Journey of a Serial Entrepreneur

Icon

How to get from where you are to where you want to be

5 Reasons why Teams Fail

“You will find men who want to be carried on the shoulders of others, who think that the world owes them a living. They don’t seem to see that we must all lift together and pull together.” Henry Ford

I started this series with a question posed by a reader  asking  why some teams succeed and others don’t. When I began structuring my thoughts and getting advice from more experienced entrepreneurs, the same issues kept coming up in one form or other. The core message behind all of them was the same, to get the team to work right, certain factors need to be in place along with hardwork and persistence. We have all been in teams where team cohesion is problematic, it is always an extremely frustrating experience. Hence first off, selection of team members/partners is an extremely important aspect, one that needs to be given a great deal of attention. Call it co-incidence, my post on 8 characteristics of an ideal business partner is the most visited post on this blog. However, even after you have reviewed your prospect partners using the 8 step process, there is still a likelihood of things not working out. Listed below are 5 things to look out for to measure the health of your team:

1. Mismanagement of Competing Interests: When a team comprises of many ‘star’ performers they are bound to have multiple offers on the table. When these offers begin to interfere with their performance and their  commitment to the project at hand, problems begin to arise. If these are left unmanaged they will slowly set seeds of mistrust and suspicion in other team members, this has a destabilizing impact on the entire team. It is important that these competing interests are brought to the table and are not used to leverage a team member’s position or interfere with their commitment. To read more about managing competing interests please click here.

2. Lack of Candor: The ability to communicate effectively is one of the core reasons why some teams succeed and others do not. When a team is unable to communicate their thoughts, suggestions or feedback openly, tensions arise. Being candid is every team members responsibility to themselves and to the rest of the team. This is not always the easiest path to take and many a time one will need to step out of their comfort zone to say it as it is. However when all is said and done, it is the things which are left unsaid that destroy a team from within. Set up systems where everyone is given the opportunity to speak freely and easily. To learn more about the importance of candor please click here.

3. Lack of Trust: In any relationship trust is a must, without it there is no team. In my opinion there are degrees of trust which need to be developed within a team. Expecting your team members to have 100% trust in you and your abilities from the get go is wishful thinking. Trust needs to be earned. The ability to trust someone depends on their shared core values, self confidence and risk tolerance. Mismatches in these components will result in a slow build up of trust. Low trust teams are very fragile and the slightest of hiccups can have severe ramifications. To learn more on how to build trust please click here.

4. Lack of Accountability: When team members talk more than they actually do, problems are bound to arise. Without clear objectives on what each team member is responsible for a culture for execution cannot be formed. Without such a culture certain team members may ride on the coat tails of others just to get by. Every team member must be held accountable for what he/she has been given responsibility. Inability to meet commitments, needs to be reviewed and appropriate action taken. To learn more on the importance of accountability and how to create it please click here.

5. Consistent Poor Results: If a team is consistently unable to reach targets and goals, the team and entire business model needs to be looked into. Many teams linger on even when results are clearly not being produced. This puts an enormous strain on the team and eventually leads to unpleasant defections and confrontations. This issue must be dealt with as soon as possible and strategies and tactics revised. If the team is unable to produce the results it needs, it is best to figure out how and where the team should  go from there. To learn more about how to deal with consistent poor results please click here.

The points listed above are I believe leading factors why some teams fail. One of the factors that I have not included in this series is a lack of good leadership. This is an issue that I think needs to be tackled in a separate series. Also, unlike the problems listed above this issue does not have any easy answer which says follow steps 1, 2 and 3 to help overcome the issue. Good leadership is a rare commodity. It all goes back to team selection and who is chosen to be the leader. If there is a problem at the initial selection stage then the team has a lot more to be worried about. The issues highlighted in this post are in the context where even though the team and team leader were correctly selected, the team still fails. I hope to get your comments and feedback on this series.

Related Posts:

8 Characteristics of Ideal Business Partners

Advertisements

Filed under: Advice, Communication, Finance, Strategy, Teams, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Consistent Poor Results

“Waiting is a trap. There will always be reasons to wait. The truth is, there are only two things in life, reasons and results, and reasons simply don’t count.” Dr. Robert Anthony

During the course of the week I have spoken about some key factors which lead to high performance teams failing. As a culmination of all the factors mentioned in my prior posts, the inability to reach targeted bottom line results, is a leading cause why such teams fail. I was advising a young startup team a few years ago, it was full of stars. They had a fantastic business plan and worked really well together. However the business was not gaining the traction they had projected. This was causing much tension within the team. This is a time when internal conflicts begin to surface. Initially no one really talked about it, rather they hoped that things would change. Unfortunately the market they were targeting was not ready for the product they had and soon the defections started to take place. This is a story one has seen many a time in small startups, as well as large companies.

