One of the best and most enjoyable exercises in my 20 years of entrepreneurship was simulating playing for the other team (2x per year). Here is how it works:
1. Assign subject matter expert (SME or yourself), most likely top sales members to simulate working for the competition. This person will act as being fired today and working for the competition tomorrow.
2. SME spends 1-2 days researching competitor product and prepares sales strategy and presentation.
3. Identify which employees will play the roles as customers.
Seasoned buyer – choose someone in your organization who has extensive industry knowledge.
Novice buyer – choose a person with little product and industry knowledge
4. SME runs a simulation for each buy type and tries to sell the competitors product.
Invite all key team members to watch sales presentation.
SME focuses on competitors strengths and our weaknesses
Rank action items based on importance, assign owners and due dates
Studies and surveys show that the odds are against Small Business owners achieving their dreams. If 100 entrepreneurs start a business it is expected that only two businesses will reach $1M in sales and only three owners will pay themselves a salary of over $100k.
However, there is a statistic where entrepreneurs who have entrepreneur experience and start a second business increase their opportunities for success by 50%.
The reason is simple, the more experience you have the better your chances of success.
At Startup Fearless, we know that experience is the critical key to success and the best way to obtain this valuable experience is by becoming a member of Startup Fearless The Startup Fearless Membership is designed to give you the experience of having a previous business without having to learn from your mistakes.
That skill is… Continuous Development of the Entrepreneurial Spirit- what does that mean? I believe we are all born with a degree of entrepreneurial spirit, some more than others but we all have it. For those with less of it, it needs to be developed, so what is it? It is the ability to navigate through the individual battles to win the war. Students- If you receive a bad grade do you accept it or talk to the teacher and get it changed? Adults, do you accept failure and blame somebody else, or do you use failure as a learning experience? The worst quality we can practice is becoming a victim of circumstances and believe failure is the only option. We need to carve our own path and surround ourselves with people who believe in success and help the people who don’t. Most people do not start a business due to their spirit not being ready and they are afraid of failure/unknown. Our DREAMS program shares experiences to develop/encourage the spirit and to be prepared for the war ahead. The dream is achieved after each battle is won. My final victory was selling after 19 years. Remember, many will try to break your spirit, only you can decide if you will let them break it.