Why Salespeople Must Think Like Entrepreneurs to Dominate Their Market
The top sales professionals have more in common with successful startup founders than typical employees. Rather than simply trying to hit a quota each month, the best reps relentlessly work to grow their book of business. They own their results and operate like entrepreneurs running their own company.
A 2019 study by Xactly found that 57% of high-performing sales reps embraced entrepreneurial traits like creativity and adaptability. To thrive in today‘s ultra-competitive market, all reps must develop an entrepreneurial mindset.
It‘s not enough to just have strong sales skills and industry experience. You need to manage your sales territory and customer accounts the same way you would a business. Here‘s how to think like an entrepreneur to take your sales career to the next level:
1. Take complete accountability for your results
Imagine your sales patch was a company you founded and owned. You‘d feel personally responsible for its performance. There would be no one else to blame for missing targets.
Too many reps operate with an "employee" mindset. They strive to hit quotas because that‘s what their manager expects. But entrepreneurial reps work to grow the business because they know that‘s what‘s best for the company (and themselves).
"When salespeople take complete ownership of their business, their performance skyrockets," says sales trainer Marc Wayshak. "They control their own destiny rather than waiting for leads or direction."
A Salesforce study found reps who "run their territory like they run their own business" are 24% more likely to be top performers. By taking an owner‘s mentality, you‘ll do whatever it takes to succeed.
2. Become an expert authority to your customers
Think about a business owner who‘s a product expert in their space. Customers go to them for trusted advice on how that product can solve their problems.
Sales professionals need to develop that same authority on what they sell – even if they didn‘t create it. You should understand your offerings inside and out, but also be an expert on your customers‘ businesses.
"The best salespeople provide valuable business guidance, not just solutions," says Brainshark Chief Readiness Officer Jim Ninivaggi. "They share relevant insights that shape how customers think about their needs."
Studies show subject matter expert reps have 69% higher win rates than less knowledgeable peers. By enhancing your expertise, you‘ll build trust and position yourself as an indispensable advisor.
3. Conduct deep research into customer needs
Successful startup founders talk frequently with prospective customers. They aim to intimately understand their goals, challenges, and experience. These insights help them develop products people actually want.
As a salesperson, you must do the same. Don‘t just ask surface-level discovery questions. Dig deep to learn your customers‘ business inside and out. Practice active listening and internalize their feedback.
Download our discovery call cheat sheet to identify insightful customer research questions to ask
Salesforce research found high-performing reps are 2.8X more likely to understand their customers‘ business challenges than underperformers. The better you understand customers, the more effectively you can match your solutions to their needs.
4. Engage in customer communities and industries
Smart business owners get deeply involved in the communities where their customers live and work. They attend local events, join business associations, and build relationships to stay plugged into what‘s happening.
Sales professionals should immerse themselves in the verticals they serve. Don‘t just sell to customers – be an active part of their community.
Some ways to engage in your customers‘ world:
- Attend (or speak at) their major industry conferences
- Join relevant LinkedIn and Facebook groups
- Comment on their social media posts
- Follow and interact with their thought leaders
- Reach out to partners and vendors that serve them
A LinkedIn survey found 74% of B2B buyers choose the rep that was first to provide value and insight. The more involved you are in the customer‘s community, the more relevant and valuable you‘ll be.
5. Identify underserved needs you can address
Innovative entrepreneurs succeed by finding gaps competitors overlook. They pinpoint customer needs going unmet and swoop in with a solution.
Reps need to adopt this problem-seeking mindset. Constantly analyze your customers and look for areas of struggle. What friction do they face that your offering could relieve?
For example, maybe you uncover customers waste hours each week manually pulling data from disparate systems. That‘s a prime opportunity to show how your platform integrates data and automates reporting.
CSO Insights found salespeople who proactively share new ideas have 13.2% higher win rates. Always seek out underserved needs to fill.
6. Build a strategic sales business plan
Entrepreneurs don‘t just wing it. They create a detailed business plan outlining their goals, target audience, differentiators, financials, and go-to-market approach.
