Business Education

How New Entrepreneurs can Deal with People Who Don’t Take Them Seriously in Business

Financial expert and best-selling author Dave Ramsey occasionally tells a brief story about his road to success. Unsurprisingly, it involves an obstacle that he had to face and eventually overcome – his southern drawl or accent.

When he started out in radio, he faced pushback from station managers in the north (particularly the northeast) who told him that their local audiences wouldn’t take him seriously because he had a southern accent. It was a cultural bias, but a real one, nonetheless. Folks up north just didn’t take him seriously.

How New Entrepreneurs Can Deal with People Who Don’t Take Them Seriously in Business

Entrepreneurship can be a difficult journey, and one of the biggest challenges that many entrepreneurs face is dealing with people who don’t take them seriously in the business world. Whether it’s investors, potential clients, or even friends and family, not being taken seriously can be demoralizing and discouraging. However, there are several strategies that entrepreneurs can use to overcome this obstacle and gain the respect they deserve.

Develop a clear and compelling value proposition

One of the most effective ways to gain credibility in the business world is to develop a clear and compelling value proposition. This means clearly articulating what your business does, why it matters, and what sets it apart from competitors. A strong value proposition can help you stand out from the crowd and demonstrate to others that you are serious about your business.

Build a strong network

Another way to gain credibility and overcome skepticism is to build a strong network of supporters and advocates. This includes mentors, advisors, investors, and other entrepreneurs who can vouch for your skills and expertise. A strong network can also provide valuable feedback and support as you navigate the ups and downs of entrepreneurship.

Focus on results

In the business world, results speak louder than words. By focusing on delivering results and achieving measurable goals, you can demonstrate your credibility and expertise. This may involve conducting market research, developing a minimum viable product, or securing initial customers. By showing that you can deliver on your promises, you can gain the trust and respect of others.

Be confident and persistent

Confidence and persistence are key traits for any successful entrepreneur. Even when faced with skepticism and criticism, it’s important to stay confident in your abilities and your business. This may involve practicing your pitch, seeking feedback, and developing a thick skin. Persistence is also important, as building a successful business often involves overcoming obstacles and setbacks.

Stay focused on your vision

Finally, it’s important to stay focused on your vision for your business. This may involve making tough decisions and taking risks, but ultimately it’s your vision that will guide you through the ups and downs of entrepreneurship. By staying true to your vision and working tirelessly to achieve your goals, you can overcome skepticism and build a successful business.

All and all, dealing with people who don’t take you seriously in the business world can be challenging, but it’s not impossible – with the right attitude and tools, you can gain the respect and credibility you deserve as an entrepreneur.

So, what other bits of advice would you add to these? Please, take a moment to comment with your own thoughts and experiences in order to benefit others!

Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

Like this article?

How to Know When You’re Ready to Become Your Own Boss

May 24, 2017 No Comments

Everyone knows there’s risk involved starting a new business. Even though the wheel isn’t being reinvented, carving out market share is hard work. Most people like the comfort and security of having a job. The problem with this notion is the fact that it’s only an illusion. There’s just no guarantee the company won’t go out of business, downsize, or, require relocation. Still, these are not enough to motivate many people to take the initiative to go into business for themselves. It’s a fact: being an employee is far different from being an employer. However, there are people with dreams, visions, and, full of entrepreneurial spirit. You might be one, wanting to be your own boss, but, you’re unsure whether or not the time is right. How to Know when You’re Ready to become Your Own Boss There are many reasons to start a business, but, it’s often the case you can talk yourself out of enterprising with a few justifications. You might justify not to strike out because owning your own company makes your customers your boss. It could be that you’re uncertain about taking out a business loan. Perhaps you aren’t comfortable with managing employees without a corporate structure to back you. Thinking about starting a new business? Running a company can be an amazing adventure, and it can even give you more security than a regular day job. Being your own boss may sound like heaven on earth, but what you have to remember is that it’s still a lot of hard work. It’s easy to feel ready much earlier than you actually are, and it’s equally easy to let fear hold you back long after you should have jumped. —Entrepreneur.com Maybe you just aren’t ready to take-on a full-time venture without the guarantee of income. There’s no doubt about it, starting a new business is a challenge, but it’s not insurmountable. If you really have the urge to start your own business, you’re probably wondering how to know when it’s time, and, if you’re ready to become your own boss. Well, the following signs are great indicators that you’re ready to start your own business: You’ve done more than just think about it. If you’ve been running scenarios in your head, done long calculations, looked into costs, and, done market research, you are definitely readying yourself to start a new company. Putting time and effort into due diligence means you have more than just a little curiosity. Chances are excellent you want other qualifiers to substantiate going into business for yourself. You’re ready to take a measurable risk. Researching the market and running numbers means that you’re already looking for potential risks and rewards. You are investing your energy to be educated about costs and revenue. What’s more, if you’ve studied the competition and know the industry, you’ve likely identified pitfalls and where improvements can be made. You know your strengths and weaknesses. This goes right along with the first two indicators because it means that you’re accepting you have certain weaknesses and can do something about them. Knowing your strengths and weaknesses also means that you understand where you’ll need help and where you can take charge. You are ready to earn money on your own. If you’ve troubled by the fact you’re relying on someone else for your income, you’re definitely not alone. What you should know is that successful entrepreneurs do not usually hate their jobs, or, their bosses. Instead, they know their own potential isn’t being unleashed and want to strike out on their own. You want to build something for your family. Building a business and leaving a legacy is something that every entrepreneur envisions. It’s usually one of their biggest motivations for starting a new company. If you have this inclination, it’s time to start exploring the possibilities. If you’re still unsure about being your own boss, you don’t have to take a giant leap. Instead, you can start part-time and grow it incrementally. It often doesn’t require a lot of upfront capital to start a new business, just an actionable plan and a focused vision with a commitment to your dream and strong determination to pursue your dream relentlessly every day. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Is Your Business Charging Enough for its Products and Services? Probably Not. Here’s Why…

