Conversation with Students for Liberty in our Principled Business Accelerator Program
Yesterday PB and SLF had the first session of the Accelerator Program, where Dustin Palmer and Johnathon Bush were speakers, the main topic was: “Defining The Power of Capitalism: Nurturing the Next Generation of Entrepreneurs”. Dustin Palmer shared a text with the students that provided many valuable insights.
“Thank you for joining in the call today, and congratulations on taking steps in being the author of your own entrepreneurial journey. There is no better pursuit than that of entrepreneurship! I would like to start off by telling you that in learning how to sell different products and services, I’ve made every mistake in the book; and that’s what brought me where I am today. I have what is sometimes called a “Non-Linear Career”, It has been one of journey, exploration, and adventure, to discover both what I am capable of and where my passions lie. Out of college, I knew that commerce and business fascinated me, as I was lucky enough to be a part of a family business from a very young age. I also didn’t know what I wanted to do but I wanted to make an impact in my chosen craft of sales. This call to action led me down a winding road that would test every bit of me; and the benefit that it yields are valuable life lessons and strengths you otherwise never would have known you have and I’ve used this to propel me in my business. In storytelling, we call this the monomyth or the Hero’s Journey. I am encouraging each of you to discover your own Hero’s Journey through entrepreneurship and/or dedication to your craft. Every day is an adventure and a chance to learn and excel.
I wanted to be the greatest salesman the world had ever seen. Not kidding. Early on I told myself it wasn’t enough to be able to sell just one thing, I wanted to be able to sell anything and everything that I morally agreed with. Obviously I am still far from ever making this an actualization, but it started me on my Hero’s Journey and I fully expect this journey to take a lifetime. A lifetime of pursuit to Delight my Customers and make their lives better. Even if I never get to the level I want to, I’m happy to know that I tried. That feeling is the one I encourage each of you to find within yourself, that call to action, that will kickstart this adventure and will help you enthusiastically reach your goals in your new business.
In making every mistake in the book, looking in the rear view mirror is always easy to see where we went wrong. Funny story, I can laugh at it now, but for a long time it gave me a lot of grief. I once, early on in my career started a company with a friend called Interchange Direct. This was the early days of QR codes, and included payments processing and we ventured to sign up new accounts. Instead of starting small and learning the process which is so vital for securing new customers, I went for a grand slam. I was able to secure a meeting with the owner of one of the largest private office landlords in the city. The assumption I made was while in securing the meeting I described the product, and they were immediately interested. IN the actual meeting in person, the owner looked at me and said do you want a connection to hook up your presentation? I said No, as I had assumed that he knew already what this new software technology could do for his tenants and we could just talk through it together. “You don’t have to buy this if you don’t want to” I nervously replied in order to justify not having a formal presentation. He laughed and the meeting didn’t last much longer he needed to see visualize it, which is so painfully obvious now. However, he was kind about it and knew we were young and said come up with a presentation and he’ll look at it. But of course he did not, I had lost a customer.
Losing a customer is something for whatever reason I take personally as my mentors always told me that People Buy From People. And this is absolutely true, when people do business with you, its because of YOU, remember that, and I will ALSO tell you that it is Product Knowledge that separates you from everyone else, and your personal skills that will be the one to seize the opportunities in front of you. These skills are grown over time, and in my journey, it included making mistakes like the one I told you, and doing my absolute best to learn from them no matter how painful it might have been. In fact, the mistakes can be your greatest teacher and will further clarify your own moral compass that you’ll need in entrepreneurship.
The reason I bring up mistakes when introducing a topic such as Principled Business, is that it is vital for your path to know your moral compass and your True North. A True North is like you or your organizations core mission for doing something that drives you and gives you direction even in challenging times. It is something that you MUST do in your life and even if you don’t accomplish it, that your work on it gave you direction, purpose, and satisfaction. In any entrepreneurial journey, this will give you edge in being sustainably successful. My True North is that I am absolutely relentless in my desire to Delight the Customer and benefit all parties of a transaction. Today I have grown in my craft and business that I regularly get feedback from customers that they wish I sold more, because I bring Trust, Add Value, and always, always always communicate. For me, this was all built on a strong foundation of learning from mistakes fast, not repeating them again, and using them as propellant and fuel for my next success. I’ll go one further, if you are not making mistakes in your pursuits, you may not be trying hard enough we are human. This is what will smooth the hard jagged edges and turn you into a polished professional in your new start up.
On the topic of success because ultimately this is what we all aim for, it is not enough to be successful for the purpose of being successful, it must be sustainable. And this is where we aim for Principled Business to stand out amongst others. There are too many stories of being successful and losing one’s True North and moral compass. These are the stories you inevitably hear in the news that give capitalism a bad reputation. They overshadow the 1000s of stories where a team in a business is doing something impactful.
Building anything is like climbing a mountain, and you want to be secure in your footing. It is one foot firmly planted before the next that will help get you safely up the mountain and back down for a successful climb. This can take a lifetime of pursuit, and that adventure will be the best ride of your life. This is all started by a Call To Action. If you have that calling to start something that doesn’t exist in this world yet, or to improve on something that already does, answer that call, and be clear in your purpose about it, that will be your keystone when things inevitably don’t go your way. And believe me, it is the entrepreneurs that can adapt to these challenges who overcome them. You will be challenged in ways you can’t yet imagine, and navigating these obstacles with resilience and persistence is what makes the entrepreneur able to withstand these challenges and come out stronger. So think about your WHY and your True North, and expand on it through writing, and talking about it with your trusted mentors and friends and let it reflect in your business plans. And incorporate this any way you can into your product or service. It’ll keep you growing when the tides are tough and you are being tested, and will give you fuel when the tides and momentum are in your favor.
The principles of capitalism are simple at its heart; a voluntary system of trade, and your job as the future of this system, is to ensure that the transaction benefits all involved. It is not altruistic, it is good practice and this will yield you profit. As you go on to build your products and services, remember the equation is all about Adding Value, not about asking what is in it for me. The way you know if you are truly adding value or not is to engage with the market you are in always. Keep engaging, this will help you build and know where you can Add Value.
Today I am well on my way to being the greatest possible salesman I can possibly be. I have learned from selling so many different things, that I see patterns and common threads, and let me give the ultimate one to you today again. People buy from people, even when you are more expensive than your competitor, I’ve been more expensive sometimes by double and yet people still want to work with who they connect with most. As an entrepreneur you will humble yourself to wear every hat in your company at some point, but take the advice that my father imparted to me. Sales solves all problems. Be a connector, always engage with your market, find ways to Add Value, and you will be successful.
If I can help you in any way on your journey, I’m always willing to connect with you. Good luck and don’t forget, to have fun with this!” - Dustin Palmer