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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]

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Personal Background <ul><li>Faculty at Univ of Calif Berkeley Haas business school </li></ul><ul><li>Founder Concordia Ventures – advisory to entrepreneurs </li></ul><ul><li>CEO of three companies (semiconductor & software) </li></ul><ul><li>Worked in engineering, research, marketing & sales </li></ul><ul><li>Experience at one large multinational & 6 startups </li></ul><ul><li>One IPO (Initial Public Offering) </li></ul><ul><li>Wrote six eBooks on entrepreneurship </li></ul><ul><li>Raised over $70M in multiple ways (VC, asset sale, debt, angel) </li></ul><ul><li>Traveled to 73 countries, lived in 3 </li></ul><ul><li>Brown University ‘81, Univ of Minnesota MSEE </li></ul><ul><li>Charter member of TiE Silicon Valley </li></ul><ul><li>President of OPEN Silicon Valley </li></ul><ul><li>Advised or mentors over 700 entrepreneurs </li></ul>All rights reserved © Naeem Zafar Startup Workshop

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Three Essential Skills <ul><li>Networking skills </li></ul><ul><li>Communication skills </li></ul><ul><li>“ Selling” skills </li></ul>[email_address]

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Networking Skills [email_address]

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Why Entrepreneurs Network <ul><li>People do business with you because they like you </li></ul><ul><li>Find co-founders, advisors, investors </li></ul>[email_address]

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Networking <ul><li>How do you network? </li></ul><ul><ul><li>Physical world </li></ul></ul><ul><ul><li>Online world </li></ul></ul>[email_address]

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Networking in Real World <ul><li>How do you know you are networking at a party or professional gathering </li></ul><ul><li>What is equivalent to hello in US? </li></ul>[email_address]

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Get to Know Others <ul><li>Carry your business card </li></ul><ul><ul><li>Have a single tag line that defines your </li></ul></ul><ul><ul><li>Where should people put you in their brain </li></ul></ul><ul><ul><li>Always carry a pen </li></ul></ul><ul><li>Ask people about themselves </li></ul><ul><ul><li>People love to talk about themselves </li></ul></ul>[email_address]

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Focused Networking <ul><li>Focus on your audience </li></ul><ul><ul><li>Devote 2-5 minutes just on one person </li></ul></ul><ul><li>Do not look over their shoulder </li></ul><ul><ul><li>They can tell! </li></ul></ul>[email_address]

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What to Do <ul><li>Ask them about their work, their interests </li></ul><ul><li>Deliver your 3 key lines </li></ul><ul><ul><li>Positioning tag </li></ul></ul><ul><ul><li>Your “ask” </li></ul></ul><ul><ul><li>Your follow up angle </li></ul></ul><ul><li>Write something on the back of their business card that is not about what is on the front of their card </li></ul>[email_address]

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When Are You Done Networking? <ul><li>Collect at least five business cards before you are allowed to leave the party </li></ul><ul><ul><li>This will force you to have a few conversations </li></ul></ul>[email_address]

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What to Do After? <ul><li>You have only done 20% of the work of networking </li></ul><ul><li>Send an email to that person within 3 weeks </li></ul><ul><ul><li>The email is NOT about you or any business </li></ul></ul><ul><li>Then send a LinkedIn request within 1 week </li></ul>[email_address]

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Building Networked Relationship <ul><li>Networking takes effort </li></ul><ul><li>You have to make several “ emotional deposits ” into your account before you can make a withdrawal </li></ul>[email_address]

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Communications Skills [email_address]

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Communications Skills <ul><li>Essential to your professional success </li></ul><ul><ul><li>& personal relationship success as well </li></ul></ul><ul><li>Leaning to present well will help throughout your career </li></ul><ul><li>Be open! </li></ul><ul><ul><li>& true </li></ul></ul>[email_address]

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Forms of Communication <ul><li>Presentation </li></ul><ul><li>Emails </li></ul><ul><li>Meetings </li></ul><ul><li>Phone calls </li></ul>[email_address]

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You Are The Message! <ul><li>It is not about PowerPoint </li></ul><ul><li>You are the message </li></ul><ul><li>Use aids only as needed </li></ul><ul><li>Have your message ready & crisp </li></ul><ul><li>Clarity must exist in your mind </li></ul>[email_address]

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Say it with Conviction [email_address]

