3 essential skills all entrepreneurs must master
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3 essential skills all entrepreneurs must master Presentation Transcript

  • 1. Three Essential Skills All Entrepreneurs Must Master Naeem Zafar Charter Member TIE SV University of California Berkeley-Haas www.NaeemZafar.com Twitter: @naeem [email_address]
  • 2. Personal Background
    • Faculty at Univ of Calif Berkeley Haas business school
    • Founder Concordia Ventures – advisory to entrepreneurs
    • CEO of three companies (semiconductor & software)
    • Worked in engineering, research, marketing & sales
    • Experience at one large multinational & 6 startups
    • One IPO (Initial Public Offering)
    • Wrote six eBooks on entrepreneurship
    • Raised over $70M in multiple ways (VC, asset sale, debt, angel)
    • Traveled to 73 countries, lived in 3
    • Brown University ‘81, Univ of Minnesota MSEE
    • Charter member of TiE Silicon Valley
    • President of OPEN Silicon Valley
    • Advised or mentors over 700 entrepreneurs
    All rights reserved © Naeem Zafar Startup Workshop
  • 3. Three Essential Skills
    • Networking skills
    • Communication skills
    • “ Selling” skills
    [email_address]
  • 4. Networking Skills [email_address]
  • 5. Why Entrepreneurs Network
    • People do business with you because they like you
    • Find co-founders, advisors, investors
    [email_address]
  • 6. Networking
    • How do you network?
      • Physical world
      • Online world
    [email_address]
  • 7. Networking in Real World
    • How do you know you are networking at a party or professional gathering
    • What is equivalent to hello in US?
    [email_address]
  • 8. Get to Know Others
    • Carry your business card
      • Have a single tag line that defines your
      • Where should people put you in their brain
      • Always carry a pen
    • Ask people about themselves
      • People love to talk about themselves
    [email_address]
  • 9. Focused Networking
    • Focus on your audience
      • Devote 2-5 minutes just on one person
    • Do not look over their shoulder
      • They can tell!
    [email_address]
  • 10. What to Do
    • Ask them about their work, their interests
    • Deliver your 3 key lines
      • Positioning tag
      • Your “ask”
      • Your follow up angle
    • Write something on the back of their business card that is not about what is on the front of their card
    [email_address]
  • 11. When Are You Done Networking?
    • Collect at least five business cards before you are allowed to leave the party
      • This will force you to have a few conversations
    [email_address]
  • 12. What to Do After?
    • You have only done 20% of the work of networking
    • Send an email to that person within 3 weeks
      • The email is NOT about you or any business
    • Then send a LinkedIn request within 1 week
    [email_address]
  • 13. Building Networked Relationship
    • Networking takes effort
    • You have to make several “ emotional deposits ” into your account before you can make a withdrawal
    [email_address]
  • 14. Communications Skills [email_address]
  • 15. Communications Skills
    • Essential to your professional success
      • & personal relationship success as well
    • Leaning to present well will help throughout your career
    • Be open!
      • & true
    [email_address]
  • 16. Forms of Communication
    • Presentation
    • Emails
    • Meetings
    • Phone calls
    [email_address]
  • 17. You Are The Message!
    • It is not about PowerPoint
    • You are the message
    • Use aids only as needed
    • Have your message ready & crisp
    • Clarity must exist in your mind
    [email_address]
  • 18. Say it with Conviction [email_address]
  • 19. Most Important Aspect
    • Clarity
    • Clarity of thought: you need fewer words to express it if you are clear yourself!
    [email_address]
  • 20. Favorite Quote
    • Perfection is not when there is nothing left to add, but when there is nothing left to take out!
    [email_address]
  • 21. Pitching
    • Explain yourself in first minute (slide zero™)
    • Explain the relevance of what you do
    • Don’t dive into details until you get signal!
    • Listen for audience reaction …
    [email_address]
  • 22. Pitching
    • People listen to 7% of words that you say
    • They listen to 52% of your body language
    • Connect with your audience
      • Make it relevant to them
      • Be clear (first in your own head)
      • Pause & let the message sink in!
    [email_address]
  • 23. Simplify Slides
    • Unclutter your slides
    • Minimize font, style, emphasis overload
      • These detract from your message
    • Write & insist what words can be deleted
    • All articles can & should be deleted
    • Use “builds” only with busy slides
    [email_address]
  • 24. One Main Point Per Slide
    • Do not read your slides
    • Supplement wordings on the slides with words coming out of your mouth
    • No more than one (or two) messages per slide
    [email_address]
  • 25. Most Important Slide
    • What is the most important slide in your presentation?
    • Why?
    [email_address]
  • 26. Emotionally Engage!
    • Be attentive, energetic, in front!
    • Know your message!
      • Do not read your own slides
    • Engage with audience
    • Uses pauses effectively
    [email_address]
  • 27. Emails
    • Pay attention to title of email
      • Will it grab attention, will they open it
    • State purpose
      • Need an action, need approval, FYI
    • Then provide supporting material
    • Salutation sets the right tone
    • Pay attention to cc list
      • The curse of reply all!
