Whyzze founder and & # 39; Werrrk! & # 39; Host Misti Cain explains why entrepreneurs should ignore 90 percent of the advice on offer.
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Are you thinking of starting a business? In theory, it's not that difficult. The real trick is to make your company successful.
According to the Bureau of Labor Statistics, almost 50 percent of companies don't make it to the five-year mark. In addition, an estimated 90 percent of startups fail. But why is it like that? The internet is full of checklists that pave the way to success, but are they good? They are safe, but only to a certain extent.
While these checklists do an excellent job of describing exactly what inexperienced entrepreneurs need to know, they don't necessarily provide real guidance on what actually makes businesses successful. They are not immersed in psychological hacks and meaningful actions that conquer hearts and have a lasting effect. They are just to-do lists that we all know are ultimately dry.
So what should really be done to increase the chances of entrepreneurial success? I decided it would be best to ask for a real powerhouse, and recently chatted with Misti Cain, founder of Whyzze and host of Mailchimp's latest business reality show, Werrrk! She believes that entrepreneurs should ignore 90 percent of the advice on building a business empire. Instead, she suggests focusing on this three-step formula.
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Step 1: display PROOFF
"PROOFF is an acronym," explains Cain. “It stands for positive real results that result from finding out. In other words, you need to be able to show the value you provided. “She further explains that this can be an essential value, for example to save your customers time and money or to give them security. Or it can be a non-essential value to make them appear more popular, smarter or more successful to others. The point is, the better you can articulate how your product or service will bring people from an initial pain point from "A" to a desirable final state of "B", the more successful you will be.
Cain finds that many entrepreneurs use jargon, jokes, or a flowery language that is more confusing than helping. As an example, she says that messages like "We help high performers become the best versions of themselves by empowering them to reach their full potential" are difficult to understand. "We help professionals at the director level to become managers of the C-Suite in less than two years," is clear and measurable. You now have a specific value metric for your company. Once you help your customers achieve this metric, you can use it as a PROOFF to attract others.
Step 2: satisfy a sizeable market
According to Cain, who is also known as product market adjustment, the second step in creating lasting business success is to ensure that your activities meet strong market demand. The higher the number of people who want your product, the better. But it's not just about quantity. The stronger your desire for what you offer, the more important it is.
Cain offers this litmus test to determine whether you are suitable for the product market: Does your company have positive word of mouth? Are people ready to buy? Would you feel negative if your product didn't exist or was taken away? Have your customers tried unsuccessfully to solve this problem themselves, and does your product effectively solve it for them? The more yes you give, the more likely you are to fit the product market.
Step 3: Live according to the Zig-Ziglar principle
Well-known salesperson and motivational speaker Zig Ziglar was quoted as saying: "You can have everything you want in life if you only help other people to get what they want." Cain also firmly believes in the #givefirst model.
"If you value creating a company that is value-oriented, people will be happy to pay you, refer you and support you," she says. "The pay-it-forward mentality also makes steps one and two much easier."
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According to Cain, you should build your business and make business decisions based on helping others get what they want. She advises, "You may need to make minor or major adjustments along the way, but you will make significant progress."
There is clearly a lot of momentum in each of Cain's three steps, and everything is easier said than done. If implemented correctly, however, the fruits of this effort can prove to be a rich tool if you are to make your business successful.