Seven of the most crucial lessons from Self-Made Summit

7 of the valuable takeaways learned of Self-Made Summit

How do you find the ideal approach to get started and build a business which is financially successful? An array of business owners and potential entrepreneurs came together online on the 16th of June 20th, 2020 for the Self-Made Summit to find out.

Our experts from our impressive panel of speakers let us enter their world by sharing their secrets to their success as well as their best moments. This is a brief outline of the most valuable lessons in entrepreneurship learned at the first virtual summit.

1. Be aware of your instincts particularly when you are faced with rejection

Rejection hurts. Being underestimated hurts. In the midst of your worst point, believe in the voice inside of you and trust it. Jamie Kern Lima spent a decade developing IT Cosmetics from the ground from the ground. The company at the start barely made it through 2-3 orders each day. Requests at QVC, Sephora, and others were rejected one after the other. Each moment, Jamie wondered if she'd be able to stay in the business.

"Every when I was told "no," I conducted an inner test," she said. Jamie was able to sit at a distance and observe, and her gut would inform her "You're intended to follow this particular path."

In an unforgettable moment in a conversation with an investor from private equity Her inner voice could be heard clear and loud. The investor had taken the choice to not invest following a rigorous due diligence process. The decision was not in any way to do with numbers or figures. His reasoning was, as per her memories: "I'm just not sure that women would buy cosmetics from someone that looks exactly like you and conforms to the shape and weight of your body."

Then, stunned, Jamie maintained her calm and believed in what her intuition was telling her. She was 100% certain she was right. "I was convinced and believed it was true," she said.

Then she did not prove him right in the end when she sold IT Cosmetics to L'Oreal for $1.2 billion. She had invested into her business, it was the most successful company's investment to date.

2. Let your "why" guide your decisions

When you're agonizing over an important decision consider why you started your business at all to begin with. Any decision you make should be consistent with the mission and goals of your organization regardless of what the experts advise. This is exactly the principle Jamie discovered when she landed her first QVC commercial and hired consultants who are experts in selling television.

Since Day 1 her aim was to ensure women were beautiful, regardless of age or issues with their skin. Her goal was not to be in competition with other brands in the beauty industry through Photoshopped advertisements that set unrealistic expectations. According to her advisers, they believed that the only method to be successful was to follow the same design Young models who had flawless skin.

Jamie contemplated for weeks before her live performance. She was torn between seeking guidance from professionals or going with her gut instincts and doing something completely distinct. Jamie was unable to go with her intuition. But when she focused on her goals along with the ladies she wanted to help She realized what she was required to achieve.

In the year Jamie made her debut QVC appearance, the product launched in about 10 minutes. Since then, Jamie has personally appeared on more than 1000 live shows on QVC.

3. Make sure you spend your money only on items you care about the most

When you're first creating a business, every penny is crucial. Make sure you don't empty your account through expenses such as extravagant photography sessions, lavish car rentals, or first flight tickets if you are unable to finance the costs. In the age of social media and frenetic culture, many entrepreneurs become caught up in creating facades online. It's just the ego is the reason, according to Jamie.

It is important to spend money on most important aspects of your company, and be extremely disciplined with the expenditure so as not to affect the quality of your product or your operations. When I first started IT Cosmetics, Jamie would often fly to companies to show off their products. Her memories include searching the internet to find cheap flights for economy and car rental. She also recalls sleeping in the hotel room at Motel 6.

"It's the little things which enable you to be cash flow positive," Jamie said. "Nobody speaks about these things. They're not exactly appealing. However, they're vital."

4. "Just at the right time" Learning outdoes "just at the moment" learning

Entrepreneurs are naturally curious and enjoy learning. However, the problem is that you are stuck in a rut, believing you're not able to begin an entirely new business as since you've completed one more thing (e.g. attending a course, or buying software, go to an event, or study an article, etc.). The common tendency is to learn new skills just to be prepared the need to utilize them in the future.

A constant desire to know additional information, even if properly-intentioned, can lead to confusion and overwhelm, as per Mel Abraham, the founder of Thoughtpreneur Academy and Business Breakthrough Academy.

"We take in all of this information but we don't ever become the creators of the course of our lives." Mel said.

He encourages people to shift their mindset to learning from "just in case" learning, to "just in time" learning. Focus on what you need to be able to have the greatest effect immediately. "What are you in need of right now? Do your research. Go do it," he said.

Do you have a hard time determining which areas to be prioritized for your online company?

Here are the "bare bones" of which Mel has identified:

• Traffic sources
• it's a matter of working out a solution
• A method of turning potential customers into clients (e.g. the webinar online)
• The opportunity to promote your product or service

5. Keep your eyes on the direction

With the constant bombardment of ads and online information, business owners can easily get caught up. Maybe you're monitoring your competitors and trying to replicate their strategies. Maybe you're constantly experimenting with novel business models, fresh deals, or even tech instruments. Be aware that any distractions you create could harm your company.

Jamie regularly told that her IT Cosmetics team, "Our most significant threat isn't from our competitors. The biggest threat is if we do get lost in the competition and then lose our secrets recipe."

Tyler McCall, an Instagram business coach, has remained focused in building his membership business despite the talk about high-end merchandise. One of the most common beliefs among businesses on the internet is that it's impossible to earn one million dollars in sales without selling a premium product.

Tyler ignored that and focused on establishing his Membership Following the Fan Society, priced at 75 dollars per month. To date, the company has earned the equivalent of $1.5 million in just two years.

"You cannot be successful and make your own path when you're considering the path other people have already taken," he said.

In a report on Oprah's huge success in the world of daytime television, Tyler pointed out that Oprah didn't monitor her competition such as Philip Donahue Maury Povich or Ricki Lake. While other shows indulged in trashy tv, Oprah stayed with the "live your live your life to the fullest" notion and is still one of the top daytime talk programs throughout American TV history. Oprah once said, Oprah has said in the past, "You can only run the race that you decide to run."

6. Make sure you highlight what sets you apart

Be aware that others are looking for someone who is similar to you , and has your specific memories. Based on Danielle Leslie, creator of Culture Add Labs and creator of Course from Scratch "What distinguishes your personality is what makes you valuable."

Danielle has the ability to expand her business to 10 million dollars in less than four years. She's a big proponent of standing out in the marketplace by telling your story, and the things which make you different.

"Your benefits from your cultural heritage as well as those obstacles you've fought in your journey, you should talk about it all of them -- your challenges, negatives, benefits, every aspect. We'd like to hear all of it," Danielle said. Because nobody else has similar experiences to yours and no one else is able to provide exactly what you have to share. Because of this, your product will not be something that can be considered a item that can be sold as a.

7. Unblock yourself by focusing on the person you're serving.

If business owners design their own marketing materials such as sales pages, they often find themselves thinking about how they can close the sales. Brittany Darrington, business strategist, and co-founder of the Corporate Misfit Club, broke down a simple strategy for getting unstuck:

• Consider your current position, take an inhale, close your eyes, and think about "Who do I serve? What would our conversation be similar to if we had drinks together?"
• Imagine your ideal client talking about the issues she has.
• It is important to think of what you could tell this person and then begin making your case from there.

It is also recommended to tackle your sales page piece by piece instead of one big task. Think of each piece as a building block: the headline, the video, and pain points, and solutions, social proof etc.

Are you unsure of what you can do to turn your knowledge or interest into a sought-after program?

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