditions.

By following these steps, Michalowicz lays out a clear process to help your business take advantage of changing market conditions in order to grow dramatically. 

Dorie Clark

The 5 Elements of Storytelling Every Entrepreneur Needs to Know

Is it possible to be born an entrepreneur? The concept of following a particular career or lifestyle, predetermined at birth, is a controversial one, so I’ll just say this -- I began my entrepreneurial journey at a very young age, and I feel that I am meant to follow the path I’m on.

I love everything that being an entrepreneur stands for. Entrepreneurship depends on extreme dedication and passion toward a greater purpose. It means an undying commitment to serving an unmet need within the communities in which we live. Becoming an entrepreneur requires that you use creativity to develop ideas and execute strategies that are intended to change the world -- even when people think you’re crazy for it.

By the age of 6, my brother Adam and I had several growth-hacking and business-funding experiences, including a leaf-raking and snow-shoveling business and a can collection business. We developed great negotiation and customer service skills as we ran tables at the local swap meet with our Grandpa Joe. Both Grandpa Joe and our beloved swap meet experiences were paramount to starting our first “official” business, Dipper-Do Stunt Airplanes, just before I turned the ripe old age of 8.

My brother and I were lucky to have someone to teach us the entrepreneurial lifestyle so early on. Grandpa Joe helped us set up Dipper-Do stunt airplanes and sell them at a local folk festival, where we sold out before the festival ended. The entrepreneurial bug hasn’t left us since!

Today, we are regularly approached to become advisors to startups and serve as mentors for new entrepreneurs, and we’re constantly entrenched in the world of small business. I am deeply invested in staying on top of entrepreneurial trends in order to best serve these startups and provide them with the most value possible.

With this exposure and our commitment to supporting entrepreneurs around the world, we strongly feel that in order to stay relevant, entrepreneurs must possess the ability to captivate an audience through storytelling.

Unfortunately, we’ve come to the realization that one of the main challenges entrepreneurs struggle with is their ability to summarize what they do and what they’ve accomplished, which can be done through the use of storytelling. Whether they are attempting to raise money, build a team, speak at a conference, build an online course or close business deals, every entrepreneur must be able to tell his or her story. And in order to be memorable, that story must be told in a clear and powerful way.

By many standards, my brother and I have experienced some tremendous entrepreneurial success. However, we too have struggled with the challenge of articulating what we do clearly and concisely. We’ve often found ourselves lamely answering the question, “What do you do?” with an uninspiring, non-captivating response.

Here is the problem: Though “storytelling” is a buzzword right now, very few people are teaching entrepreneurs how to do it -- even when they understand the impact great storytelling can have on a business.

I had the chance to speak with The Campfire Effect’s Chris Smith, who has worked with some amazing figures like JJ Virgin, 6th Division, Old Republic Title, Wells Fargo Home Mortgage, and Northwestern Mutual. Chris outlined for me the powerful brand and storytelling formulas taught within his four-part proprietary methodology, The Campfire Effect. He explained that five particular elements, contained within these formulas, are critical to executing successful storytelling.

1. Who we are

Many entrepreneurs tend to share more of what they do than who they are. People buy from other people, and an entrepreneur’s ability to connect with another human being through his or her authentic story will have a more profound influence on someone than all the information in the world about his or her product or service.

2. What we do

When sharing what you do, you must be succinct, clear and thought-provoking, but most importantly, your summary needs to spell out a benefit to the person you’re speaking with. After someone learns what you do, they should clearly understand how it would benefit them and want to know more.

3. Why we do it

Most entrepreneurs realize that we live in more of a purpose-driven world than ever before. People aren’t only buying what you do -- they’re buying why you do it. They “why” in your story can be one of the biggest differentiators between your business and a competitor’s.

4. How we do it

Despite the importance of this element, very few entrepreneurs truly understand it. People aren’t only interested in what you do and why you do it -- they also want to know how you do it. Your ability to powerfully articulate the method in which you do what you do will make you look both confident and experienced -- even if you aren’t. Though entrepreneurs often get excited about simply sharing what they do, sharing how they do it can establish trust and credibility between themselves and a potential customer.

