This post originally appeared on the Louisiana Technology Park blog.
An entrepreneur’s first major deal is an important milestone, serving as a launching point into the next level of business success and establishing the company as a legitimate player in its area of expertise.
But landing your first big business deal takes more than merely developing a great product or service and setting it free in the marketplace. It requires focus, strategy and relationships.
We asked Tim Stoll, founder and CEO of Baton Rouge-based Tractional Catalyst and a Professional EOS (Entrepreneurial Operating System) Implementer, for a few tips on how entrepreneurs can close their first big deal. Here’s a look at what he shared.
Understand What Makes You Special
Stoll says before entrepreneurs land a big business deal, they need to clearly understand two things: why and what they do. Answering both of those questions means exploring what makes your company special, determining what you’re best at and being really clear on your core focus. This will help you focus on opportunities you can actually close.
Once you determine the “why” — what’s driving you inside — it’s time to combine that with the “what” — the thing your company can be world class at. “When you can marry those two concepts together and that becomes your focus, it helps clarify what opportunities you should be pursuing,” Stoll says.