As a young entrepreneur, I am seriously disadvantaged when comes to the area of experience in comparison to my more seasoned veterans. Although I do not believe that lack of experience will hold me back (I'm too damned determined for that), I do believe it is a weakness that I must address and overcome. I believe that the best way overcome this is through listening and observation.
Listening is key for myself and all other young entrepreneurs. We certainly do not know it all, and there is more than one opportunity for each of us to fall on our asses. Everytime I have the opportunity to talk to a more experienced businessperson, I don't say too much. Rather I open myself to what they have to teach me, the roads good and bad that they have been down. What I have to say is much less important than what they have to say. Hopefully I learn from both their triumphs and defeats in order to prepare for my own.
Another key area where observation and listening are key is when we are being told no. Being an entrepreneur and working with my clients, I've been politely told no or "We don't do that" more times than previous in my life. For while, my ego didn't want to bare the brunt of those no's. Rather I would console myself with notions of "I'll show them" or "I'll succeed in spite" etc. Although my ego felt better, my business suffered because of it. When I had opportunties to honestly learn, I turned them away. Rather now my focus is to intently listen on WHY I am being told no. That is the key problem to tackle. I listen, and then I adapt. Things have gone much better that way for me.
The point I am making is that being less experienced means we have to listen more not less. Although determination, zeal, thinking-outside-of-the-box, ect. are touted as the strengths of young entrepreneurs, we still must face our weakness, a lack of experience.
- Steven Jones
All-Nighter Ritual
To be an engineering major in college, I often have a sizeable workload. When I add my business on top of that, my responsibilities and obligations can become gargantuan. Time often become my most scarce commodity. One way in which I can leverage more time is by taking the plunge and pulling the all-nighter. Over time, I've realized that pulling an all-nighter is somewhat of a ritual. Let's look at my timeline.
9:00pm - "Yeah, I think I can everything done by 2." - to myself
12:00am - "Okay. I'm kinda screwed. I still have differential equations and half of a client proposal to finish by noon tomorrow. Do I pull the all-nighter? Yes." - to myself
Step 1: Let's make my high adrenaline playlist (Trapt - Headstrong
is definitely in order).
Step 2: Hold off on the coffee (I don't want to crash later)
4:00am - Now this is my point of no return. I can still call the whole thing off, go to sleep, and get four hours of rest. Do I stay through? I have to.
6:00am - THE DEADLY CRASH HOUR. Now is when I start to drag. My eyes are droopy; I start to have 30 second drift offs. I might not make it...
I pull my willpower and focus. I look at my work and start going balls to the wall. I make it.
8:00am - I'm pretty good now. My body has given up on sleep. Now is when I reward myself with a cup of strong black coffee with extra sugar (Gotta love cafe dulce).
The rest of the day - I'm pretty good for the rest of my day. Coffee is in order every 3-4 hours. Staying busy is a must. I never let myself have nothing to do after an all-nighter for fear of falling asleep for 12 hours in the middle of the day.
As fellow college entrepreneurs, I am sure that many of you have faced the dilemma of staying up all night to get work finished. Leave your comments and thoughts on how you get it done!
- Steven Jones
I was recently reading a book by Paul Edwards, Sarah Edwards, and Laura Clampitt Douglas. One of the questions approached is one people don't niche market. In case you haven't heard it enough, niche marketing is a hot new buzzword. "Every small business should be niche marketing," they say. The question, though, is why don't enough small businesses do so?
The book says that entrepreneurs don't niche because
it seems harder. Think about it, you are limiting your market by saying I will only pursue this particular type of customer. You have more initial work to do in targeting your clientele and specifically reaching them. Second, people don't niche because
it seems so limiting. You aren't working with just doctors rather with child injury chiropractors day in and day out. Finally, people don't niche market because
it requires taking a stand. If you are going to target a small pinpoint marketing base, then you better be the best at what you are doing and have proof to back it up.
One other point I like to add is that the niche marketing concept often does not suit those who get bored easily or like new challenges (like myself). However despite this point, niche marketing is clearly a strategy that smaller businesses must find some way to implement. In today's economy, there only seems to be the David's and the Goliath's. With less resources than the big guys, smaller companies need to focus their resources if they are going to make an impact.
We negotiate every day. There are negotiations in sales, customer service, interviewing for a position, and relationships between vendors and suppliers. The most powerful tool in negotiations is not what we say, it is what we hear. Make a checklist of these five items and apply it to your next negotiations.
Active ListeningIf in person, use body language to demonstrate your attentiveness. Make eye contact, respond to to statements with visible recognition, and do not allow yourself to be distracted by other activities or people. In not in person, be direct in questions and patient when receiving responses. Use "Active Listening Techniques" to get the most out of the communication. Listen for the Values implied as well as the ones stated.
Ask QuestionsEven when you think that you may know the answers, prompt the other person to explain the situation or opportunity from their perspective. Listen closely to the perspectives and emotions that are implied, as well as the ones that are stated.
What's In It For Me?
Be honest and direct in sharing your objectives, and encourage the same in return. Understand the priority your own goals and communicate them clearly and concisely. Take time to discuss and document the goals, obstacles, opportunities and commitments of the other person. Let them communicate these needs and capabilities "in their own words". Find common goals and commitments.
Be a Partner, not a Judge
Focus on the facts and control emotions. If there are emotions, understand the facts and circumstances that contributed to creating the emotional response.
Write it downTake notes during the conversation or document the highlights when the communication if done. Share the document, confirm consensus, and identify the next critical steps if continuing the negotiation, the sale, the issue resolution, or the general commitments. Conversations lead to negotiations, and these result in mutual commitments. Document the commitment to avoid confusion that can come from difference of opinion or perspective.
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Words of Wisdom
"Others can stop you temporarily - you are the only one who can do it permanently." - Zig Ziglar, founder and CEO, Ziglar Training Systems, author of "See You at the Top"
"Companies are no longer setting the agenda for what customers want. They're finding out where the agenda is being set and enhancing it. The customers decide what's important. Your job is to listen and respond." - Awram Miler, technology consultant
"Nobody wants to buy what you sell. What they want are the business results they can achieve by utilizing what you sell to pursue their own goals and objectives." - Bill Stinnett, "Think Like Your Customer"
http://www.executiveblueprints.com/
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