5. Proof

Potential customers want proof of a time you have successfully achieved a result for someone, and they want to hear what you did, why you did it, and how you did it. Nothing will drive someone more to write you a check or support you than a customer success story. Tip: When telling such a story, start by sharing the pain and difficulty the customer was facing when they came to you; then explain what you did for them and why. Finally, divulge the benefits the customer holds now that he or she has worked with you. This method allows the listener to relate to the customer in your story, and will hopefully give them the confidence necessary to go to you for a product or service.

It can be incredibly difficult to outline what you do, why you do it, how you do it, and when you’ve successfully done it while staying concise, unique and engaging. What I enjoyed about The Campfire Effect is that they’ve developed formulas within their framework that allow us to easily do all of the above which results in an ability to powerfully influence others and chart a course for success. Personally, I was astounded by what I uncovered about myself in going through The Campfire Effect -- the impact I have on growth and sales has inflated with my ability to articulate what I do in a meaningful way.

Have you looked into storytelling as a part of your business and personal branding strategy? What is the most difficult aspect of storytelling for you? Nearly everyone could improve their answers to the question, “What do you do?” 

Here’s to great storytelling!

Matthew Toren

Real Leaders Own Their Mistakes

Whether you’re a CEO, a manager, or a business owner, you’re the boss, and that means you’ve got a lot of responsibility riding on your shoulders. When you’re in position of authority, your customers, investors, and employees put a great deal of faith in your ability to make the right call. So you have to step up to the plate and deliver.

But sometimes, things go terribly wrong. And while it might be tempting to fall back on some lame excuse or blame someone else, that’s a big red flag that you’re not ready for prime time. If you want to make the big bucks, you’ve got to put on your big-boy pants and hold yourself accountable. Whining and pointing fingers won’t cut it.

Unfortunately, when it comes to the need for business leaders to own their mistakes, far too many bosses act as if they never got the memo.

For example, I’ve heard former Hewlett-Packard CEO Meg Whitman(she’s currently CEO of Hewlett Packard Enterprise and Chairman of HP Inc.) make plenty of thinly veiled excuses for four long years of write-downs, layoffs, and revenue declines before finally giving in to shareholder pressure and splitting the company in two.

Whitman blamed former CEO Leo Apotheker and his botched acquisition of Autonomy. Never mind that, as a board director, she approved every decision he made. She also blamed his predecessor, Mark Hurd (now co-CEO of Oracle) for his acquisition of EDS and R&D cuts.

And when Apotheker was running the show, I remember a couple of earnings calls where he lowered the company's revenue targets after having just raised them. Instead of holding himself accountable for lousy forecasts, he blamed everyone and everything from Hurd and the breakout success of Apple’s iPad to the earthquake and tsunami in Japan.    

In contrast, Hurd never pointed a finger at his predecessor, Carly Fiorina. He simply took the reins, did what had to be done, turned the company around, and led HP to market share gains across all core businesses and five straight years of profit and revenue growth, even though half his tenure coincided with the Great Recession. 

This lack of accountability epidemic is even worse in Washington. Whenever a politician opens his mouth you can expect blame to spew out. Speaking at a fundraiser in Atlanta a couple of years into his first term as President, Barack Obama blamed the sub-prime mortgage crisisand ensuing recession squarely on the Bush Administration:

“We got here after 10 years of an economic agenda in Washington that was pretty straightforward. You cut taxes for millionaires, you cut rules for special interests, and you cut working folks loose to fend for themselves. That was the philosophy of the last administration and their friends in Congress.”

That wasn’t the first time and it certainly wouldn’t be the last that Obama blamed America’s economic woes and chaos in the Middle Easton his predecessor, Republicans in Congress, anyone but himself. Frankly, it’s obscene for a sitting president – the most powerful man in the world – to shirk his responsibility and play a childish blame game.

Bush certainly had his issues, but blaming others for his failures was not one of them.

Not only can Obama, Apotheker, and Whitman learn about leadership accountability from Bush and Hurd, they can also learn about owning their mistakes from the National Football League.