It is only natural that when things are not going well that team members begin to explore other alternatives open to them. They are justifiably looking out for themselves and being realistic about the situation. However, if the business had created a culture of accountability and candor, I believe things may have gone very differently. Firstly, when things were obviously not working, how to tweak the business model would have been brought up and discussed candidly. Secondly, with greater transparency in the team, those individuals who were not contributing or whose skills were not required, could have started exploring other opportunities without suddenly leaving the team. Lastly, if the team did work well together there could have been other opportunities which they could have pursued.

Consistent poor results are definitely a major reason why teams and businesses fail. The key word is ‘consistent’. Losses are bound to occur at some point or other in a business. However, it is when they continue to appear without any direct action being taken, that it gets serious. As a team leader one needs to continuously keep a keen eye on key metrics and regularly update members about results and problems being faced. Transparency helps leave doors open for candid discussions and gives  team members the opportunity to make graceful exits. Warren Buffet has some wise words on this matter “Should you find yourself in a chronically leaking boat, energy devoted to changing vessels is likely to be more productive than energy devoted to patching leaks.”

Filed under: Advice, Finance, Strategy, Teams, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Lack of Accountability

Accountability breeds response-ability.” Stephen R. Covey

Starting a new business is a lot of fun. The first couple of months everyone is really enthusiastic. People are making sales calls, improving the website content, developing new marketing concepts and generally being highly productive. After the initial couple of months or even a year, there is a dip. The spark of starting this new revolutionary business begins to wear thin (unless you started something like Google). All of a sudden those sales calls are not being made and there is just not enough attention being given to the key first customers which you closed. I have experienced this in the first couple of ventures I was a part of. Whenever a routine set in, the enthusiasm levels began to drop. This then brings us to the next factor that results in the falling out of teams…a lack of accountability.

From the very onset of a business venture, clear objectives and targets need to be set for every team member. They need to be accountable for a specific component of the business. The progress on this must be reviewed periodically. I believe it is usually a lack of clear objectives that brings about a lack of accountability within teams. This is the leader’s or senior management’s fault. It is a reflection of poor leadership skills and is often taken advantage of by individuals riding on the coat tails of the effort of others. I have been  part of many teams whether it be at school or in a business, when someone or other on the team takes advantage of the free rider problem and ends up taking undue credit for the success of the team.

The components  talked about in my recent posts, such as lack of candor and trust, usually lead to this lack of accountability. When there are no clear objectives communicated to team members, and this is compounded by a lack of trust between team members, there is very little motivation to work  hard. Neglecting this aspect of a business will result in inadequate traction and eventually lead to a poor bottom line results. I will talk about that in the final post of this series. In conclusion, make sure that everyone in the team is held accountable to certain SMART goals and targets. This is essential to meet positive bottom line results and eventually succeed as a team.

Related Posts:

Execution of Corporate Strategy

Filed under: Advice, Finance, Teams, , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Lack of Trust

“Wise men put their trust in ideas and not in circumstances” Ralph Waldo Emerson

Trust is an essential component of any type of partnership,  be it business or personal. Without it, a relationship’s growth is impeded, it will in all probability remain stagnant and eventually break off. It takes a lot of hard work to build trust in a relationship, but very little effort to destroy years of accumulated trust. Looking back at the ventures I have been part of, I see that trust was definitely something created over time. However, there are a couple of factors that create the basis for this initial leap of faith and trust between individuals or a group of individuals. They are:

1. Shared Values: Before making any type of commitment, the underlying premise must be built on a set of shared core values. Core values are a set of values embedded into each individual’s system. They are the result of life experiences, culture, environment and our spiritual belief system. Hence ,when team members with different sets of core values come together the process of building trust is much slower.

2. Risk Tolerance: Everyone has different areas for the level of risk they are willing to take on, at any given point in time. Those with higher tolerance levels push forward and hope for the best, whereas others hold back and wait for the right time. When individuals with different levels of risk tolerance come together as a team, it takes a lot longer for trust to develop.