Top sales professionals also operate from a strategic plan. For each new sales period, they map out:
- Target revenue and key results
- Ideal customer profile and market segmentation
- Competitive positioning and unique value proposition
- Critical sales activities and initiatives
- Leading and lagging performance indicators to track
Writing a formal sales plan provides direction and accountability. It ensures you pursue the highest-value opportunities rather than chasing every lead.
A Vantage Point study found organizations with a structured sales planning process generate 17.7% higher revenue growth. Build your plan, but also adapt it as new insights emerge.
7. Relentlessly innovate your sales approach
The best entrepreneurs never stop evolving. They‘re always looking for creative ways to better serve customers, streamline operations, and grow the business.
Sales professionals must also push themselves to continuously improve. Don‘t settle for the status quo – find new ways to provide value and boost your efficiency.
Some areas to innovate:
- Personalized multi-channel outreach
- Value-added content to educate customers
- Proactively surfacing customer health/risk insights
- AI-powered tools to automate data capture
- New internal processes to reclaim selling time
Organizations with "optimized" sales processes generate 53% higher win rates than those stuck in outdated approaches. Make innovation part of your DNA.
8. Develop entrepreneurial habits
In addition to the high-level approach, salespeople should also adopt the day-to-day habits of successful founders:
- Wake up early and prioritize your most important tasks
- Carve out time for strategic planning each week
- Set measurable goals and publicly commit to hitting them
- Schedule time to learn new skills through books, courses, and mentors
- Build authentic relationships with peers, partners, and customers
- Celebrate wins but quickly move on to the next priority
- Maintain strict personal and professional financial discipline
- Proactively ask for customer referrals and introductions
- Get comfortable taking calculated risks to open big opportunities
A study of 1,000 self-made millionaires found they shared many of these habits. By replicating entrepreneurs‘ routines, you‘ll achieve similar results.
9. Always keep an opportunistic eye open
Finally, entrepreneurial salespeople are always looking for new opportunities. They explore tangential products they could sell into their accounts. They monitor other divisions and territories they could expand into.
Reps need to develop this expansive, opportunistic vision. Don‘t just focus on your assigned patch. If you see a chance to create value somewhere else, raise your hand and ask to pursue it.
For example, you might find a new use case for your product with a different customer segment. Take that idea to leadership and offer to pilot a sales motion targeting those buyers.
HBR found high performers generate 28% more pipeline than core performers by uncovering more opportunities. Maximize your funnel by thinking bigger.
Taking an entrepreneurial approach accelerates sales success
Approaching B2B sales like you‘re the CEO of your own business is a game-changer. By developing entrepreneurial traits, you‘ll provide more value to customers, stay ahead of competitors, and crush your number.
Salesforce found reps who consistently crush quota are:
- 9.1X more likely to feel personally responsible for results
- 2.8X more likely to understand customer challenges
- 3.0X more likely to share relevant insights and ideas
- 3.5X more likely to get referrals from customers
Make these behaviors core to how you sell:
- Own your results completely
- Develop true subject matter expertise
- Research customers‘ business and listen closely
- Participate in the customer‘s community and industry
- Find unmet needs your offerings can address
- Operate from a documented strategic plan
- Implement creative ideas to improve your sales process
- Build entrepreneurial habits into your routine
- Always look for new expansion opportunities
It‘s a substantial mindset shift from being an "employee" to an entrepreneur. But the upside is exponential. You‘ll have more satisfied customers, higher commissions, and a direct hand in growing the business.
"After 17 years in sales, I know thinking like an entrepreneur is what separates top reps from the rest," says InsightSquared CRO Todd Abbott. "The ones who own their number, bring new ideas, and relentlessly focus on customers‘ success – they‘re the ones who build a great career."
Ready to take your sales to the next level? Embrace the entrepreneurial mindset and take complete control over your success. Your customers, company, and bank account will all thank you.