Green Bay Packers head coach Mike McCarthy was recently taken to task for his decision to kick an extra point and send the Arizona Cardinals game into overtime (a fifty-fifty bet), instead of going for a two-point conversion, which the team had done successfully two thirds of the time this season. But like a true leader, McCarthy owned the decision and held only himself accountable.

A couple of weeks before, New York Giants head coach Tom Coughlinmade the rare decision to resign after three losing seasons, instead of putting the team’s management, players, and fans through the drama over whether he’d be fired or not. He left with integrity … and his head held high.

And sophomore wide receiver Odell Beckham Jr. posted an unconditional apology for his unsportsmanlike behavior against cornerback Josh Norman during a Carolina Panthers game. He could have blamed it on taunting by Norman and some pregame antics, but instead, he held only himself accountable.    

This is simple, folks. Everyone makes mistakes, but real leaders own them. Real leaders hold themselves, and only themselves, accountable. The buck really does stop with them. That’s the way it should be. That’s the only way to lead.

Steve Tobak

5 Mistakes to Avoid as an Entrepreneur

Entrepreneurship is a land of risk and reward where most of your traditional work boundaries have been removed. No one tells you how to work, how long and how hard to work or how much you can make. There are, in fact, a million advantages to the freedom of entrepreneurship.

However, there are also an equal number of pitfalls that this same freedom creates. One of them is that entrepreneurs have the "freedom" to think they are doing things right, when in fact they are doing them wrong. Here are five common mistakes to avoid on your own entrepreneurial journey:

1. Chasing the wrong success

If you are not careful, you can fall into the trap of believing that certain material items make you "successful." That a certain lifestyle is what success looks like. Often, people try to buy their way to success and happiness, only to find out that they don’t even want what they were pursuing.

To conquer this trap, make sure to think about and write down what success means in your perfect world. Be conscious about what you are aiming at, and take consistent steps to reach it.

2. Improper communication

It is comfortable to feel confident and assume that you are communicating properly -- with employees, contractors and mentors -- but the bottom line is that many of us don't. What you intend to say, and the impact you intend to make, when communicating with staff, for example, may not be the right words or have the right impact at all.

To avoid this mistake, make sure to speak using facts, leaving out the emotion those facts may invoke. Have your employees take personality tests, so you know ahead of time how they will communicate. They may need more detail from you than you normally communicate -- or less -- but knowing is the first step.

3. Poor 'servant leadership'

"Servant leadership" is a buzzword right now; however, many business owners don’t understand what it entails. Servant leadership means not allowing others to walk all over you. It is not about creating an environment of dependency on you. Often, subservient leaders are ones that need others to need and rely on them.

To solve this pitfall, you need to practice true servant leadership. Servant leadership means providing an environment of service. It means doing what is best for your employees, which might include firing them. Serving your staff well requires setting them up for success by training them properly and holding them to a high standard.

4. The customer is always right

This is a common misconception that can leave you worn out and exhausted. Operating your business as if every customer is "right" can confuse your message and train your customers how to treat you and your staff. You may end up serving a select minority instead of a majority.

Instead of the philosophy that the customer is always right, take on the mindset that the customer is always honored. Customers should be treated with honor and respect, but sometimes they are just wrong. So, be clear on who your target is and serve that person well.

5. Chasing money instead of freedom 

When money is tight, it is a breeze to think that money and freedom are synonymous. This can lead business owners down the wrong path and often put a lid on their income. Chasing money can lead to an unlived life, getting us to chase the wrong things. Money should be a byproduct, not the focus.

Make choices in the long term, toward freedom. Train yourself out of a job, and your income will have no bounds. Focus on short-term monetary gains, and you will never have true freedom. Instead, focus on the strength and growth of your business, and you will have money. You will also experience freedom and finances through growth and proper training.

Avoiding these pitfalls will have you cruising toward success. So, move with proper purpose. You may need to reevaluate and adjust often, because being a few degrees off in the beginning leaves you open to the risk of being miles off in the end. But make the journey. And be blessed on your journey.

