What is the single biggest mistake, you’ve seen entrepreneurs make?
Advice for entrepreneurs startups: Well, Josh in hundreds of face to face, and elbow to elbow sessions with entrepreneurs, again and again, I see the same, often lethal tragic mistake. And that’s, focusing on the product, the aspects, the build, the engineering, and ignoring the customer. Leaving that for later. And products are bought, not sold. The sooner a start up starts to focus on what’s going to motivate a customer to buy, the sooner they can remedy that challenge and get on the road to success.
If we get together as a group of entrepreneurs, to learn from you, to help each other. What are you going to focus on?
We are going to focus on really on two key areas.
The first is:
is the business model really built to scale? Is it something that’s got legs, that’s got long term potential. Obviously critical for any founder.
where is this mythical critical thing called product market fit. I understand what my value proposition is, in other words, why somebody is going to give me money, and who that person is who is going to give me money. Constantly banging, one against the other, define those nuggets, that point me to the ideal sort of optimized match, of customers and value, because that’s where I’m gonna find my customers most effectively, most quickly, and also least expensive one.
What’s an example of a company, that have put your cross feed and road map to work?
My favorite example of all was one that lead 300 + Million Dollar exit, just a year or two ago, for a SAS software security company that was doing about 2 million Dollars. And losing almost as much money a year when we met. And they were sending sales people around the country, and Armani suits with fancy briefcases and rental cars and airplanes, to sell SAS Security, a product that was dropping steadily in price. So we flip the model, entirely made a lot of noise. So that customers would call us, rather than us cold calling them. And we trained a team of basically call center sales reps without Armani suits and without airplane and rental cars, to sell the product over the phone, using a blend of digital marketing, agressive phone follow up and live real-time online sales demos, as opposed to a PowerPoint in a conference room.
Success for some of the Advice for entrepreneurs startups
And the difference in not only in speed to close, but the cost of sales, and the sort of growth of the company was dramatic, and really lead by us, saw the road from 2 million Dollars in revenue to almost 100 million in under seven years. So, the bottom line. What would those attended a series of obsessions walk away with. Well, they’re not going to walk away with a lot of power point, which I hope our fellow team members are not all that interested in. I hope they’re gonna walk away with myself and our team, sort of pounding on their business model, guiding them in the ways to research it, to optimize it, to generate customer feedback from it, and clear road map to accelerating their growth rate. Improving their close rate and hopefully building an increasingly profitable faster traction business.
Published on Jul 4, 2017
Session Leader Bob Dorf is among the world’s leading startup trainer/coaches, having trained thousands of entrepreneurs to scale their business following the breakthrough process in his bestseller, the startup bonus manual.
Learn more at https://www.helm.ceo/expert/bob-dorf