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Lessons from a Lifelong Entrepreneur
Having been at it for 20+ years, I know that I have fully earned my stripes as an entrepreneur. Here are my top 7 pieces of advice for entrepreneurs:
1. Turn Down Business if it’s the Wrong Fit
Ouch! Sometimes it hurts to turn down a piece of business with big dollars attached to it, but it’s the right thing to do. If you believe a client is uncoachable or too difficult, it’s better to just walk away.
2. Say No to Biz Outside of Your Core Competency
I remember being asked to do a speech on balance. Me? I do everything 1000% and then zero. I have no balance. I am delighted that I referred away that business.
3. Don’t Negotiate Your Prices
If you start negotiating the prices from the get-go, you’ll never get your full fees. It also starts a relationship that doesn’t value your worth.
4. If They Pay Nothing, It’s Worth Nothing
To anyone who has suggested that you offer a free webinar, a free coaching session, or a free speech, I repeat this mantra. Both parties know that if they are getting something for free, you’ll be selling the entire time instead of adding value.
5. No News is Bad News
Whenever a client or prospect goes silent, you know it’s bad news. My recommendation? Pick up the phone! Something has happened and they just don’t want to tell you. I’d rather have an authentic conversation and hear “no” than be ghosted.
6. Remain Mindful of Scope Creep
Scope creep means that the work keeps expanding beyond the original contract. It’s up to you as the entrepreneur to manage expectations and the work. You must have the courage to tell clients when this shift is happening to avoid disagreements later.
7. Create a System of Acknowledgement
I remember when my hubby was coaching with somebody and he’d worked hours on his homework assignment for her. He finally sent it and then crickets. Nothing! It took his coach over a week before she finally acknowledged it, let alone offered suggestions for improvement.
These are my lessons and advice for entrepreneurs; what are yours? I’m all ears!
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