Zechariah Newman

Passionate Entrepreneurs Can Take a Page Out of the Best Salespeoples' Playbook

Is there a key nuance of a great sales person that is not often talked about that could be useful for entrepreneurs? After all, both are in the revenue generating function with varying degrees of involvement. Let's consider the following four points: 

1. Framing the context: An entrepreneur meets a customer.

Now imagine that you meet a potential customer under two circumstances -- when your customer pipeline is brimming full, and when your customer pipeline is empty. Would you handle the two situations differently? How you could rate your self-esteem under the two scenarios? Will your communication send different messages under the two scenarios? 

Great sales people do not let paucity or an abundance of business dictate how they handle a potential client. How do they do that? It is a riddle worth exploring and sharing. At the root of it is a deeper understanding of passion -- quintessential for connecting with your audience. 

2. A page from the best sales peoples' play book

Best sales people are always even-keel in their approach toward a prospect, whether they are exceeding goals or starting the year afresh. They have a firm handle on the degree of passion. They go so far, but no further. They are passionate but have a healthy detachment to the outcome and more importantly their current performance status. Although, such small nuances are lost in translation, it aligns with research on harmonious passion.

3. Degree of passions

There is an interesting empirical research by psychologist in the European Journal of Social Psychology that explores the relationship between passion and self-esteem. What is unique about this research is that they do not talk about passion as one word, but split it into degrees of passion. Their research concludes that lower the variability of passion in a person, the higher the self esteem. In other words, lesser the yo-yo of passion dictated by circumstances, the more positive self-esteem. They even coin a phrase for that -- harmonious passion.

4. It all starts with the handshake.

The bigger question is -- how does a great salesperson pull it off, while the same situation will confound the average salesperson?

• It starts with the handshake. A great sales person matches the pressure the customer exerts in a handshake. Being extra conscious of the most basic gesture is a starting point.  
• Most passionate people are interesting first and interested second. They very best people flip the order. Great sales people know their chops. Catch them in a social setting and express an interest in what they do, and their depth of domain expertise will amaze you. However, when they get an opportunity to meet a prospect who may be interested in what they have to offer, they temporarily suspend their urge to share the synthesis of their knowledge and hard work. In essence, they restrain themselves from doing the natural thing. Instead, they let their passion ebb into the natural flow of conversation that mirrors client’s wavelength.

In a nutshell, great salespeople know where to draw the line between being passionate and being married to an idea. That nuance takes them afar from the rest of the pack. Entrepreneurs, the passionate kind, can take a leaf out of their playbook.

If a coin toss is a metaphor for meeting different customers, outcomes of past coin tosses have no bearing on the outcome of the current toss. Yet, when it comes to people and their success, history has a way of creating a mental euphoria or a baggage. Unshackling it is easier said than done, but being self-aware is the first big step -- mirroring the magic handshake is where the harmonious passion begins. 

Karthik Rajan

21 Success Tips for Young and Aspiring Entrepreneurs

Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur, but not everyone can find one in person.

If you haven’t yet found your personal business guru, here are 21 tips for young or aspiring entrepreneur to help get you started.

1. Challenge yourself. 

Richard Branson says his biggest motivation is to keep challenging himself. He treats life like one long university education, where he can learn more every day. You can too!

2. Do work you care about. 

There’s no doubt that running a business take a lot of time. Steve Jobs noted that the only way to be satisfied in your life is to do work that you truly believe in.

3. Take the risk. 

We never know the outcome of our efforts unless we actually do it. Jeff Bezos said it helped to know that he wouldn’t regret failure, but he would regret not trying.

4. Believe in yourself.

As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.

5. Have a vision. 

The founder and CEO of Tumblr, David Karp, notes that an entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.

6. Find good people. 

Who you’re with is who you become. Reid Hoffman, co-founder of LinkedIn, noted that the fastest way to change yourself is to hang out with people who are already the way you want to be.

7. Face your fears. 

Overcoming fear isn’t easy, but it must be done. Arianna Huffington once said that she found fearlessness was like a muscle -- the more she exercised it, the stronger it became.

8. Take action. 

The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well.

9. Do the time. 

No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.

10. Manage energy, not time.

Your energy limits what you can do with your time, so manage it wisely.

11. Build a great team. 

No one succeeds in business alone, and those who try will lose to a great team every time. Build your own great team to bolster your success.

