Two Reasons Entrepreneurs Fail
What are the two reasons entrepreneurs fail? What is it that is causing entrepreneurs to not get results?
In this post I explain the two reasons entrepreneurs fail.
I have noticed that there are two things that we have gotten away from in building our business. The two reasons why entrepreneurs fail falls under sales and marketing. The lack of sales knowledge and inept marketing activities are often the root issues of entrepreneurial failure.
In this video below, I explain the two reasons entrepreneurs fail. This message could be helpful in preventing you from suffering from an unsuccessful business:
It comes as no surprise, but in order to be good in this industry; an entrepreneur must be good at sales. The challenge is that most people despise the word “sales”. But every entrepreneur has to become great at sales. If you are not great at sales then you will be heading into business failure.
The first thing you will have to learn is how to sell yourself. You have to learn how to obtain the “gift of gab” in order to excel at sales. Many people do not like the term “salesmen”; but in reality, you became a salesperson from the moment you were born. You know knew how to cry to get your parents to bring you a bottle. You also knew how to beg your parents to get you something that you want. Essentially you are selling the idea until you receive a yes.You've never made it to where you are in your life without selling yourself. Click To Tweet
When you go on a job interview, you are selling yourself. You are selling why your experience and background makes you the perfect candidate for the position. You have to learn how to embrace the sales industry.
If you are not making a sale, not closing deals, not making money…then you are participating in a non-profit organization. There is nothing wrong with non-profits, if they are designed as such. However, non-profits receive funding. For-profit businesses need the funding that your sales provide.
If you do not embrace sales books, trainings, seminars etc…you will forever struggle and continue to fail in your business. This is not a prophecy, this is pure fact. You are in business to sell a product and generate a profit. Just get your customer to make a transaction, simple as that.
We are becoming more “social” daily. Ironically, most people are so “social” that they forget the marketing component of their business. The marketing component must contain sales. I’m not just referring to being on social media.
Marketing is when you are constantly using a strategy to get people into your sales process. You must establish the process of acquiring prospects and getting them to make a transaction.
We have to be mindful of the foundations of marketing, whether its offline or online. You are marketing to obtain potential profits. The overall aim is to get people’s contact information, then reach out to them to close on a sale. Instead of marketing, many unsuccessful entrepreneurs are conducting hobby activities. You are becoming a “social butterfly” on social media, but you are not closing sales.There's nothing wrong with being a social butterfly, but if those activities aren't generating revenue...then it's just a hobby. Click To Tweet
There are two areas that you may be lacking that’s causing you to not see the success you desire in your business. Become a better sales person. Learn the sales process and learn the sales lingo. Understanding the different personality types can help reference which pain points you can use to close a sale with different people. But the different personality types do not dictate what kind of sales person you can be, only you can determine such. To say that it takes a certain personality type to sell is a flat out lie. Make sure to embrace the concept of sales. You cannot look down upon people who are salesmen.
Remember, marketing is used for the result of getting the contact information to connect with prospects and close a deal. I often run numbers, and you should too. Analyze how many leads it takes to get a sale. Then go and set your sales goal, that way you know how much marketing you need to do…and how many people you need to contact. If you aren’t closing deals, then you are running a hobby…and that hobby is taking to much time!
So if you want to take your income and generate it into a 5, 6, 7, or more-figure career, you have to embrace sales and learn the concept of marketing.
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