Seven of the top lessons learned from Self-Made Summit
HTML0seven of the valuable learnings from Self-Made Summit
How do you find the ideal approach to get started and build a business that will be profitable? Many business owners and aspiring entrepreneurs gathered virtually on June 16, 20th of 2020 at the Self-Made Summit to find out.
Our top experts from our line-up let us into their worlds by sharing the strategies for achievement as well as their most memorable moments. The following is a short overview of the best lessons learned in entrepreneurship at the very first virtual summit.
1. Pay attention to your feelings, especially when facing rejection
Rejection hurts. Being underestimated hurts. If you're in a low moment, listen to the voice inside of you and trust it. Jamie Kern Lima spent a decade developing IT Cosmetics from the ground up. At the beginning her company barely made it through 2-3 orders each day. Pitches towards QVC, Sephora, and other retailers were being turned down every day. Each occasion, Jamie wondered if she'd remain in business.
"Every moment I received a "no," I conducted an inner examination," she said. Jamie was able to remain at a distance and observe, and her gut would inform her "You're meant to be on this particular path."
In an unforgettable moment during a chat with a private equity investor the voice of her soul was heard clearly and loud. Investor made the choice to not invest following an exhaustive due diligence process. The decision was not in connection with figures or data. The reasoning behind his decision, according to her memory: "I'm just not sure that women would buy cosmetics from someone that looks exactly like you , and matches the shape and weight of your body."
Stunned, Jamie maintained her calm and believed that her sense of intuition told her. She was 100% certain she was on the right track. "I was convinced and believed it was true," she said.
In the end she did not prove him right in the end when she sold IT Cosmetics to L'Oreal for $1.2 billion. She had invested into her business, it was the biggest success company's investment to date.
2. Let your "why" guide your decisions
If you're struggling with an important choice, think about why you began your company at all at all in the first place. Any decision you make should be consistent with your mission and the goals of your business -- no matter how much advice the experts give. That's exactly what Jamie discovered when she landed her first QVC commercial and hired consultants who are experts in selling television.
From Day 1, her mission was to make sure that women felt gorgeous, regardless of their age , or problems with their skin. The idea was not to rival other beauty brands by using Photoshopped advertisements that set unrealistic expectations. However, according to her advisors they believed that the only method to be successful was to adhere to the same pattern Young models with flawless skin.
Jamie thought about it for weeks ahead of her live performance. She had to choose between taking expert advice or following her instincts as well as doing something entirely different. It was difficult for her to go with her intuition. However, when she focused on her goal and the women she wanted to aid, she realized exactly what she had to accomplish.
The first time Jamie was first introduced to the world with her QVC appearance, the product went on sale in just about 10 minutes. In the time since, Jamie has personally appeared on more than 1,000 live programs on QVC.
3. Spend your money only on items that matter the most
If you're just beginning to establish a firm, each dollar is important. Do not drain your bank accounts with expenses like extravagant photography sessions, lavish car rentals, or first quality flights if you're not able to finance the costs. In this age of social media and a frenetic culture, many entrepreneurs are caught in the process of creating facades online. The ego plays a role according to Jamie.
You should spend your cash on the top aspects of your business, and you should be very disciplined about your expenditures so that they do not to impact the quality of your products or operations. At the beginning of IT Cosmetics, Jamie would often travel to pitch companies. Her memories include searching the internet for flights that were cheap and cheap car rentals. She also recalls sleeping in the hotel room at Motel 6.
"It's those little details that allow you to become cash flow-positive," Jamie said. "Nobody talks about them. They're not exactly appealing. However, they're vital."
4. "Just at the right time" learning outdoes "just during the time" Learning
Entrepreneurs are naturally curious who enjoy learning. But the issue is that they are in a circle, thinking you can't begin your own business so long as you've done another thing (e.g. enrolling in a class or purchasing software, go to some event or read the contents of a book.). The common tendency is to gain new knowledge to be prepared to use them later on.
A constant desire to know additional information, even if properly-intentioned, can lead to confusion and overwhelm, as per Mel Abraham, the founder of Thoughtpreneur Academy and Business Breakthrough Academy.
"We take in all of this information but we're not the authors of the path of our lives," Mel said.
He urges everyone to shift their thinking about learning, instead of "just in the event" learning in favor of "just on timing" learning. Focus on what you need to be able to have the greatest effect immediately. "What are you in need of today? Do your research. Go do it," he said.
Do you have a hard time determining what areas should be given priority to your online company?
Here's these are the "bare bones" that Mel has found:
- A traffic source
- you're working on a problem
- A method of turning prospective customers into clients (e.g. the webinar online)
- An opportunity to showcase your product or service
5. Get laser focused on your path
The constant bombardment of advertisements and other information on the internet, entrepreneurs are prone to getting caught up. Perhaps you're keeping track of your competition and trying to replicate their strategies. Maybe you're constantly experimenting with novel business models, fresh deals, or even tech devices. Remember that any distractions you make can harm your business.
Jamie frequently told the members of her IT Cosmetics team, "Our greatest threat is not our competition. We're at risk if we lose our way in the race and lose our secret recipe."
Tyler McCall, an Instagram business coach who has been focusing on establishing his membership program despite all the hype about premium merchandise. One of the most common misconceptions that online businesses face is that you can't reach the $1 million mark without selling a premium product.
Tyler ignored that and focused on creating his own Membership Following to Fan Society, priced at 75 dollars per month. To date, the company has made more than $1.5 million in only two years.
"You aren't able to achieve success and make your own path when you're considering the path that others have taken," he said.
The show's enormous success was highlighted by Tyler. daytime TV, Tyler pointed out that Oprah was not a watcher of her competitors such as Phil Donahue Maury Povich or Ricki Lake. While other shows focused on trashy television, Oprah stayed with the "live your life to the fullest" notion and is still one of the top daytime talk programs throughout American TV history. Oprah often said: Oprah often has stated at times, "You can only run in the race you want to race in."
6. Highlight what is unique about you.
Remember that people are looking for someone like yourself, as well as has unique memories. This is based upon Danielle Leslie, the founder of Culture Add Labs and creator of Course from Scratch "What distinguishes the you from others is what makes you valuable."
Danielle has the ability to expand her company to reach 10 million dollars in less than four years. She's an avid advocate for distinguishing yourself from the competition through telling your story and the aspects which make you different.
"Your benefit from your culture heritage as well as those obstacles you've fought in your journey, you should talk about it every single one of them -- your challenges, the down sides, the benefits, everything. We're interested in hearing everything," Danielle said. Since no one else has exactly the same experience as you do nobody else will give exactly what you have to offer. This is why your product is not an item that is something that can be sold as a item that can be sold as a.
7. Unblock yourself by keeping your eyes on the person that you're serving.
When business owners create their own marketing materials, like sales pages and sales pages, they are often contemplating ways to make a sales. Brittany Darrington, Business strategist and co-founder of the Corporate Misfit Club, broke down a simple strategy for finding a way out of a rut:
- Reconsider your position take a deep breath, shut your eyes and contemplate "Who am I serving? What would our conversation be similar to if we had coffee with each other?"
- Imagine your ideal customer talking about her concerns.
- It is important to think about what you would say to this person, and then begin making your point from there.
The author also suggests tackling your sales page piece-by-piece instead of a single project. Think of each piece as an individual piece of the puzzle: your headline, the video, and the pain points and solutions, social proof etc.
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