12. Hire character. 

As you build your team, hire for character and values. You can always train someone on skills, but you can’t make someone’s values fit your company after the fact.

13. Plan for raising capital.

Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

14. Know your goals. 

Ryan Allis, co-founder of iContact, pointed out that having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.

15. Learn from mistakes. 

Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success -- even though you initially failed.

16. Know your customer. 

Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.

17. Learn from complaints. 

Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.

18. Ask for customers’ input. 

Assuming what customers want or need will never lead to success. You must ask them directly, and then carefully listen to what they say.

19. Spend wisely. 

When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on foolish things and run out of capital too soon.

20. Understand your industry. 

Tony Hsieh, the founder of Zappos, once said, “Don’t play games you don’t understand, even if you see lots of other people making money from them.” Truly understanding your industry is key to having success.

21. Deliver more than expected.

Google's Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.

Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. These 21 tips, from entrepreneurs who have already found success, will help you navigate the path much more easily.

Sujan Patel

7 Habits of Highly-Effective Entrepreneurs

Habits form our lives. They provide a framework on which we build professional success and personal happiness. As a society, we’re fascinated with the habits of others, usually prominent figures – celebrities, political figures, and, of course, famous entrepreneurs.  (Think: Richard Branson, Bill Gates and Mark Zuckerberg, to name just a few.)

My team and I often discuss these founders' routines and how we can emulate them ourselves. Here are the some interesting habits of famous entrepreneurs that can help give you starting points for your own successful daily routines.

1. Minimize low-impact decision-making

Image credit: Frederic Legrand - COMEO | Shutterstock

To maximize energy and effort for high-impact and creative decisions, entrepreneurs need to minimize as many day-to-day choices as possible. This can be as simple as eating the same breakfast every morning or giving each day of the week a goal-related theme.

Facebook’s Mark Zuckerberg focuses his energy on his most important decisions and completely eliminates a minor decision each of us make every single morning: what to wear today? Mimicking Steve Jobs who wore jeans and the same black turtleneck every day, the founder of Facebook wears the same daily uniform of jeans and a hoodie. 

2. Don’t take no for an answer.

Image credit: Elon Musk Facebook

While we champion humility, sometimes the only way forward is to ignore the naysayers and have confidence you’re on the brink of success.

Known for refusing to take no for an answer, serial entrepreneur Elon Musk simply doesn’t allow others to tell him something is impossible. He puts himself on a path with forward momentum and creates tunnel vision toward a singular, innovative goal, refusing to allow anyone to deter him.

It has been reported that 90 percent of startups fail and without complete confidence in an idea and the determination to do whatever it takes to succeed, an entrepreneur won’t make it. 

3. Take one step further than everyone else

Image credit: Marissa Mayer Twitter

Entrepreneurs are always characterized as the people willing to take one step further than everyone else. Yahoo CEO Marissa Mayer is the living realization of this and is known for expecting near-perfect results. She once insisted her team test 41 different shades of blue for Google search results. While some find her tenacity and dedication to perfection intimidating and daunting, she has built a career on a commitment to high-quality output and results.

4. Put your customers first.

Image credit: REUTERS | Lucas Jackson

Innovative startups start with the customer as the first priority. Entrepreneurs see a need and fill it, creating a better world for their users.

Twitter was built on the premise of quick worldwide communication, 140 characters at a time. More importantly, Twitter founders Evan Williams, Jack Dorsey, and Biz Stone were more concerned with improving usability and minimizing the infamous Fail Whales than with revenueduring those early, crucial years. As a result, they built a world-changing communication engine in which his users feel like they have ownership.

5. Enthusiastically shift gears.

Image credit: Payal Kadakia Twitter

Many companies fail. That’s a reality. However, persistent entrepreneurs who are willing to try something different end up being the ones that ultimately succeed. Many incredible businesses and services are the second, third or even fourth attempt of an entrepreneur who just flat out refused to give up and instead decided to try something different.

When her first company, Classtivity, struggled to get off the ground, Payal Kadakia realized she was going after the wrong goal and switched gears to create ClassPass. The startup has grown exponentially in its first two years by scheduling hundreds of thousands of fitness classes for its users, all because Kadakia was unafraid of admitting she was headed down a wrong path and willing to turn around to find a better one.

