Last 7 years of my entrepreneurial footprints as a Practicing Company Secretary have been enriching to say the least- especially for one who had no background in both the above spaces and more importantly started soon after qualifying- at the age of 26! I believe that during the journey, I debunked some of the ‘myths’ that dogs many young professional starting out, whatever profession they are from. Myths when addressed ring opportunities.
The 7 myths that I debunked:
I must undercut my fees to survive in/kill the competition
My experience since inception has been that clients value quality and happy to pay a fair price. Key is to provide qualitative and timely deliveries! Targeting clients, who provide assignments on terms of ‘competitive pricing' takes the professional down the path of losing such clients on a future date (when somebody else cuts the pricing down further). It’s better to get associated with clients who believe in you and appreciate the quality of your work. It may even mean losing some opportunities at times. But, it’s worth a shot! A satisfied client will mostly introduce you to many more such clients. Your work is respected as well as you.
2. As a young professional who has just started, you won’t get qualitative work/assignments – Instead you will get what you wish to do. If we focus on limited areas, it’s difficult to break through the boundaries created by our own mind. Apart from being subject matter expert, it is also necessary to build in a client, confidence in your capabilities. Many times, small assignments are given to test capability and delivery- that forms the first impressions. If you don’t seize seriously that first opportunity, the chances of getting the next big one are rare or none!
3. Quantity matters, Quality can be secondary - As a young professional I have faced one question quite repetitively – "How many clients do you have?" This is basically to judge the credentials, however I always believed that rather than having big volumes of clientele (at some point you start compromising on the quality of services), it’s better to be recognized for delivering high quality work. As a result your clientele list could be limited initially, but it would earn you better respect (and of course better numbers too.. :) ). While there is lot of competition out there, to stand out in crowd it’s necessary to think out-of-box value additional and customized solutions and not industrialized solutions.
4. Truth needs to be hidden while talking to clients - There is some magic in truth! How much ever you try to hide it, it always comes one way or another.. You will agree that maintaining high transparency with clients earns confidence and brownie points. If it’s your mistake, accept it. If you need additional time to complete the assignment, be upfront, than waiting for client to start chasing you and you invent excuses. Ultimately you will lose the trust of your clients (which is hard to build once lost!).
5. Complex solutions (with loaded legal jargons) wins respect - Reality is- solutions should be practical, easy to understand and implement (of course supported by law). Keep it simple. Clients respect and pay to help with a solution as above and not for confusing them more.
6. Having business models based on referrals/tie-ups would help me grow my work – Why have crutches and dependencies? To succeed in any business/profession know to build your own network than waiting for somebody else to introduce you to clients (many a times even that doesn’t happen as practice of white-labeling is followed). How you would be known or create your own brand value when you are not even allowed to directly contact/co-ordinate with clients??
I am not against having business associates who work towards integrated solutions, my point is get the recognition and respect that you deserve as a fellow-professional!
7. Seniors will always help you out – You must learn the ropes on your own. It’s a must to keep investing in yourself at different levels. The chances that somebody to help you out every time, are quite rare if non-existent. And even if you are lucky to find somebody, if you keep approaching them without doing your homework, then possibilities of you getting entertained every time recedes faster! You will have to battle your ignorance on your own and emerge stronger and confident.
I end on this note as I look forward to what myths you debunked!