Journey of Entrepreneurship: The Misconception of Profitability in Big Companies
Embark on ‘The Journey of Entrepreneurship’ with Tanner Chidester, CEO of Elite CEOs. As I converse with venture capitalists and business leaders, a pivotal truth emerges: large companies often lack true profitability. This realization shapes my approach, emphasizing the grassroots journey of starting a business and the core principles of successful entrepreneurship.
“This realization shapes my approach, emphasizing the grassroots journey of starting a business and the core principles of successful entrepreneurship.”
The Grassroots Approach to Starting a Business
Most entrepreneurs, lacking access to venture capital, must start from scratch. This means generating sales immediately, without the luxury of extensive planning or development. My personal journey into entrepreneurship began at 22 with fitness coaching. Despite being in excellent shape and advised to leverage my physical fitness, I initially struggled due to a low-ticket offer strategy.
The Turning Point: High-Value Sales and Direct Outreach
The game-changer came when I shifted to high-ticket sales. Rather than relying on a developed program or external funding, I began direct outreach. Using my phone, I messaged potential clients on Instagram and Facebook, carefully transitioning from casual conversation to a sales pitch. The key was to engage naturally, build trust, and then pivot to the business offering.
Journey of Entrepreneurship: Simplifying the Sales Process
Many aspiring entrepreneurs overcomplicate the sales process. The essence of starting a business is straightforward: reach out to people, get them on calls, and close deals. For online businesses, this typically involves direct messaging and cold outreach. It’s crucial to remember that it’s a skill that requires practice and fine-tuning.
From Initial Sales to a Multi-Million Dollar Business
After establishing a steady flow of high-ticket sales, the next step was scaling. I reinvested my earnings into coaching and education, particularly focusing on mastering paid traffic. This was instrumental in growing my business from $50,000 a month to over $50 million. The ability to sell through paid ads significantly reduced reliance on organic traffic and personal branding efforts.
The Core Principles of Successful Entrepreneurship
- Start Simple: Begin with a service-based offering, as it requires minimal upfront investment compared to a product-based business. Service-based businesses allow for rapid iteration and scaling based on client feedback.
- Sell First, Build Later: Focus on making sales before perfecting your product or service. This approach validates your business idea and provides the necessary capital to refine your offering.
- Master the Art of Selling: Understand that selling is a skill. It involves reaching out, building relationships, and convincing people that what you offer is worth their investment.
- Invest in Learning and Growth: As you start making profits, reinvest in your education, particularly in areas like paid advertising and advanced sales techniques. This investment is crucial for scaling your business.
- Simplify and Demystify Business: At its core, business is about providing value, making sales, and ensuring customer satisfaction. Avoid overcomplicating these fundamentals.
- Persistence and Adaptability: Be prepared to face challenges and setbacks. The willingness to persevere and adapt is crucial for long-term success.
- Leverage Resources Wisely: Whether it’s time or money, use your resources effectively. If you lack funds, invest time in learning and building your business. If you have capital, consider accelerating growth through coaching or paid marketing.
Embracing the Entrepreneurial Mindset
My journey from a struggling fitness coach to a successful entrepreneur underscores the power of the entrepreneurial mindset. It involves taking risks, learning from failures, and constantly adapting. Remember, every successful entrepreneur started somewhere, and often, that ‘somewhere’ was a point of struggle or uncertainty. Embrace your journey, stay focused on your goals, and be relentless in your pursuit of excellence. The path to success isn’t linear, but with determination and the right strategy, remarkable achievements are within reach.
Journey of Entrepreneurship: Conclusion
In summary, starting and scaling a business requires a mix of strategic sales, continuous learning, and an unyielding drive. Remember, it’s not about having a groundbreaking idea or immense capital at the outset; it’s about how you leverage your skills, adapt to challenges, and commit to growth. Whether you’re just starting or looking to scale, these principles can guide you towards building a successful, profitable business. Keep pushing, stay focused, and embrace the journey – your entrepreneurial dreams are valid and achievable.