Story Playbook - Colbi Ellison

Starting a business can be daunting, but the key is to get out there and sell something. The money is secondary; the primary goal is to practice the art of selling your product or service. During this conversation with Colbi Ellison, Robin Waite, a professional business coach, public speaker, and bestselling author, shares his insights on overcoming the initial hurdles of entrepreneurship.

You can also check out the Story Playbook YouTube channel here.

Key Takeaways

• Get out there and sell: Focus on selling your product or service, regardless of the initial revenue.
• Embrace failure: Understand that rejection is part of the process and use it as a learning experience.
• Set realistic goals: Avoid setting lofty goals that may discourage you from starting.
• Understand business cycles: Recognise the predictable stages of business growth and be prepared for them.
• Leverage your strengths: Focus on what you do best and consider outsourcing other tasks.

The Importance of Selling

Robin emphasises that the first step in starting a business is to get out there and sell something. The money is actually irrelevant at this stage; what matters is practising the art of selling. Whether it's a car washing business or an AI consulting service, the key is to start small and learn from each interaction. For example, if you're starting a car washing business, you don't need all the equipment upfront. You can knock on doors in a nice neighbourhood and offer to wash cars using the homeowner's supplies. This approach not only saves you money but also provides valuable feedback.

Overcoming the Fear of Rejection

One of the biggest hurdles for new entrepreneurs is the fear of rejection. Robin explains that this fear often stems from unrealistic expectations. If you expect never to fail, rejection will always come as a shock. However, understanding that failure is inherent in any business can help you cope better. For instance, even big brands like Apple have a low conversion rate, meaning they expect a significant number of rejections. Knowing this can help you focus on getting as many 'no's as possible, as each 'no' brings you closer to a 'yes.'

Setting Realistic Goals

Many business coaches advise setting goals, but Robin has a different take. He believes that goals can be too binary—you either hit them, or you don't, which can lead to self-criticism. Instead, he suggests focusing on smaller, more manageable tasks. For example, if you're starting an AI consulting business, rather than aiming for $100,000 in the first year, focus on getting your first client. This approach makes the process less overwhelming and more achievable.

Understanding Business Cycles

Robin outlines four predictable stages that businesses go through: consolidation, confidence, catastrophe, and breakthrough. During the consolidation phase, everything is stable. However, this can lead to complacency, causing a dip in confidence. This is often followed by a catastrophe, where problems arise, and profitability dips. But these challenges force innovation, leading to a breakthrough. Understanding these cycles can help you navigate the ups and downs of entrepreneurship more effectively.

Leveraging Your Strengths

As a new entrepreneur, you'll likely wear many hats—marketing, sales, client fulfilment, and more. Robin advises focusing on your strengths and considering outsourcing tasks that you're less skilled at. For example, if you're good at marketing but not at client fulfilment, you could partner with someone who excels in that area. This allows you to focus on what you do best, making your business more efficient and effective.

The Role of Passion

Passion is crucial for long-term success. Robin points out that those who start businesses solely for the money often don't last. When the money dries up, so does their motivation. However, if you're passionate about what you do, you'll be more resilient during tough times. Passion also helps you deliver remarkable results for your clients, which is essential for building a sustainable business.

Practical Tips for New Entrepreneurs

1. Start Small: Don't wait for everything to be perfect. Start with what you have and improve as you go.
2. Ask for Help: Don't be too proud to ask for help or borrow resources when starting out.
3. Focus on Learning: Each interaction is a learning opportunity. Use feedback to refine your approach.
4. Be Prepared for Failure: Understand that failure is part of the journey. Use it as a stepping stone to success.
5. Set Manageable Tasks: Break down your goals into smaller, achievable tasks to avoid feeling overwhelmed.

Conclusion

Starting a business is a journey filled with challenges and learning opportunities. By focusing on selling, embracing failure, setting realistic goals, understanding business cycles, leveraging your strengths, and maintaining passion, you can navigate the entrepreneurial landscape more effectively. Remember, the key is to get out there and start selling. The rest will follow.