What is Needed to become an excellent Entrepreneur - Essay Example

? What I have learned in the Introduction: In this paper, I will discuss the basic things that I have learnt during my of studies whichenabled me to understand and develop a close insight on the fundamental elements of marketing and sales. Seven things that I have learnt in class: My learning during my course of studies will help me to become an excellent entrepreneur, a good marketer or an experienced salesperson in the future. I cannot undermine the value of the most important things that I have learnt during the class and from the course books that I have read. This would not only develop a better understanding of how and what I should do but it will also help me to develop and implement better business strategies in future. These are: 1- Situation and Problem Analysis: For a good salesperson or a marketer, it is very important to analyze the depth and severity of the problem. One should focus on what the buyer is looking for, what is his problem and how much he cares about solving his problem. From the reading of the book, SPIN selling I have learnt that it is important for a good salesperson to analyze the problem of a buyer and to develop “Hurt and rescue” approach. This would help the salesperson to “play with the emotions” of a buyer in order to sell by exaggerating the problem and then coming up with a solution. I consider situation and problem analysis is a key to success in any business. 2- Develop Reasoning and Question: I believe that a good salesperson should develop how to raise questions and then how to answer those questions with better reason. This is one of the tricks that many experienced salesperson implement in their selling strategies. It is also very important to “fit yourself in buyer’s shoes” to understand and to answer all the questions that can come up in a buyer’s mind. 3- Add value and experience to your product: It is highly important for a salesperson to add value and personal experience of using a product in front of the buyer which creates interest and willingness to purchase in the mind of a buyer. 4- Be Persuasive: For a salesperson, it is important to be persuasive but his persuasion should not annoy his customers. A salesperson should know how to deal with buyers and how to motivate them. 5- Be Confident: Confidence is a key to success. Confidence holds a vital importance in becoming a successful person, entrepreneur and a good salesperson. Confidence gives a person the art of speaking confidently without any fear. Therefore, it is important to understand that a salesperson should be confident enough to persuade his customers. 6- Make Observations: It is important for a salesperson or a marketer to develop thorough observations regarding the personal choice or the interests of the buyers. Observations add to a person’s experience and understanding of even the minute details. 7- Know the Market: One should know about his market and products. Without the knowledge of market and products, a salesperson cannot convey proper information to the customers or the buyers. Four valuable elements: 1- The Spin Selling Skills: The spin selling skills revolve around the classic selling techniques that can help a salesperson to boost his business. The spin selling skills including analysis of the situation collecting observations and developing the understanding of the problems .Spin selling skill also include asking the questions related to the situation of the problem ,how to implement the hurt and rescue approach that may drive the buyer towards your business and the products. It is also important for a skilled salesperson to understand demands and needs of his buyer which makes them realize that ‘buyer is important his salesperson’. 2- Farmers and Hunters Theory: In this theory it has been described that a salesperson should know and act according to his role either he is acting as a hunter who is trying to generate leads for the business or he is performing the role of a farmer which generates his business opportunities from existing clients and customers (http://www.gtms-inc.com/Are-You-a-Hunter-or-a-Farmer_ep_240.html). It is important for a sales person to know that which role he is going to perform and how well his role can benefit his business. 3- The Confidence of Speaking in front of the Public: The confidence of public speaking helps a person to gain confidence and to develops effective communication. Public speaking is considered as fundamental pillar in communication. People often fear speaking in public. The fear of public speaking is often considered as a biggest fear. It is important for a person to earn the art of successful public speaking in order to gain confidence to remain successful in the situations. Command over public speaking enables a person to gain confidence, to expand the circle of his network, to organize his thoughts and to focus on the purpose of his speaking. The art of public speaking helps a person to speak clearly and how a person can convey his message in a more rational manner to others. It is highly important for a person engaged in sales and marketing to develop his communication and interpersonal skills that will help him to persuade his customers without any hassle. 4- The Knowledge of Products and the Market: For an efficient customer it is highly important to have a complete knowledge of his products, nature of business and the market. Along with these important components, the salesperson should focus on the needs and demands of his customer which can be learnt through proper understanding of the market environment. Three Important Items to Use as Basic Skills: 1- To know the needs of a buyer: It is important for a salesperson to understand the needs of his buyer which would result in establishing a long-term relationship with his clients. Once the salesperson has analyzed the needs of his customers he will be able to develop a strong clientele with his customers without the fear of losing him. Here we can implement the “hurt and rescue’ approach through which a salesperson can efficiently meet the requirements of his client. 2- To Develop Reasoning and Questioning with the Client: It is important for a salesperson to develop reasoning and questioning skills in order to question his clients about their needs and demands and then selling the right product which is closer to their demand or the needs. It also helps the salesperson to question and reason the clients about their needs and to analyze his situation and problems. 3- To be confident: A salesperson has to act as a confident person who can sell anything to his clients. He should know how he can persuade his clients without a single doubt in his mind. A confident salesperson can easily convince his customers without making any blunders. Confidence is a key to success which every businessman or entrepreneur should remember. Conclusion: It is important for a salesperson to develop all the necessary skills that may help him to be good and effective salesman in order to expand his business and to develop a strong relation with his clients. These skills and my learning during studies will help me to develop a better understanding of how to analyze the situation, how to overcome problems, how to develop reasoning with logic and conscience and how to implement the better strategies to gain better results. These few things are essential for every salesperson and a marketer to know in order to expand his business and to gain success over his competitors without any hassles or fear. During my class, I have learnt the art of public speaking which can be used effectively as a tool to influence people. Confidence also plays a significant role in any field of life which I have gained during my course of studies in this program. Work Cited: Are You a Hunter or a Farmer [Available Online] Retrieved from http://www.gtms-inc.com/Are-You-a-Hunter-or-a-Farmer_ep_240.html on April 24th 2012 Read More