3. Self Confidence: I believe that individuals with higher levels of self confidence, have higher levels of risk tolerance too as they are positive about things working out. Whereas individuals with low levels of self confidence constantly doubt their own abilities and their plans to get it right. Individuals with differing levels of self confidence take longer to build trust.

Differences in these areas will result in trust being built slowly. Teams who have mis-managed competing interests,  not created a culture of candor in their business, will have severe problems in developing the level of trust needed to push the business forward. I believe that when there is a lack of trust in the team, team members are not able to perform at their optimal. If this problem is not handled in its early stages, the probability of members defecting and moving to greener pastures increases greatly.The key to incorporate candor into your business is to ensure that messages sent are consistent with what the business stands for. When these factors are in place one should be able to see higher levels of trust, this will eventually lead to better performance and results.

Related Posts:

5 Components to build Trust

Filed under: Uncategorized, , , , , , , , , , , , , , , , , , , , , , , , , ,

5 Steps to Better Conversations

There is no such thing as a worthless conversation, provided you know what to listen for. And questions are the breath of life for a conversation. James Nathan Miller

In today’s fast paced world, we may have many virtual conversations, but, we are losing the ability to sit across a person or a group of people and have a real conversation. We are pre-occupied with the myriad of things happening in our life, or are constantly being beeped by one of the many gadgets we carry. This does not bode well for our generation, because a breakdown in the ability to communicate in the real world can have disastrous repercussions. We see that today in the increase in divorces, suicides and depression related illnesses. Somewhere along this rapid technological progress, we are losing touch with the fundamental bonds which hold us all together. The art of conversation is one such bond, it has been pivotal in our development. Listed below are five steps, to assist and benchmark conversational and communication skills.

1. Knowledge: When it comes to being a good communicator, knowledge is a defining aspect. Without it, we can talk without actually saying very much. When an individual is knowledgeable, it comes across even when you talk to them about the most trivial of subjects. One must constantly keep learning and growing. With the proliferation of information today, there are so many ways we can keep ourselves abreast on current affairs as also increase our knowledge on subjects we are interested in. To learn specific tips on how to increase your knowledge base, please click here.

2. Confidence: Being confident about oneself is an integral part of being a good communicator. Without this characteristic, knowledge will not help you to communicate in an effective manner. To assess our confidence, we have to identify instances where we lack the confidence to take a stand or share an opinion. Watch the best communicators in the world and visualize yourself communicating in similar manners. We have to get rid of negative thoughts which give rise to self doubt. At the same time, we have to keep a fine balance between being confident and over confident. To learn specific tips on how to increase your level of confidence, please click here.

3. Clarity: Without clarity, the message we want to communicate can get lost somewhere in translation. This will result in both the speaker and audience getting frustrated and tune out. There needs to be substantial and adequate thought put into the organization of our ideas. At the same time, we need to make sure that the language we use is not too convoluted that it confuses rather than impresses the audience. Lastly and most importantly, pronunciation is of critical importance. These factors put together, form the basic foundation of clarity of speech. To learn about each component in greater detail, please click here.

4. Enthusiasm: No one really wants to talk to someone who is sick of life and has lost the passion for living. Individuals who attract us are those whose body language, tone and words express their zest for life. They have a certain type of energy around them which makes just about anything they say a lot more enjoyable. Since 93% of all conversation is based on non verbal cues which include your body language and tone, it is essential that we pay more attention to them to ensure that our conversations are an accurate reflection of our persona and the message we want to convey. To learn more about these three factors, which determine the enthusiasm level in your conversations, please click here.

5. Listening: The art of listening is a dying art in our world today. Conversations are constantly and rudely interrupted, or the audience distracted, either due to information overload in their minds, or one of the many gadgets on them, which keep beeping or ringing. In order to become better listeners there are three areas we should focus our attention towards. Firstly, are we actively listening to the conversations we are part of? Secondly, do we have internal filters which are impeding our listening to the entire message. Lastly, are we paying attention to the subtle clues in each conversation conveyed through tone, body language and choice of words? To learn more about each of these three areas, please click here.

As an entrepreneur we have to work towards making great first impressions to colleagues, investors and customers. Our conversational skills are a large component of the overall impression we project. We have to ensure that we are conveying the impression we wish to. The steps provided above should assist in evaluating your present conversational skills and subsequently used to benchmark how we measure up on each one . Better conversational skills and abilities will not only increase the quality of your professional relationships, it will do wonders for your personal relationships too. I wish you the best of luck in all your future endeveours.

