Welcome to the ChaosCast episode 27, this is your host Jeff Boss.
Today we are going to talk about entrepreneurship and more specifically, exceptional entrepreneurship.
Because, I find that with this whole theme of chaos, nowhere else does this chaos really reside as profoundly and is fiercely as in the start up world.
When you're just starting a business, whether you're working for yourself or working with partner, when you're just getting a business off the ground there are so many things, so many hats that you have to wear, and it's very difficult--it's very difficult to focus on--which is right.
So with today's podcast what I figured I'd do is talk about the for Es of exceptional entrepreneurship--and I put "exceptional" and air quotes because I don't like to label absolutes.
I don't believe in absolutes I don't believe that there is any sort of 100% certainty.
I don't believe there's any 100% failure in a bleeding failure.
I believe that failure only exists when you choose to stop learning.
I believe that you can aim for perfection but you never get to perfect. I talked about this before so I won't rehash it today.
But what I will talk about today are a few exceptional practices to be aware of when it comes to navigating chaos in the entrepreneurial realm...
So with that, I'll say this: that the hardest part about being an entrepreneur isn't necessarily coming up with that the next genius idea (although genius does up).
Creativity is important but once your product hits the market you need a strategy to keep that good idea going; to keep that good idea spreading and sustaining it's worth.
And I'll let you in on a little secret with you folks out there who are interested in in writing a book. The hardest part about a book's success isn't writing it, it's marketing it. Marketing it is the hardest thing about book writing. It's easy to write, but once you're done how are you going to get that book out there?
And the same is true for offering a product or service. The "make a great and they'll come" strategy doesn't work it. It doesn't work and it doesn't work for the simple fact that people don't know what they don't know.
They don't know that your product or service exists because you haven't reached out to them yet to keep the momentum of that--again "genius" in air quotes--flowing. You need to get out there and socialize; you need to proliferate yourself so that people know that you and your product exists.
The keys that I've found to do so are the following four E's.
These E's will help navigate you in the right direction of exceptional entrepreneurship, and the first one is exposure because more exposure means marketing leads and more opportunities.
It is a numbers game to get your name in your business and your product out there. It's a numbers game. If you're looking to monetize your email list--and this is this is just an example--if you're looking to monetize your email list let's say you have 10,000 people on your on your email list.
20% of those 10,000 argument actually open up your email. That's about 2000 people.
If you're looking to have a webinar 40% of those 2000 actually register, that's 800.
And only 50% of those 800 will actually attend if you are offering a product or service at the end of that webinar.
So, roughly 13% are going to buy--that's 51 people out of those 10,000. 51 people out of 10,000!
That's why it's a numbers game and the higher you get your numbers the higher the probability that you can enlist more folks.
So, identify the spots where customers shop and become the helpful customer. Do so in the aisle at the grocery store--don't be weird about it--do so at Starbucks or wherever you buy your coffee. Offer advice, offer a solution. offer help--and perhaps a business card.
If you own a painting business for example get to know the local retail clerks at every paint store in a 50 mile radius by name and frequent those stores on a consistent basis.
Consistency and interaction builds trust. Or you can join a group the entrepreneurs organization is a one-stop shop for start up folks, if we're going to continue with this theme of startups and entrepreneurs.
But the entrepreneurs organization offers everything from personal mentorship to networking local meeting chapters. I'm not a member and they have any idea that I'm mentioning this, I don't have any affiliation with them, it's just something that I found useful.
The whole point here is to keep in mind that every bit of exposure helps. Identify the communities where your business or your ideal customer might be and then attend those groups.
With more exposure comes the experience of dealing with diverse groups of understanding the different needs through different pain points and understanding the people and their expectations of what you're looking for. This requires the soft skills I mentioned in either episode one or two that are really anything but soft, their extremely hard skills to learn and the skills that leaders sometimes take for granted after getting used to an executive or high level position. Never forget this: that relationships make the world go round and they always, always require constant cultivation. It doesn't matter what industry you're in, relationships are agnostic. You need relationships to do better business.
Some other great sources for experiences might be universities. Many offer classes on entrepreneurship to educate students on what mistakes not to make, so look for ways in which you can gain experience because, actually, the more experience you gain the more that you can list in your curriculum vitae that you are the speaker at so-and-so, that you helped students at a local university, that you spoke at a local library, and you can label yourself as a speaker now. You catch my drift.
Listen to hear more...