Inverting business models. Going against the grain. Doing the impossible. Irrespective of what you do in life, the ability to think outside existing boundaries gives one an edge! It gives one the ability to be able to look at existing problems, and think out of the box in figuring out innovative ways to solve them. It allows one to distill complex concepts into simple drawings. This is a gift that each and everyone of us has, yet, we are limited by the number of boundaries we create for ourselves.

Boundaries are created by phrases such as, “You can’t do that”, “That is not possible” ,”That is wrong”, and many more such phrases that we hear on a regular basis. The greater we confine our ability within rigid structures the harder it is for us to see the bigger picture. As business owners, we often get bogged down with what our customers are saying, what our competitors are doing, how much money we have in our bank accounts, and what we think we can and cannot do, or rather, should and should not do. This makes it extremely difficult to see past existing problems and barriers.

Breaking down these barriers does not happen over night. Personally, I have greatly benefited from the writings of Edward de Bono & Dan Raom in expanding my abilities in this area. Do you have any favorite authors, or tools you use, to provide youself the inspiration to think differently?

This is a business request one hopes to receive on a regular basis, from individuals who want to buy what you are selling. The problem however is, once you have given a quotation to the prospect, you lose almost all control over the sales process. The prospect will only return if they require further information regarding the quotation, or, if they want to buy the product. By providing rates up front, we essentially create an imbalance in this relationship, which is then strongly in favor of the prospect. To deal with this issue:

1. Do your best not to quote to a customer immediately.

2. Find time to either arrange a meeting with the prospect, or a phone call, to further understand their needs and requirements.

At this stage, if the prospect tries to only get hold of pricing information without providing any further information, I downgrade the importance of such a prospect. If however, the prospect is open to sharing what their requirements are, and the product/service that they require, this is a stage where I certainly send the first quote.

3. I use bundle pricing in most places, and do my best to avoid list pricing whenever possible.

If you have gathered enough data during the information gathering session, you should have a fair idea of what the requirements and budget of the customer are. In cases where this was not established, I find prospects begin to ask for breakdowns etc, as the quotation may include items they may not require.

4. All quotations should have clearly stipulated time frames for validity.

5. All quotations should be followed up on a periodic basis after sending them in. If the customer fails to respond after the 2nd or 3rd attempt, it is best to decrease the importance of the prospect, and shift your focus to higher probability prospects.

How do you handle your quotation process? I would really like to hear some tips that other entrepreneurs use to increase the conversion rate from quotations to invoicing.

Yesterday I was talking to a young entrepreneur who is planning on entering an interesting niche space in the entertainment industry. The product idea he had was very interesting, and showed an ability to scale quickly. Three minutes into the pitch however he got into how he planned to order a huge inventory to start off the business, hire an agency to do the branding and packaging for his product, schedule road shows for his product, and launch a retail store. When I asked him how many products he had been able to sell so far, the answer was… zero.

Many first time entrepreneurs fall into the trap of jumping ahead of themselves before they really understand what they are getting into in the first place. Before you start up any business, ask yourself :

1. Why am I starting this business?

2. Am I truly passionate about the business I am about to start?

3. What do I hope to achieve when I enter this business?

4. Am I going to be able to achieve my goals through this business idea?

Next, figure out how to start, and how to make that first sale. Do not waste your time and money setting up all the fancy trimmings before you actually make a sale. The initial stage is all about developing a customer base for your product/service. The aim should be to get there as quickly as possible without spending or allocating too many resources, until there is positive feedback and response to justify such investments.

Robert Frost in his poem “The Road Not Taken” talks about taking the path less traveled, which makes all the difference. I see this advice taken time and time again when I read about people who have found success in unusual walks of life. By taking the path less traveled each of us does take a leap of faith. There is an inherent desire in us to be something more, and achieve something great. Breaking away from the mold to do this, is hard. It takes courage, patience and most of all, belief in yourself and your abilities.

Time and time again, loved ones and friends will ask you to choose and follow the tried and tested path. It is not that they do not want you to achieve greatness or lack confidence in your abilities, it is only because there is safety and surety in what you will achieve if you follow this well trod path. I do believe however, that taking that road insures at best, that we can hope for something a little above average. With the majority of people sticking to the tried and tested path, it becomes very challenging to break away and outshine the rest. We hence put off our dreams and aspirations in return for security and peace of mind.

Entrepreneurs find themselves venturing off the beaten path, time and time again. We stumble, we fall, we fail, and yet, we find the inspiration and motivation to lift ourselves up, brush ourselves off, and move forward. Life for us seems too short to follow a pre-set path till a certain age, and then hope and dream of experiencing life for what it really is or should be. It is each and everyone’s right to experience life to its fullest, regardless of where you come from and what your circumstances may be. If you want to achieve something extraordinary in life, the only one able to stop you is ….. yourself !