September 30, 2021 No Comments

“Sure, we lose money on every sale, but we make up for it on volume.” This witty saying is often repeated in the business world because it effectively demonstrates a fundamental flaw with a company’s operating model. But, like any really good bit of humor, it contains an undeniable truth. Plus, it is probably applicable to your own business in an abstract way. If you have ever wrestled with raising the prices you charge for your business’ goods and services, then now is a great time to resolve that issue. Why Businesses Don’t Raise their Prices Although large corporations and big companies do raise their prices fairly routinely, small business owners are averse to doing the same. It’s not because small business owners aren’t smart operators, it’s merely the fear of the possible repercussions. Perhaps the biggest objection is that maintaining lower prices attracts new customers and greatly influences repeat business. While this might be ostensibly true, it can’t exist in perpetuity. A major part of running a successful business is knowing at what price to value your services or products. Entrepreneurs and business owners must ensure a balance in price between costs and gains. While low prices are certainly an attractive selling point, a variety of factors can bring pressure to bear on your bottom line, necessitating a higher charge for your services. —Forbes.com Another reason small businesses don’t raise their prices is that they’ve become so accustomed to their charging schedule. Though it sounds like a cop-out, it’s just the comfort of complacency that allows them to dismiss the notion of increasing their prices. Then, there are the logistical factors that come into play, which is particularly true in retail, where items must be individually updated, along with point of sale systems. Three Compelling Reasons Businesses should Charge More Even though most small business owners would gladly welcome a pay bump in their bottom line, they avoid increasing what they charge because they fear it will result in a loss of customers. However, this only looks at one side of the equation. Here are three compelling reasons why businesses should charge more for their products and services: There model is outdated. It’s a real accomplishment to stay in business for years on end. Everyone knows the statistics, that a high percentage of businesses fail in the first two to three years. But thereafter, they become not only viable but probably profitable enough to sustain a few sets of disruptive circumstances. Since business owners always experience ups and downs, they find a great deal of unconscious comfort in their pricing models that they established at the outset. But, as years go by, prices should go up incrementally to keep up with the times. There’s a lack of other service providers. The very fact that so many businesses fail, compounded by the shutdowns resulting from the global pandemic, means there are likely fewer service providers around right now. This represents a prime opportunity to market more aggressively, raise your prices, and build out quality staff. If you don’t, you’re missing a key moment that you’ll probably regret in the future. The cost of doing business just keeps rising. Of course, everything costs more now than it did just a short time ago. It’s not just the shortage of materials that the world is currently experiencing, but also other dynamics, such as inflation, the always rising costs of employee benefits, insurance, rent, and just about everything else associated with the cost of doing business is going up. What other reasons warrant raising prices? Please take a few minutes to share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

5 Ways Small Businesses can Weather Uncertain Economic Times

January 21, 2020 No Comments

With regular life all but suspended and so much uncertainty, small businesses will most definitely feel the impact. Although most of it will occur in the short term, it could well have long-term impacts, lasting far beyond the next several weeks. That means it’s time to hunker down and get serious about the situation to minimize any potential damage. 5 Ways Small Businesses can Weather Uncertain Economic Times The very first thing to do is to review all expenses. Not just some or the top, but everything. You’ll likely be reminded of at least one that’s either unnecessary or simply too costly to maintain in its current status. In an uncertain economy when every penny counts, even the smallest increase in revenue or reduction in expenses can have an impact on company profitability. The good news is a large-scale company overhaul isn’t necessary. It’s often simple, common sense steps that improve the bottom line, especially for a small business. Q1, 2020 is a good time to step back and look carefully at your business practices. —American Express Then, it’s time to start to reduce discretionary spending. Here again, don’t just settle for around the margins. Instead, think about where you can cut when it comes to discretionary spending. You’ll probably be surprised by how much you’re wasting and don’t even realize it. More Ways of Dealing with an Economic Downturn Of course, those two things won’t do it alone. While reviewing expenses and cutting down on discretionary spending will most certainly help out, you’ll probably be able to do more — a lot more. For instance, you can do the following: Buy more carefully. This is different from discretionary because these entail essentials. Although these things are necessities to run your business, you can probably get away with buying a little less. Doing so across a few or several items will have a cumulative savings effect that will make a real difference. Cut down on extras. Overtime, perks, even benefits are all part of this particular category. (You should be doing this periodically, about once to twice per year, anyway.) Again, you’ll likely be a bit shocked by how much these items are costing you, especially when added-up together. Consider cutting pay. This doesn’t just apply to your employees, but you as the owner, as well. Yes, you. It might be necessary to reduce team member hours, and even take a temporary pay cut yourself. This will not only help you weather the storm, but also, it shows real leadership. Moreover, it sends a clear message that you are part of the solution, rather than part of the larger problem. Innovate. Huddle up with your key employees and leaders and challenge everyone with to come up with 2 or 3 innovative strategies to create or capture new revenue sources that you are currently not generating. Many successful businesses have found way to survive and in some cases developed entirely new services and products that resulted from innovating during difficult times. Necessity is the mother of invention. Plato. What other measures would you suggest? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.