Entrepreneurship is a high octane ride – your formula for success involves insightful ingenuity, relentless determination, and a little eccentricity. Do you have what it takes to make your mark as a coveted distribution partner and surpass the competition?
The 3 steps mapping out The Furious Road of Entrepreneurship are:
- Risky business
Without the brave entrepreneurs of the world there would be no light bulb, no iPhone, no 351 cu in (5.8 L) 1973 Ford Falcon XB GT Coupe with a supercharger peeking out of the hood… oh sorry, I trailed off there a bit.
You get the point. Could you imagine Mad Max skirting around the desert on a pair of roller-skates?
Edison, Ford, and Jobs were all traveling a perilous avenue going at it on their own, but they weren’t completely reckless either. All of these pioneers were supplying a demand. Can you say the same about your enterprise?
You need to ensure that not only can you fulfill your client’s needs but that you know what those needs are.
To do that you need to get down and dirty… Investigate every corner of the industry – get knee deep in research until you’re sick of it. Otherwise, you’ll be driving blind in an unforgiving land.
- Moxie by proxy
Advisors aren’t just looking for a delivery service these days. They want their distribution partner to help guide them through the thick of it like a trusted ally.
Instilling confidence in your clients that you can tear through the waste land and push their product out of the mud and into glory is a staple – but all talk and no results will make your business a dull boy.
So you need to ask yourself… Do you have the right vendor contacts? Do you have the ability to network and channel more business to your clients? Can you deliver on a deadline?
The best way to back up your business is with results. A distribution partner is no good if they can’t live up to the title.
- Make your mark
You don’t have to be a mad genius to open shop, but you do need an angle that will set you apart from the rest of the herd.
According to research data from LIMRA and McKinsey & Co. approximately two-thirds of annuity business written and half of life insurance written was channeled through independent distribution.
That puts you neck and neck with a fierce band of heavy competition. So how do you rise above the hordes?
Keep in mind that being an entrepreneur doesn’t mean you have to bust the doors off the current industry block – perhaps some of the tried old methods don’t hold the same truth they once did and could simply use a little tweaking… food for thought.
However you begin your journey, you must find your niche or risk getting buried by the rabble.
We’ve all heard the phrase “if you put your mind to it you can do just about anything.” And we all know that isn’t entirely true… I mean, I wanted to be a ninja when I was a kid.
But it is that force of character, that nerve, that fierce confidence that will make you a competitive entrepreneur and more importantly, a highly sought after distribution partner for life insurance agencies.
Entrepreneurship isn’t for the faint of heart. Building a business from the ground up, what’s more making it thrive, is a humbling experience.
But if you have what it takes to see it through, then to the victor shall go the spoils.