Filed under: Advice, Communication, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Are you listening?

“We were given two ears but only one mouth, because listening is twice as hard as talking.” Anonymous

The art of listening is a dying art in our world today. Conversations are constantly and rudely interrupted, or the audience distracted, either due to information overload in their minds, or one of the many gadgets on them, which keep beeping or ringing. Somehow no one seems to be listening anymore, yet, everyone seems to be talking a lot more. The fact of the matter is, listening is not the easiest of exercises. It requires large amounts of patience, a willingness to learn from the other person and most importantly, to have respect for the other person’s point of view. However, in the fast paced world we live in today, everyone seems to want to get their two bits in, and has frankly stopped caring about what the other person is saying or feeling. Conversations structured like this are the worst sort of one-way monologues one is part of. Developing skills to be a better listener takes years to master, listed below are some steps to assess one’s current level, and then work on them further.

1. Active Listening: Have you ever spoken to someone and the other person appeared to be distracted or not really there? This creates a level of frustration in the speaker, and eventually they lose interest in sharing their opinion because they are not being heard. When an individual is listening actively they are constantly either reaffirming the thoughts of the speaker with nods or the occasional “uh-huh”, when unclear they are paraphrasing what is being said and getting clarification. Taking an active interest in what is being said, helps the speaker to communicate their thoughts more actively. How active a listener are you?

2. Filters: All of us have interests and hobbies that we like to talk about and get other opinions on. We also know which subjects are not of interest to us, and chances are we will tune out when someone starts speaking about them. When put into the context of listening, this is extremely selfish behaviour, and we end up only talking and listening to people who interest us. In the real world this is difficult as we do have to listen to people who talk about their interests. We have to closely monitor these filters and do our best to eradicate as many of them as possible. Remain committed to keeping an open mind and avoid making judgments based on personal filters. Are you filtering too many conversations?

3. Clues: As mentioned in the last post, non verbal communication constitutes a large part of overall conversation. We have to train ourselves, not only to listen to the words the speaker is using, but also take note of the tone of voice and body language. We have to know when to empathize and when to give constructive feedback. Chances are, if we have not really been listening to the conversation as a whole, we would have missed these cues, which result in miscommunication. There will be times when  speakers get frustrated that the individual is not listening to what they are saying, and the listener is clueless about why the person is so angry (Happens a lot between men and women). Are you paying attention to all the clues?

I have a mentor who does a great job at listening. I can sit in front of him for hours, and somehow thoughts come easier and communication is a lot more fluid. Even though there is minimal input on his part I ‘know’ he is listening. Imagine if you could have such conversations with your colleagues, investors and customers. As an entrepreneur, we have to keep our ears peeled all the time to ensure that we are staying on top of the game. If you are listening, the probability of success is a lot higher.

Filed under: Advice, Communication, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

How Enthusiastic are you?

“Nothing great was ever achieved without enthusiasm.” Ralph Waldo Emerson

We have all had that one professor or lecturer in school or college, who put everyone to sleep. His/her monotonous delivery, made it impossible to pay attention to the material being taught. There are also many individuals who have a strained manner of speaking. They have either lost interest in life, or have sunk into a routine which impacts their passion for life negatively. When we come into contact with such individuals, they tend to drain our energy too.  Were an entrepreneur to ever get stuck in such a rut, the impact for his/her business could be disastrous. I mention passion repeatedly in most of my series, as being critical for success in any aspect for life. We have to avoid getting bogged down when difficult situations arise, to keep our chin up is essential. Keeping a positive outlook is vital to keep enthusiasm levels high. Some factors by which we can measure levels of enthusiasm in a conversation are:

1. Body Language: If you pay attention to great communicators such as Steve Jobs,  notice their gestures and overall body language when they are communicating. It is a known fact, that using gestures when speaking helps the brain connect thoughts faster. Our overall body posture is an integral part of the total message we want to deliver. For example, if one were to stand with drooping shoulders and speak in a non expressive manner when pitching to a VC,  we will send a  wrong subliminal message. Pay attention to your body language when speaking, it is a major component of your overall communication delivery.

