Introduction:
Many highly accomplished sales professionals have undoubtedly pondered the idea of starting their own business at least once in their lives. However, only a select few muster the courage to embark on their entrepreneurial journey. Exploring the reasons behind this hesitation is enlightening. This blog post aims to wake up all sleeping champions to build the next big enterprise and earn respect as a successful entrepreneur.
Beginning with my personal experience, I embarked on my entrepreneurial journey twelve years ago, only to encounter failure. Despite achieving outstanding sales results across various companies since then, I still hesitate to take the leap into entrepreneurship again. This hesitation prompted me to reflect on why a successful salesperson may not necessarily transition smoothly into entrepreneurship. Let us take a deeper look at the hidden hurdles that can hold even the most successful salespeople back from entrepreneurial stardom.
Internal Hurdles: Self-Doubt and the Comfort Zone
Lack of Confidence:
Just because you can sell anything, doesn’t mean you believe you can build a whole business. Stepping outside your sales expertise can be daunting.
Less Risk-Taking Ability:
Salespeople are comfortable with calculated risks, but entrepreneurship thrives on calculated leaps of faith. The constant unknown might be unappealing.
No Motivation or Support System:
The drive to succeed in sales might not translate to the long hours and uncertain rewards of starting a business. Lack of support from loved ones can further dampen enthusiasm.
Content with the Status Quo:
A good salary, benefits, and a predictable work-life balance can be very attractive. Why rock the boat if you’re already comfortable?
Love for the Current Company or Boss:
Sometimes, salespeople have a great relationship with their employer and see significant growth opportunities within the existing structure.
External Hurdles: The Financial Tightrope
No Financial Backing or Savings:
Starting a business often requires significant capital, and many salespeople simply haven’t accumulated the necessary savings.
Scarcity of Capital:
Even with savings, securing additional funding can be a challenge, especially for first-time entrepreneurs.
Only Earning Member in the Family:
The financial responsibility of being the sole provider can make taking a risk on a new venture feel irresponsible.
Societal Pressure:
The fear of failure and the pressure to maintain a certain lifestyle can be powerful deterrents, especially in societies that don’t celebrate calculated risks.
Idea and Education Gap
Lack of Great Ideas:
Not everyone has a revolutionary product or service waiting to be launched. Identifying a viable market gap is a crucial first step, and some salespeople might struggle with this.
No Education Necessary for Start-Up:
While some businesses require specialized knowledge, others don’t. However, the vast array of skills needed to run a business – marketing, accounting, HR – can be overwhelming for someone with a pure sales background.
The Bottom Line: It is Not All or Nothing
The path to entrepreneurship isn’t for everyone, and that’s okay. Salespeople bring a unique skill set to the table, and the world needs top salespeople just as much as it needs innovative business owners.
This doesn’t mean salespeople are inherently bad business owners. The key takeaway is to be honest about your strengths, weaknesses, and risk tolerance. There are ways to test the entrepreneurial waters – freelancing, side hustles – before taking the full plunge.
Remember, a successful salesperson is a valuable asset. They can leverage their skills to build a strong network, identify business opportunities within their current role, or even convince investors to back their future ventures.
Examples of sales professional to a successful entrepreneur
Sachin Bansal & Binny Bansal: The founders of Flipkart, India’s leading e-commerce platform, were both alumni of the Indian Institute of Technology Delhi. They started their careers at Amazon before deciding to venture out on their own. Their experience in sales and understanding of the Indian market proved invaluable in building Flipkart into an e-commerce powerhouse.
Gaurav Munjal & Roman Saini: These two masterminds co-founded Unacademy, another major player in India’s booming edtech sector. Munjal, a former sales professional at McKinsey & Company, and Saini, who cut his teeth at Flipkart, leveraged their sales and business acumen to create a comprehensive online learning platform that caters to a wide range of educational needs.
Mary Kay Ash: Mary Kay Ash, a pioneer in the direct selling industry, started her career selling cookware. Frustrated by the lack of opportunities for women in traditional sales roles, she founded Mary Kay Cosmetics in 1963. Her experience in sales and understanding of relationship building played a key role in creating a company model that empowered women to become entrepreneurs themselves.
Jan Koum & Brian Acton: The co-founders of WhatsApp, Jan Koum and Brian Acton, both worked at Yahoo before starting their own messaging app. While their technical expertise was crucial, their experience in sales and understanding user behavior helped them refine WhatsApp’s features and user experience, leading to its explosive growth and eventual acquisition by Facebook.
Questions and Answers
Q1: How can a rockstar salesperson overcome the roadblocks to entrepreneurship and successfully transition into owning their own business?
Answer: To overcome the roadblocks to entrepreneurship, a rockstar salesperson can start by acknowledging the need for new skills and knowledge. Seeking mentorship, pursuing education or training programs, and gradually transitioning into entrepreneurship while still employed can help mitigate risks and build confidence.
Q2: What are some common traits of a successful salesperson that may not necessarily translate to entrepreneurship?
Answer: Some common traits of successful salespeople, such as strong communication skills, persistence, and the ability to build relationships, may not directly translate to entrepreneurship. While these skills are valuable, entrepreneurship requires a broader skill set, including strategic thinking, risk management, and adaptability.
Q3: In your experience, what are some key differences between excelling in sales and succeeding as an entrepreneur?
Answer: While excelling in sales often involves meeting short-term goals and focusing on individual performance, entrepreneurship requires a long-term vision, the ability to delegate tasks, and the capacity to build and lead a team. Success in sales does not necessarily translate to success in entrepreneurship, as the two roles require different mindsets and skill sets.
Q4: What are some essential skills and mindset shifts that salespeople need to develop in order to thrive as entrepreneurs?
Answer: Essential skills for salespeople transitioning into entrepreneurship include strategic thinking, financial literacy, leadership, problem-solving, and the ability to innovate. They also need to adopt a growth mindset, be willing to learn and adapt and cultivate resilience in the face of challenges.
Q5: What resources or support systems are available to help salespeople make the transition into entrepreneurship?
Answer: Salespeople can leverage various resources and support systems to help them transition into entrepreneurship, including business incubators, entrepreneurial networks, online courses, and mentorship programs. Additionally, joining industry associations and seeking guidance from experienced entrepreneurs can provide valuable insights and support along the way.