The Success Formula of a Dynamic Entrepreneur Revealed & Exposed!

I lose an account (hot prospect) today. I was approached by a TCM (Tradition Chinese Medicine) company in Jan 07 for a Branding Project. My clients are the 2nd generation of this traditional company in their late 20’s, overseas educated.

We went through their requirements, visited their factories, sent our proposal, my team is geared to create the market darling brand and everything looks hot and good! In fact, the clients admitted that they loved our agency vision (Ideas That Sell) culture and drive as compared to other agencies, leaving only the dotted lines… Then during today lunch, they said, “Ken, regarding our Branding project, we decided to award it to another agency”

My heart sank and I probe by asking more questions to understand the objection. It seems that 2 main reasons surfaced: Lower Price and Agency Proposal where our competitor manage to come up with a thicker proposal with clearer “How To” points. However, it warmed my heart later when they said this, “The reason why we want to tell you personally (which most clients would not bother to do so!) over lunch because we like you and your team and love to work with you in the future for possible Brand Communication campaign. And we felt bad to reject you for this particular project” Hey, this is a good “sandwich” method in rejecting someone. Nevertheless, I treasure their friendship and sensitivity. Good people and I pray that they live long and wealthy. By the way, the agency they chosen is well known for retail branding so I am relieved that their brand is in good hands.

While I was traveling to another presentation after our lunch, a scene flashed into my mind, Dom (he run the 3rd largest office supply biz in Oz with annual turnover abt Aus$75m), my mentor. I remember Dom shared with me a year ago when I asked about his biz at that time. He paused while looking at me and say this, “I just lost a S$5m account. No excuse, I am responsible because I was too confident and refuse to move on my price. I blew it and I apologise to my account manager. Sometimes you win, sometimes you don’t.” I turned to my account manager Ivy and Creative Director, Cynthia and say, “I am sorry. I lost the account. I was too confident and refused to submit a more detailed proposal until the dotted line has been signed. I mis-judged the whole situation. I take personal responsibility.” One major thing that I gain from the lunch: Develop a Clearer and Powerful Branding Methodology Guide for my company asap.

Why am I sharing this with you? Simple, Entrepreneur like me have Ups and Downs in life. Very often, people just focus on other’s successes without realising that for every successful entrepreneur, there are alot of learning experiences and lost battles “behind the scene” which is critical for our success.

Guess what, another Health and Medicine company pop by my office earlier and want embarked a Branding Project. Great Spirit has a great sense of humor!

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