Personally I think the best way to learn how to sell, is to just go do it. Inevitably in the process you will also learn how to fail. You will learn what works and what doesn’t. You will learn what things could be done to make your pitch work a little better. As entrepreneurs we will probably not only spend a lot of our time in direct selling (e.g. a product/service to consumers), but we may also spend a good amount of time in pitching to investors. I would say, for the entrepreneur, this is one of his/her highest points of selling. Some would classify this as non-sales selling, but the truth is, if your successful, there will actually be an exchange of cash. When you pitch an idea to investors you’re not just selling the feasibility of the idea, the cash flows, or the ROI. These are things that the investor needs to know, but perhaps not the most important things. You are actually selling yourself, your knowledge of the business, the industry, the product you’re making, etc. You are trying to show the investors why they should invest in you. Business ideas are a dime a dozen, but the people that can actually carry them out are a rarity. This is why it’s so important to create an effective management team around your idea. You want to showcase your experience in the industry, or you want to show where you have filled your gaps in experience with other expertise. The investor buys a lot more than just the idea, they are buying you, the owner/CEO/ whatever role you fit in.
I recently pitched in the business plan competition, and though I didn’t place, I had a lot of fun, and I learned a ton. I’m also getting ready to go down to Highmark this week with a team that I have been coaching and assisting in fleshing out a concept that they will pitch to Highmark executives. Previously I had the opportunity to do this myself and it was an amazing experience. This team too, will have the opportunity to sell themselves and their idea to these Highmark executives. All these things that I’ve mentioned are amazing opportunities to learn how to sell. My advise: get out there and start selling, there is no better classroom than to be out in the field.
BoweryJE22
Nice post. I completely agree with the fact that you need to just get out there to be good at it. You will learn so much more from actually being there instead of reading about it.
Agreed. There is no better way to learn than just throwing yourself out there and doing it.
This is such a great blend of sales and entrepreneurship. Selling yourself in vital when pitching to investors. I like how you highlighted having the proper management team around you is just as important as having a brilliant idea.
Once you pass the fear, you open your world to a plethora of possibilities. Most every time I go outside my bubble of comfort I learn a ton. It might not have been fun, but the lessons were worth it.