6. Be visible.

Image credit: Richard Branson Twitter

Most entrepreneurs don’t fit the 9 to 5 mold. They work when they want (albeit, more hours than the traditional employee) and work from wherever they’d like. They understand that creative insights require new environments and experiences.

Sir Richard Branson takes this to the next level by being highly visible, not only within his company but also by making himself available to his customers. He experiences Virgin Airlines firsthand, chatting with his employees and customers to get a better feel for how his company is doing. He is constantly out and about meeting new people and finding new ideas. 

7. Stay true to your company culture.

Image credit: ModCloth Website

Startups allow a handful of people the opportunity to create a one-of-a-kind culture. ModCloth founder Susan Gregg Koger started her online retail business at 17 and built her company without any professional experience in the retail world. This led to more creative power stemming from a “scrappy” mentality, a disregard for the direction other large retailers were taking, and, most importantly, a steadfast dedication to a social shopping experience for customers. Rookie status, in essence, helped her team think outside the box.

Years later, with a successful company under her belt, Gregg Koger encourages her team to continue channeling this rookie mentality for innovative customer engagement and company development. She sticks to the culture that consistently drives creativity instead of following in the footsteps of other successful retailers.

Dev Tandon

5 Strategies for Entrepreneurs to Improve Sales

If you've just started a business, you need sales, right? Trouble is, you may not be sure how to put together a sales approach. And, the truth is, there is no magic formula for sending your sales through the roof. So, stop looking.

Also, stop buying the popular belief that sales is a profession where “you either have it, or you don’t.” As with any job, effective sales techniques, tactics and skills can be taught. With that in mind, here are five strategies for entrepreneurs looking to improve sales at their newly started businesses:

1. Understand when a "yes" is really a "no." 

When you run a startup, your most precious resource -- even more so than capital or product -- is time. Customers will often lead you to believe they’re interested in what you’re offering when they actually aren’t; and this can be a significant drain on your time. For example, many entrepreneurs spend a fair share of time at trade shows and events and collect dozens or even hundreds of business cards from potential customers.

The reality is, however, that many of these prospective customers offered their card as a way of excusing themselves from the conversation. The key is to decipher who is truly interested. When someone is, that person will likely ask a lot of questions. He or she wants more of your time and will inquire about your pricing, ways in which you deploy your product, etc.

2. Talk about the problem, not the solution.

Sounds counterintuitive, right? It won’t when you put this strategy into action: When it comes down to it, people are interested in their own problems, not your solutions. If you detail your product’s five most impressive features, the customer will fade in and out of focus waiting for you to finish. However, ask about customers' problems and they will be happy to tell you all about their issues. This will make them feel more invested in your solution and provide clues as to how you should be positioning your wares. Maybe it’s your ninth and tenth most impressive features that will actually benefit them.

3. If prospective customers don't reply, do it for them.

Say a client hasn't responded to your message. Rather than send a new email and change the wording to make it seem like a first communication, reply to your own. This accomplishes two things: It allows the recipient to view the content of your original email and glean the intended information. Second, it allows you to inquire directly about receipt of your initial correspondence. If recipients then respond that they did receive your first email and aren’t interested, you don’t need to waste any more of your valuable time selling them.

Some, though, will just bounce back and say they’re sorry and areinterested. If you don’t hear back at all, give it a few more days and reply to your email one more time -- this time asking directly if the recipient prefers you to end the contact. This direct approach has an extremely positive success rate with customers responding for two reasons: 1) They are interested and for whatever reason haven't been able to get back to you yet; or 2) They accept the out you've offered to stop contacting them. Either way, you know where you stand and can proceed accordingly.

4. Personalize your communications.

If you are taking the time to write a personalized message to a prospective client, make sure he or she knows it. Include private anecdotes, discuss how your product or service would benefit this person specifically or perhaps touch on personal experiences that can be applied to this person's business. Don’t ever let a customer assume an email is just an automated direct marketing outreach if it isn’t.