2. Tonality: I did a NLP (Neuro Linguisitic Programming) course a couple of years ago where a large chunk was dedicated to the importance of tonality. A variety of tones can be used to communicate the same message, in many different ways. If you have ever heard or watched Anthony Robbins, notice how he uses tonality to communicate with the audience at different levels. Sometimes, his pitch is fast and highly charged to get the audience fired up to his level,  other times, he drops the level of his voice to communicate at a different level when he wants to appeal to your subconscious. Pay attention to your tone when you next communicate with someone. Are you mixing it up enough?

3. Words: Extraordinary, Amazing, Revolutionary these are just some of the words that Steve Jobs uses in his keynote addresses when he introduces new products. With the correct choice of words, one is able to flavor communication in a manner that helps the audience relate to what you are saying. Imagine John F. Kennedy saying “Do good things for your country,” instead of “Ask not what your
country can do for you, but what you can do for your country!” The choice of words and how they are put together in a sentence, impact greatly on the intensity and meaning of what you are saying.

When I was with toastmasters we were taught the 55% 38% 7% rule. The rule simply says that 55% of communication is through body language, 38% through our tone and 7% through the words we use. Unfortunately we pay too much attention to the 7% and forget about the importance of the 93%. To become a great communicator, we have ensure that we pay attention to the entire 100% and deliver it with enthusiasm and passion.

Filed under: Advice, Communication, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

What did you say?

mad“Take advantage of every opportunity to practice your communication skills so that when important occasions arise, you will have the gift, the style, the sharpness, the clarity, and the emotions to affect other people. Jim Rohn

Ever been in a conversation where you have no idea what the other person is saying? I am sure many of us have been part of such conversations. These are the conversation where the speaker goes on and on about a particular topic, without any purpose or direction whatsoever, or when the speaker loses the audience on account of the banal tonality and language. In business, when such a person addresses a customer, investor or even his/her own team, chances are he creates a negative impression about his/her capabilities. Such an individual will find it difficult to be taken seriously, or be in a position of leadership. Unfortunately, not too many individuals focus on improving the level of clarity in their communication abilities. Listed below are three areas I believe a conscious effort should be made to monitor.

1. Thought Organization: I had a business partner who was very knowledgeable and confident. Yet, whenever he would start talking the entire group would just tune out. He would essentially start rambling, and regularly drifted away from the topic being discussed. This became a huge distraction for the team and it was also incredibly frustrating. During evaluations the point was brought up, and he made a conscious effort to pay greater attention to organizing his thoughts. It is important that one has a clear purpose when they share an opinion. It doesn’t need to be perfect, however it should highlight ones point of view clearly and concisely.

2. Language: Fancy terms and words should be used sparingly in one’s conversation. These are often used to display the breadth of ones vocabulary, and often instead of impressing the audience it confuses them. When using technical or industry specific terms, make sure that they are presented to an audience which understands them. A conscious effort must be made not only to keep the language simple, but to also remember to keep your sentences short. This makes the overall delivery of your communication clearer as well as much easier to understand.

3. Diction: The tone of your voice when communicating is very important. An individual could be speaking about something very interesting, however if it is delivered in too high or too low a pitch which is too high or too low it will lose its impact and the audience. Sometimes we get very excited or habitually start speaking faster and lose the clarity in our delivery. These instances need to be identified and worked upon to improve our overall communication abilities. As practice evaluate yourself on three factors, volume, pitch variation and pace.

Clarity in communication is critical. Without it, getting or holding the attention of an audience is very difficult. A concentrated effort must be made to make sure that when communicating, our thoughts are thought out and delivered in the same manner. This will not only help get your message across much faster it could be the difference between closing and losing a customer.

Filed under: Advice, Communication, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

How Confident are you?

“It took me a long time not to judge myself through someone else’s eyes.” Sally Field

Being confident about oneself is an integral part of being a good communicator. Without this characteristic,  knowledge will not help you to communicate in an effective manner. We see this in every day life, ranging from professors, colleagues, friends and family members. Many of them have vast knowledge bases, yet, when it comes to sharing an opinion or taking a stand, they back down. Confidence is however, something that we can acquire. It takes a lot of hard work and persistence, on the flip side, there are great returns. If you find yourself lacking in the confidence department, the following couple of steps which helped me, may be of assistance:

1. Weakness Identification: The first step requires us to accept the fact that there is a self confidence problem that needs to be overcome. Many individuals refuse to acknowledge this, unfortunately  this denial hinders progress . It is important to identify the scenario and related feelings, which make us uncomfortable. This may be a cocktail party, a networking session or a presentation. It is important to identify the situation and one’s reactions. Once equipped with a comprehensive listing of areas we need to work on, we can move to the next step.

