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5 Entrepreneurial Tips I Learned from a Millennial

Interview with Amanda Abella

 

5 Entrepreneurial Tips I learned from a millennial. Interview with Amanda Abella

So many people are curious or interested in entrepreneurship including network marketing. I thought it would be great to launch my blog with this topic. Who better than the person that has helped me so much with this entire adventure. I had the pleasure of interviewing Amanda Abella. Watch the entire interview right here.

Amanda is a business coach to millennial entrepreneurs, (as well as others, like me) and of the Make Money Your Honey coaching process. She is the author of the Amazon bestselling book Make Money Your Honey (and new workbook) the focus of this interview!

Some topics covered in her new workbook are issues that I have been dealing with in my network marketing business, and I personally hired Amanda to coach me with my business, as well as in building my new website and blog. 

Here are 5 tips Amanda shared with me during this interview. The advice was based on specific questions I asked her. These were topics I observed and experienced not only in my own business but with other entrepreneurs both new and seasoned.

1- How do you strategize your business to deal with different cultural markets?  
Is there a difference culturally in how people accept entrepreneurship?  The scope of business is changing with the internet. We are now global. There is no limit to where we can reach or grow our business. But how do we succeed in different markets?
Amanda's research does support the difference in how entrepreneurship is viewed and accepted. For example,  Europeans are more cautious about having their own business. Americans are more accepting, entrepreneurship is a way of life for many. Americans grow up with a belief that they can do anything! So they are more willing to go out there and take that risk. We are ready for it. Other cultures may need more time and education to trust the business before they jump into it. As Americans, we are bold, we are not afraid to get out there and ask for money. Other cultures may be more reserved. They have to learn to trust you, build a relationship before they are going to do business with you.

So her recommendations are:
• If you need money right away and want to jump in quickly, stick with people right here in the U.S. before you set out to launch in other markets. Get to know those markets first. Learn about their culture.
• Educate people you are prospecting or doing business with about entrepreneurship, and give them time. Its not going to happen quickly.

2-What do you see as the top reasons people quit entrepreneurship?
Fear is  at the root of most reasons people quit entrepreneurship. They usually have not fully done their research before starting out, only to find out how tough it really is to own your own business. It is completely different than being an employee. It is very hard work, and you have to wear many hats. You have to put in lots of hours in the beginning so that you can have more free time down the road. It's not ever a “get rich quick” option. So do your homework, research this very well before you decide to become an entrepreneur. You gotta have the thick skin and guts and tenacity to stick with it.
Know that you may go a very long time without a “paycheck” that you are used to. You are now trading in time spent on developing your brand or business into what you used to put in as time on the clock. Only the payment will be delayed. It's time up front for long term benefits.

3-How do you quit your  “day job” when you still need that income?
So you think entrepreneurship is for you,  but you are afraid of losing the security of a steady paycheck. You still gotta have that income coming in no matter what during the process of starting your own business. 
Well, the only way to do this is to have a “side-hustle” for a while. You are going to have to work at both until you are making enough money to be able to quit the job you are employed in. Some ways to make this happen sooner is to cut your expenses to the bare minimum. Save up some cash before you decide to start that “side -hustle.”  Amanda’s advice is:
• Have a plan, crunch the numbers, lay out your expenses and see what it's going to take to do it. Set a date, a goal, and stick with it.
• Have money coming in or set aside while you are growing your new business.
• Eventually, you will need to choose to let go of your “day job” so you can devote all your energies to your new business, or it will never get off the ground or grow. You can't serve 2 masters.

4-Whats “hot” now in finding and communicating with prospects and follow up? There are many ways its “alway been done”, but what trends are working now, and which are not?
The greatest change is the online presence that has occurred because of the internet. The world has become smaller. There are all kinds of new tools out there, and Social Media is the hottest thing now. You must get used to using the internet, email, and social media in order to communicate with people. Especially on a global basis. The world has changed and we are not communicating in the same manner as before. Picking the phone to make a call or meeting someone in person may not always work anymore. People are preferring to text, email, or get on an online webinar vs. going to a live meeting or conference. So you gotta go with the flow or get left behind. 
Another major change is that people are now collaborating vs. competing for business. Sales are no longer “sleazy” but viewed as a providing value to others, a service.
Tips:
• Use email to reach out to folks, but be sure to keep it short and sweet. No one wants to read a book on an email
• Get on the social media, create a business page (Facebook, Twitter, Instagram, Pinterest)
• Amanda’s new fav is Periscope. Created by Twitter, it's an app where you can broadcast live directly with other folks that subscribe to it.
• Start a Blog. Hey, I just did! I never imagined I would be doing this. I am a baby boomer and I have learned in a couple of months how to do it! Now writing is more laid back, it's no longer formal. You can be yourself, be authentic.

5-When is it time to delegate to others?
For existing business owners, what happens when you get so busy doing everything yourself but you are scared to let go or to outsource to others. You only trust yourself to get the job done. Well what you are actually doing is hurting your business especially when it comes to growth and service. It will get to a point where you are going to have to outsource some parts of your business to others, otherwise you will drown in work, or you will lose business, customers and money because the quality will suffer. Lets face, it, you cant do it all. Now outsourcing has become very easy.

Amanda’s suggestion:
• Hire a virtual assistant. There's no overhead, no benefits to pay out. Most work virtually online just for the hours or things you need them for.
• Think of outsourcing as an investment. Leave the things that only YOU can do for yourself, and outsource the rest! your business will grow and prosper as a result.

So there you go! Some great tips from Amanda Abella if you are thinking about starting your own business. Or you may already be in business, or network marketing.

Check out Amanda at http://makemoneyyourhoney.com and sign up for her free class! Check out her book and workbook Make Money Your Honey.
I highly recommend her if you are considering becoming an entrepreneur. If it wasn't for Amanda I would not have created this website, nor blog.

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