5. Don’t pit your sales team members against one other.

The best sales teams are the ones that work together. Competition can spur hard work, but individually that work often operates to the detriment of the team as a whole. There are direct and ancillary benefits to cultivating a positive dynamic within the team. Creating synergy within your sales force will lead to increased communication, peer teaching, information sharing as it pertains to customers and leads and, ultimately, sales. Whether your small business is just you and an employee handling sales, or if you have a more robust team in place, teamwork will always trump rivalry in the long run.

And so now you know the truth. Inflated sales aren’t a result of trickery or some mystical strategy, but rather a product of the details: investing a personal touch, working together, listening to the customer’s difficulties and utilizing your resources correctly with the right leads. Focus on doing the small things right and leave your competitors to wonder where your magic comes from.

Hampus Jakobsson

Want to Be Successful? Quit Wasting Your Brain.

The most productive time of the day is not early morning. Work productivity has absolutely nothing to do with your daily rituals or habits. And the truth is, your success probably has little to do with productivity in the first place.

Productivity is about efficiency and output. That may count for something if you make cars or semiconductor chips, but for the overwhelming majority of you, productivity doesn’t mean a damn thing.

If being creative matters to you, and it should, it might surprise you to know that you’re probably most innovative when you’re tired. I often have epiphanies when I’m half asleep, during an exhausting workout, or in the shower … not a weird shower, mind you, just a normal one. But that’s neither here nor there.

The thing is, we’re all different. And if you listen to your own body and instincts you’ll do fine. The great irony is that’s mostly instinctive and you’re all much too busy binging on all sorts of online nonsense and distraction to pay any attention to what your body and your gut are telling you.

The great irony is, cavemen had all that figured out. They awoke with the sun, ate when there was food, and slept when they got tired. They somehow managed to accomplish all that with a brain about a third of the size of yours. And everything worked out fine ... as long as they avoided those saber-toothed tigers.  

Related: The Truth About 'Fake It 'Til You Make It'

You know, the only thing that distinguishes modern man from caveman is our highly evolved neocortex. Honestly folks, do you really think humans developed the capacity for complex reasoning so we can sit on our butts and ponder stuff that a caveman or even a frog does without even thinking? Of course not.

A great mind is a terrible thing to waste. So quit wasting yours. And quit wasting the precious time you have to build your career and business worrying about stupid nonsense like what time you get up, how you eat breakfast, your sleep habits, and what kind of showers you take.

Look, you’re supposed to be an entrepreneur, right? And that’s all about business, right? So what do you say we take a step back and look at this logically. When it comes to business, the only important time of day is the time you spend actually working. And the only habits that matter are your work habits.

That’s right, nothing else matters … unless, of course, you’re slacking off when you should be working. So get to work. And for the record, here are five questions that enormous brain of yours needs to answer if you want to make something of yourself and have a successful business someday.

Related: Can We Quit With the Stereotypes Already?

What customer problem do you solve?

I don’t care how much you love doing something or how passionate you are about doing it, if you don’t come up with a big problem that customers will pay to have solved, your entrepreneurial career will be very short-lived.

What’s your solution and what’s its value proposition?

If your products and services don’t offer a far superior value proposition with respect to the competition, then you’ve got what’s called a commodity product. That means you’re going to be slugging it out on price. That’s not a good place to be.

How are you going to win and keep customers?

Even the best solution doesn’t always win. You still need a plan to reach potential customers, win the business, keep customers happy, and put up competitive barriers because competition always goes where the business is.

How are you going to gain market share and scale?

You’re always creating a new market, expanding the overall market, or taking market share from others. Whichever it is, you need strategies and capital to do it. Market share isn’t just costly to lose. It’s costly to gain, as well.

How are you going to fund your growth?

This is where most entrepreneurs and small business owners fall short. You have to have a clear plan with reasonable assumptions to fund your business as it grows. Otherwise, you’ll run out of cash – easily the most common reason businesses fail.

If you come up with those five strategies and successfully execute, I guarantee you’ll do quite well for yourself. If you don’t, you’d better keep working on it until you do, because none of them are optional if you want to get anywhere on your own.  

So quit screwing around on stuff a caveman or even a slimy amphibian can do and put those frontal lobes to work building an actual business.

Related: 10 Reasons Why Your Personal Brand Sucks

Steve Tobak