2. Visualization: Before beginning your journey, be clear about where you want to go. Do you want to give flawless presentations in front of thousands of people, be the center of attention at parties,  engage in highly intellectual discourses, or be comfortable in a group conversations? Whatever your end goal is, look for individuals who excel in that segment and visualize yourself being as comfortable as they are in that particular situation. This step provides the brain with an end goal,  and makes it easier to get there.

3. Goals: Building self confidence takes time, so enjoy the journey. I strongly advocate setting mini goals instead of larger ones. For example, the major goal could be to give a presentation to 20 people at the next quarterly staff meeting. Mini goals could include, practice presenting in front of the mirror for 15 minutes daily, give presentations to friends and family, give a presentation to a few colleagues, all of which will finally help you reach the end goal of giving the staff meeting presentation. It is important to take notice of the progress made along the way.

Tips:

Knowledge Base: As mentioned in the last post the larger and broader your knowledge base is, the more confident you become. I have met many confident people who lack a credible knowledge base, unfortunately this results more often than not, in meaningless and rambling conversational monologues, putting you in the find the next exit opportunity spot.

Self Doubt: Many a time we over analyze things. I know this is something  I used to do a lot, and it severely hindered by ability to communicate effectively. We have to take possible negative outcomes out of the picture, and focus on the positive. This impacts positively on your confidence level, and the ability to communicate clearly.

Over Confidence: Unfortunately over confidence results in an individual seeking to overshadow all conversations they enter into. This results in a monologue rather than a dialogue. There is a fine balance between under confidence, confidence and over confidence.

During this journey a feeling of liberation and empowerment comes into play when words begin to come easier, and more importantly, sharing opinions or taking a stand is no longer scary. Conversations become easier, and slowly, speaking becomes an enjoyable exercise.

Filed under: Advice, Communication, , , , , , , , , , , , , , , , , , , , , , , , , , ,

5 Steps to better sales pitches

“There are always three speeches, for every one you actually gave. The one you practiced, the one you gave, and the one you wish you gave.” Dale Carnegie

I firmly believe that every pitch you make to a customer has to be customized to the customer’s current needs. Going in and giving the same pitch to every customer is not an effective strategy. Customers are becoming more sophisticated and have a larger pool of vendors to choose from, hence, you have to do more and be different. This week I have set down some primers on sales pitches. Below are a list of important factors you should look into when preparing and delivering your sales pitch .

1. Industry Identification: Two factors need to be decided upon before you set out to get your prospect list sorted out. The first factor is identifying the industry that will have the greatest utility for your product/service. The second factor is identifying which industry you have the greatest links to through your personal network. Balance these two factors to arrive at an industry where you have the highest % chance of closing a deal. To read more please click here.

2. The Customer: If you can figure out your prospects pain points well before meeting them, you will have substantially increased the probability of closing the deal given you have a great value proposition. There should be substantial time dedicated to doing maximum background research about your prospects before you actually pitch to them. You will need to develop a value proposition which is tailored to their current requirements and addresses a need. To read more please click here.

3. The Sales Pitch: Rehearse, rehearse and then rehearse some more. You need to perfect the delivery of your pitch. Before you actually dive into your sales pitch you need to build rapport with your prospect. This is critical to breaking down the barriers that individuals put up when they are pitched to. The transition between building rapport and beginning your pitch should be a natural progression to ensure that you keep your prospect in a comfortable state during the pitch. To read more please click here.

4. Getting to “Yes”: Three factors play a major role if you are to close a deal. Firstly you need to be confident about both your pitch and your product, secondly you need listen and understand the prospects concerns and lastly your ability to summarize and make an effective closing argument will greatly affect the outcome of the pitch. To read more please click here.

5. Expert Advice: Three key pieces of advice which were shared to me by seasoned entrepreneurs have helped me close more deal than any other strategy. Staying honest, exceeding your clients expectations and providing more value than you take in payment. To read more please click here.

As entrepreneurs we are selling something everyday. It could be a vision, a product or a service. We have to do our best to make sure that we learn continuously to become better at this skill which is critical to our success. If you have had success in this area please share your experiences to help everyone reading this, so that they may benefit and in so doing become better at pitching.

Filed under: Sales, , , , , , , , , , , , , ,