Sometimes I find myself with an opportunity that I did not plan.
Deals with massive companies can be nerve-racking if you're not prepared.
I want to share five keys with you that I have picked up from my own experience that can not only help you navigate these deals, but make them successful for you and your business.
1) Master your craft
A lot of entrepreneurs are easily distracted by the next best thing: Bitcoin, Amazon, Airbnb, etc. They struggle to become amazing at one thing because their time and attention are so divided. Starting many things and going halfway means never making a significant dent in anything. The 10,000 hours adage says it takes that long to become an expert in anything. How can you sink that much practice into one thing when you switch what you're investing in whenever a newer, shinier thing makes headlines? 🌟
And the more specific the better. If you were going to climb Mt. Everest—a feat that over 300 people have died trying to achieve—would you rather hire a guide who knows about climbing dangerous mountains in general or someone who is an expert at climbing Mt. Everest and has topped its peak several times?
If you are a master of your craft, your work speaks for itself. You inherently bring experience and knowledge to the conversation.
I became an expert at selling on Amazon. This led to:
- Amazon spoke at our Just One Dime conference, Ecom 2019.
- My business partner trusted my ability to help him scale on Amazon.
- I got introduced to this iconic clothing brand.
- I got a deal with a 4 billion dollar company.
All because I chose to become an expert at my craft.
2) Get to know talented people
People are a vital component of your success. It might sound basic, but entrepreneurs everywhere overlook it!
Notice how at the beginning, I said, "my business partner and I"? Let's call him "Bobby McGee".
As an entrepreneur, you will be busy. A lot. But you must take time in your routine to meet new people like Bobby McGee that make success all the more likely.
There are four main assets in building a business:
How you manage these assets will have massive impact on your success as an entrepreneur.
People have the greatest value out of all these assets because in a single person, you will receive the other three! A person can:
- Perform tasks to save you time
- Bring knowledge that you don't have to the table
- Invest money into something that matters to them
People can also provide connections. I work with several people to navigate my way into deals.
I can't do it alone. I need assistance from somebody who had the right connections. Through knowing that person, their relationships become my connections, and we are all able to work and to put a great deal together.
People can bring you opportunities you couldn't expect. You have to be ready for those opportunities because they can come when you least expect it!
I took time to get to know Bobby McGee and listen to his offer. He took time to get to know me and hear my insights. We can do a thousand times more together than solo.
3) Do not underestimate the value you bring
This is another mistake entrepreneurs often make.
In a good deal, you must be prepared to assert your value when it is appropriate. You are the man/woman for the job.
Try this: write out the potential you bring and keep going until you have an exhaustive list. This is just for you. The feeling you'll get looking at the whole thing will be unmeasurable. Use that confidence. Place yourself as worthy of being the one making the deal. It makes it that much easier to focus on the task at hand.
When going through this recent deal, I made the error of feeling like I needed to prove myself.
When I got asked, "When you guys come back, can you give us a pitch deck on who you are and what you have accomplished?"
I got too excited and said, "Yes!"
Later, Bobby McGee reminded me, "We are not applying for a job. Our job is not to prove our worth to them. Yes, we can show credibility, but they also can research us just as we have done on them. You don't want to position yourself as the eager person trying to close the hopeful deal."
It's one thing to point to your experience and say this is what I've accomplished. It's quite another to go out of your way to prove that you are worthy—as if you were picking up Thor's hammer. ⚒
You know that you and your company are valuable, and your approach should reflect that. You would not be in deal talks if you weren't. The goal is to reach a deal that is good for everybody. It's not just all about them. So yes, mention your most substantial achievements, but don't forget to stay focused on the deal.
So instead, briefly mention some of your strongest achievements, but quickly focus the conversation on what the other party wants.