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Most Important Aspect <ul><li>Clarity </li></ul><ul><li>Clarity of thought: you need fewer words to express it if you are clear yourself! </li></ul>[email_address]

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Favorite Quote <ul><li>Perfection is not when there is nothing left to add, but when there is nothing left to take out! </li></ul>[email_address]

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Pitching <ul><li>Explain yourself in first minute (slide zero™) </li></ul><ul><li>Explain the relevance of what you do </li></ul><ul><li>Don’t dive into details until you get signal! </li></ul><ul><li>Listen for audience reaction … </li></ul>[email_address]

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Pitching <ul><li>People listen to 7% of words that you say </li></ul><ul><li>They listen to 52% of your body language </li></ul><ul><li>Connect with your audience </li></ul><ul><ul><li>Make it relevant to them </li></ul></ul><ul><ul><li>Be clear (first in your own head) </li></ul></ul><ul><ul><li>Pause & let the message sink in! </li></ul></ul>[email_address]

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Simplify Slides <ul><li>Unclutter your slides </li></ul><ul><li>Minimize font, style, emphasis overload </li></ul><ul><ul><li>These detract from your message </li></ul></ul><ul><li>Write & insist what words can be deleted </li></ul><ul><li>All articles can & should be deleted </li></ul><ul><li>Use “builds” only with busy slides </li></ul>[email_address]

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One Main Point Per Slide <ul><li>Do not read your slides </li></ul><ul><li>Supplement wordings on the slides with words coming out of your mouth </li></ul><ul><li>No more than one (or two) messages per slide </li></ul>[email_address]

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Most Important Slide <ul><li>What is the most important slide in your presentation? </li></ul><ul><li>Why? </li></ul>[email_address]

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Emotionally Engage! <ul><li>Be attentive, energetic, in front! </li></ul><ul><li>Know your message! </li></ul><ul><ul><li>Do not read your own slides </li></ul></ul><ul><li>Engage with audience </li></ul><ul><li>Uses pauses effectively </li></ul>[email_address]

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Emails <ul><li>Pay attention to title of email </li></ul><ul><ul><li>Will it grab attention, will they open it </li></ul></ul><ul><li>State purpose </li></ul><ul><ul><li>Need an action, need approval, FYI </li></ul></ul><ul><li>Then provide supporting material </li></ul><ul><li>Salutation sets the right tone </li></ul><ul><li>Pay attention to cc list </li></ul><ul><ul><li>The curse of reply all! </li></ul></ul>[email_address]

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Email Communication <ul><li>Use email to deliver good news, ask questions, summarize </li></ul><ul><li>Never deliver bad news on email </li></ul><ul><li>Keep it succinct (1-2 blackberry screens) </li></ul><ul><li>Carefully examine title, recipients on each reply </li></ul>[email_address]

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Face to Face Communication <ul><li>Practice active listening </li></ul><ul><li>People want to feel heard </li></ul><ul><li>People feel good about a meeting if they felt heard (even if this way was not accepted) </li></ul>[email_address]

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Selling Skills [email_address]

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Art of Sales <ul><li>Networking skills </li></ul><ul><li>Communication skills </li></ul><ul><li>Selling skills </li></ul><ul><ul><li>Sales redefined </li></ul></ul><ul><ul><li>The process </li></ul></ul>[email_address]

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You Are Always Selling! <ul><li>Selling your idea </li></ul><ul><li>Selling a “job offer” </li></ul><ul><li>Selling an idea for vacation to spouse </li></ul><ul><li>Selling a trip to dentist to your child </li></ul>[email_address]

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Sales in Not Evil <ul><li>Sales is noble </li></ul><ul><ul><li>Most engineers hate selling </li></ul></ul><ul><ul><li>Selling is considered “deceitful” </li></ul></ul><ul><li>Good selling never is </li></ul>[email_address]

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Selling is Not What You Think! <ul><li>American hate to be sold! </li></ul><ul><li>But Americans love to buy! </li></ul>[email_address]

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Demystify Selling <ul><li>Selling is not “tricking” them to buy </li></ul><ul><li>Is not “coercing” them to buy </li></ul><ul><li>Just lay out the facts and educate them </li></ul><ul><li>Let the customer come to conclusion they want to select your option once they feel educated </li></ul><ul><ul><li>Be their advisor- earn their trust! </li></ul></ul>[email_address]

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Selling! [email_address]