    [email_address]
  • 28. Email Communication
    • Use email to deliver good news, ask questions, summarize
    • Never deliver bad news on email
    • Keep it succinct (1-2 blackberry screens)
    • Carefully examine title, recipients on each reply
    [email_address]
  • 29. Face to Face Communication
    • Practice active listening
    • People want to feel heard
    • People feel good about a meeting if they felt heard (even if this way was not accepted)
    [email_address]
  • 30. Selling Skills [email_address]
  • 31. Art of Sales
    • Networking skills
    • Communication skills
    • Selling skills
      • Sales redefined
      • The process
    [email_address]
  • 32. You Are Always Selling!
    • Selling your idea
    • Selling a “job offer”
    • Selling an idea for vacation to spouse
    • Selling a trip to dentist to your child
    [email_address]
  • 33. Sales in Not Evil
    • Sales is noble
      • Most engineers hate selling
      • Selling is considered “deceitful”
    • Good selling never is
    [email_address]
  • 34. Selling is Not What You Think!
    • American hate to be sold!
    • But Americans love to buy!
    [email_address]
  • 35. Demystify Selling
    • Selling is not “tricking” them to buy
    • Is not “coercing” them to buy
    • Just lay out the facts and educate them
    • Let the customer come to conclusion they want to select your option once they feel educated
      • Be their advisor- earn their trust!
    [email_address]
  • 36. Selling! [email_address]
  • 37. The B2B Sales Process
    • Create a comfortable environment by asking permission to ask questions
    • Ask questions to understand their pain
    • Shut up and listen to answers, take notes
    • Explain how your product or service fills their needs – but only if it does
    Naeem Zafar (all rights reserved 2005)
  • 38. Sales Different from Marketing?
    • Sales is “listening”
    • It is putting your knowledge to solve other’s problem
    [email_address]
  • 39. Sales 101
    • Tell prospects about benefits of your offering
    • Ask if any of these resonate with them
    • If not, then ask what would
    • Then listen as they just told you how to sell to them
    All rights reserved © Naeem Zafar
  • 40. The Ask!
    • Ask is a statement that tells others what you want them to do
    • You have to know to “ask”
      • Clarity of mind before meeting
    [email_address]
  • 41. B2B Sales Process
    • Create a system
    • Agree on what 2 or 3 metrics you must measure
    • Develop common vocabulary
    • Track  measure  optimize
    [email_address]
  • 42. Common Vocabulary for Sales Stages
    • Prospects
      • I know their names, have contact info, have need
    • Qualified prospects
      • They have a pain that we can solve
      • The have budget
      • Met our champion
    • Feasibility
      • Proof that we can solve the pain scheduled
      • (demo, benchmark, test drive)
      • Internal champion convinced, propagating
    • Closing
      • Meeting with people who have budget
      • Financial proposals in approval
      • Met objections, tech hurdles
    • Closed (PO in hand!)
    All rights reserved © Naeem Zafar
  • 43. Sales Funnel All rights reserved © Naeem Zafar prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70% 90%
  • 44. How Many Lead if Expecting 5 Orders? All rights reserved © Naeem Zafar Need 5 Orders in a Quarter prospect qualified closing feasibility leads 10% 30% 50% 70% 90% 3:2 2:1 3:1 5:1 225!
  • 45. Reporting on Sales Funnel Prospect Contact Target amount Prob. % this Qtr % closing next Q Long term potential Sales person Arcadia Technology Arnold Wiener $45,000 60% 80% $500K Jenny K. Diebold Sheila Hanks $67,000 40% 75% $1.2M Larry Cassidy
  • 46. B2C Sales Process
    • You can buy attention (Advertising)
    • You can beg for attention from Media (PR)
    • You can bug people on at a time (sales)
    • You can earn attention by creating something interesting and valuable & then publishing it online for free
    • David Meerman Scott’s (@dmscott)
    [email_address]
  • 47. Doing Online Sales
    • Email marketing
    Startup Workshop All rights reserved © Naeem Zafar Drive traffic to landing page Landing Page Start a conversation Suggest things (some for $$) www.constantContact.com www.aweber.com Sites.Google.com Tell them Value Prop & Give something for free Earn trust
    • Google Adwords
    • Facebook Ads
    • Emails to targets
    www.Clickbank.com EBooks, blogs, affiliate model
  • 48. Building Trust
    • Facebook
    • Blogs
    • Twitter
    • Insights
    • Aggregation
    [email_address]
  • 49. Common Mistakes
    • Don’t ask good questions
    • Afraid of asking questions – think they already know the answers
    • They can’t shut up
    • They don’t listen
    • They don’t take notes
      • Lazy or don’t consider information important
    • They don’t know enough about their product or service to effectively apply it to the needs of prospects
    Naeem Zafar (all rights reserved 2005)
  • 50. Resources: Use coupon
    • Go to www.FiveMountainPress.com/books.html
    • Use coupon “california” to get 20% off
    Startup Workshop All rights reserved © Naeem Zafar
  • 51. Summary
    • Learning how to think clearly & present in a way that people will “get it” is probably THE most important business skill
    • Make emotional deposits before attempting withdrawal
    • Hearing is voluntary, listening is not!
    • [email_address]
    [email_address]