Sales and marketing firm AJG Direct has revealed the five most common lies that entrepreneurs are told before they start a business and the truth about what it takes to succeed as an entrepreneur.
Just over 50% of small businesses fail in the first four years of trading. Of all small businesses started in 2011, 4% made it to the 2nd year, 3% made it to the 3rd year, 9% made it to the 4th year, and 3% made it to the 5th year. If all start-ups were a success, then everyone would be an entrepreneur. CEO of AJG Direct, Paul Gillett states that starting a business involves risk and there is a very real probability that the firm will fail in the first five years. Paul Gillett believes that failure is mainly due to the entrepreneur being under-prepared and given bad advice.
This bad advice often comes in the form of 5 common lies that entrepreneurs are told. These are:
- Listen to the data - Too much emphasis on data can be dangerous because on screen data is created using some assumptions. CEO Paul Gillett believes that entrepreneurs should use their brain to draw conclusions about what the data means, rather than taking it at face value.
- Follow your dreams - Being too specific about what you want to achieve can be the downfall of any entrepreneur. Paul Gillett is a firm believer in following your dreams but states it is important to decide which part of the dream to follow.
- Market it and they will come - Too many early-stage entrepreneurs flood the market with jazzy marketing. CEO Paul Gillett encourages entrepreneurs to be patient with marketing tactics so they can be adjusted and optimised for the market.
- To do lots of market research by talking to potential customers - Market research can be helpful, but it can also mislead entrepreneurs to build a business on top of weak foundations. CEO Paul Gillett advises that direct marketing can be used to gain real feedback from customers.
- Luck is a myth - The concept of luck does exist, but a more precise word for it is timing. Paul Gillett states that timing will help to determine the opportunities that come and if they arrive at the right moment.
Paul Gillett and his firm AJG Direct prepares all of their independent contractors for entrepreneurship by teaching them vital skills such as: how to network, how to get a mentor, how to set goals, how to achieve goals, how to lead, how to coach others, how to be productive, time management and more.
The business development opportunity available to AJG Direct’s contractors is a fast-track program to business success. It offers great hands-on sales and marketing development to individuals looking to develop and progress their careers. Individuals learn basic sales skills including product branding, locating target demographics, and customer acquisition. Once the opportunity has ended, individuals are trained to administer the sales and marketing campaign on behalf of their client into a brand new target market.