“Entrepreneurs GROW everyday.”
I was combing my inbox the other day, cleaning it up, and there was a LinkedIn sponsored interview featuring Daymond John.
You probably recognize the name. Daymond is an entrepreneur, investor T.V. personality, author and motivational speaker. He is best known as the founder, president, and CEO of FUBU and, of course, he appears on the ABC reality series Shark Tank. I love watching the Shark Tank. My wife and I DVR it and watch it with our seventeen year old daughter. She seems to have a great deal of entrepreneurial blood pumping through her veins and she greatly enjoys the show.
I dove into the article as soon as I noticed it and took some notes. It dawned on me that some of what he said could be relevant and easily applied to our chosen field of sales and sales leadership. In this article I’ll summarize the 4 things Daymond discussed—things he’s learned during his seven years on the Shark Tank program—that we salespeople and sales leaders can immediately use to get better and earn more!
- He had to CHANGE and ADAPT to understand his sweet spot
Every business, industry, market, product and service has a sweet spot—a targeted area of fit. Your job ONE should be to identify and understand that target and sweet spot so you can quickly get to it and then, STAY in it. You may have to change your prior thinking to find that target. You may have to be willing to adapt to market conditions to nail the target. Daymond was already worth over 200 million before he began his stint on the Shark Tank, and yet, he was willing to CHANGE and ADAPT.
- He learned what TYPE of people he needed to SURROUND himself with
In order for Daymond to capitalize properly on the myriad of business opportunities he decides to invest in he learned to select the right type of people. He had to do this to make opportunities work. He learned to fit a round peg into a round hole.
As you analyze your business (especially if you are responsible for staffing accounts or projects), are you acutely aware of what TYPE of person you are looking for?
- He REFINED his process of ANALYSIS
Daymond mentioned that he currently dives deeper into the due diligence process than when he first began on the show. He’s become more selective. He’s not as willing to just throw his time and money at any opportunity. He’s more discerning about whom he aligns himself with.
Are you constantly refining your process of analyzing where you spend your time and why? What are the compelling reasons—based on data—that are driving your time investment decisions?
- He’s learned how to place his EGO in his pocket
“Entrepreneurs never like to admit that they don’t know everything.”
In the interview, Daymond stated that being an entrepreneur could be confusing. You’d like to be able to handle every opportunity by yourself, but sometimes you need help. He said:
…“like to and need to are two different things.”
We all have egos, but often, we need to take on a mentor in the form of a peer or a partner to access strengths and knowledge we don’t possess. Daymond described this as being willing to become a “leach” versus a “shark”. He learned that using their experience and information could create major shortcuts to a successful project and could even be the difference between success and failure.
I really enjoyed learning more about how a self-made man like Daymond John thinks. He raised himself from a lower middle class existence to the ranks of the most respected entrepreneurs in America. I find that I learn a ton from guys like this, and most of it can be applied to what we do…sales.
In my first book, The CAP Equation, A Foolproof Formula for Unlimited Success in Sales, I outline the most essential Competencies, Attitudes and Pipeline practices needed to ensure your success in commission sales. If you don’t own a copy of this book, you should pick one up.
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Also, I need to mention that The CAP Equation© website offers free resources for commission salespeople and sales leaders. Please click on the link below for free instant access: http://www.theCAPequation.com/access/
Joe Buzzello is a nationally recognized expert on direct selling and sales leadership. He has built legacy sales teams and experienced unprecedented success in individual and business-to-business markets as well as the network marketing industry. Joe has held executive level positions for Fortune 500 companies, but he has never strayed far from the art and science of selling, which he loves. In early 2014, Joe began writing, speaking, and coaching through his proprietary platform, The CAP Equation©. Please visit Joe at: http://www.CAPequation.com