Lecture Response - Ken Krogue PDF

Preview

Summary

I don't know what to write here sorry...

Description

Joey Sargent 02/21/17 UVU Entrepreneurship Lecture Series - Ken Krogue

Ken is the co-founder of InsideSales. He had big plans to do things with the military and phycology. However, he found himself inside the world of entrepreneurship because there is so much money and opportunity. Ken spent three weeks designing his business cards before he had even sold anything during his first company that he started. Life lesson: don’t do that. In his second, he didn’t make business cards until they generated two million dollars. He recommends that you learn on someone else’s dime. Learn from others before you fail yourself. You need mentors to help you. A tree searches and searches horizontally for water then it focuses on growing straight up. Then once it is tall and healthy, it continues to grow up to receive the sun and not let other big trees take your sun. This comparison is relevant to being a business man and running a business. He was the owner in multiple companies but only had a little equity. Now he is part owner, him and another guy, of a company that is worth more than a billion dollars. That is what entrepreneurship is all about. Jumping around is healthy but there is a healthy amount. The first number of jumps aren’t guaranteed to be super beneficial. Keep jumping until you click with something. Back in the day, the majority of Americans were entrepreneurs. They were all owners. It is different now but there are signs of changing back to how it was. Teaching is what is done to you and learning is what you do for yourself. Always seek out a mentor. A teacher shares what he knows, makes assignments, etc. Coaches do it with you until it is done. Learning is doing. Find a mentor that helps you learn like a coach.

Being an entrepreneur is all about the leads. Find a way to position yourself with others that need what you have. Divert a river; don’t dig a well. Digging a well is creating need. It is hard. Diverting a river is finding need. It is easier. Date smart people. Surround yourself with smart people. Find a way to tap into a large stream of traffic. You do not need to create an industry. What you need to do is to find a huge money pit and stick your hand in. Swim with the sharks. You do not need to play against the sharks, rather swim with them. Build off of them. Ken formed an assembly line of people. Instead of each person adding what they bring to the table to the product, each person waits in line until their turn to help the person. That is all that Ken has done at InsideSales. He first specialized in what he could do best then found productivity tools networking. Then he solved problem after problem. Then he ran tests. He says that one of the tests proved that responding really fast was the number one factor in whether or not the lead bought. There is an incredible trend that it is 100 times better if you call back within five minutes or immediately. Figure out trends too. For example, Ken would focus his calling to wherever it was raining. That way people would be able to answer the phone. They put weather and sports into their algorithm and they made more sales. Swim in deep water and do big things. Do things outside of your comfort zone and what you think you can do. Marketing is like the air force. It comes in before the troops and if they both work together, success happens. Marketing makes it happen. It is all about marketing and figuring out how everything will be sold. Focus on your marketing as a group of people. Not just one person because it is the most important part of your company....