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The B2B Sales Process <ul><li>Create a comfortable environment by asking permission to ask questions </li></ul><ul><li>Ask questions to understand their pain </li></ul><ul><li>Shut up and listen to answers, take notes </li></ul><ul><li>Explain how your product or service fills their needs – but only if it does </li></ul>Naeem Zafar (all rights reserved 2005)

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Sales Different from Marketing? <ul><li>Sales is “listening” </li></ul><ul><li>It is putting your knowledge to solve other’s problem </li></ul>[email_address]

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Sales 101 <ul><li>Tell prospects about benefits of your offering </li></ul><ul><li>Ask if any of these resonate with them </li></ul><ul><li>If not, then ask what would </li></ul><ul><li>Then listen as they just told you how to sell to them </li></ul>All rights reserved © Naeem Zafar

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The Ask! <ul><li>Ask is a statement that tells others what you want them to do </li></ul><ul><li>You have to know to “ask” </li></ul><ul><ul><li>Clarity of mind before meeting </li></ul></ul>[email_address]

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B2B Sales Process <ul><li>Create a system </li></ul><ul><li>Agree on what 2 or 3 metrics you must measure </li></ul><ul><li>Develop common vocabulary </li></ul><ul><li>Track  measure  optimize </li></ul>[email_address]

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Common Vocabulary for Sales Stages <ul><li>Prospects </li></ul><ul><ul><li>I know their names, have contact info, have need </li></ul></ul><ul><li>Qualified prospects </li></ul><ul><ul><li>They have a pain that we can solve </li></ul></ul><ul><ul><li>The have budget </li></ul></ul><ul><ul><li>Met our champion </li></ul></ul><ul><li>Feasibility </li></ul><ul><ul><li>Proof that we can solve the pain scheduled </li></ul></ul><ul><ul><li>(demo, benchmark, test drive) </li></ul></ul><ul><ul><li>Internal champion convinced, propagating </li></ul></ul><ul><li>Closing </li></ul><ul><ul><li>Meeting with people who have budget </li></ul></ul><ul><ul><li>Financial proposals in approval </li></ul></ul><ul><ul><li>Met objections, tech hurdles </li></ul></ul><ul><li>Closed (PO in hand!) </li></ul>All rights reserved © Naeem Zafar

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Sales Funnel All rights reserved © Naeem Zafar prospect qualified closing Purchase order 100% feasibility leads 10% 30% 50% 70% 90%

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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!

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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

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B2C Sales Process <ul><li>You can buy attention (Advertising) </li></ul><ul><li>You can beg for attention from Media (PR) </li></ul><ul><li>You can bug people on at a time (sales) </li></ul><ul><li>You can earn attention by creating something interesting and valuable & then publishing it online for free </li></ul><ul><li>David Meerman Scott’s (@dmscott) </li></ul>[email_address]

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Doing Online Sales <ul><li>Email marketing </li></ul>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 <ul><li>Google Adwords </li></ul><ul><li>Facebook Ads </li></ul><ul><li>Emails to targets </li></ul>www.Clickbank.com EBooks, blogs, affiliate model

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Building Trust <ul><li>Facebook </li></ul><ul><li>Blogs </li></ul><ul><li>Twitter </li></ul><ul><li>Insights </li></ul><ul><li>Aggregation </li></ul>[email_address]

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Common Mistakes <ul><li>Don’t ask good questions </li></ul><ul><li>Afraid of asking questions – think they already know the answers </li></ul><ul><li>They can’t shut up </li></ul><ul><li>They don’t listen </li></ul><ul><li>They don’t take notes </li></ul><ul><ul><li>Lazy or don’t consider information important </li></ul></ul><ul><li>They don’t know enough about their product or service to effectively apply it to the needs of prospects </li></ul>Naeem Zafar (all rights reserved 2005)

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Resources: Use coupon <ul><li>Go to www.FiveMountainPress.com/books.html </li></ul><ul><li>Use coupon “california” to get 20% off </li></ul>Startup Workshop All rights reserved © Naeem Zafar

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Summary <ul><li>Learning how to think clearly & present in a way that people will “get it” is probably THE most important business skill </li></ul><ul><li>Make emotional deposits before attempting withdrawal </li></ul><ul><li>Hearing is voluntary, listening is not! </li></ul><ul><li>[email_address] </li></ul>[email_address]