Get documents about "Entrepreneurial Selling
Document Sample
CHICAGO BOOTH:
ENTREPRENEURIAL
SELLING (34111-81)
PROFESSOR WORTMANN
SYLLABUS – SPRING 2011
Overview
The biggest challenge to growing a successful entrepreneurial venture is selling.
Entrepreneurs must build a strong sales pipeline to ensure profitable growth as they tackle
other pressing issues like staffing, infrastructure, and financing. In the Entrepreneurial Selling
course, you will learn how to acquire customers, use selling skills in different contexts, tell
powerful stories, manage the entrepreneurial sales process, and use the key tools required
for success in selling. The course will combine the following elements to create a powerful
learning experience for you:
Models: Conceptual description of critical sales concepts.
Toolkit: A list of key tactical sales tools, which we will build tool-by-tool throughout
the course.
Guest Speakers: Real life examples of key class concepts
Role Plays: Experiential exhibitions to emphasize class concepts. These include cold-
calling, a sales presentation, questioning, and handling objections
Discussion: Based on reading, cases, and your experience, the class will dialogue
through issues and concepts.
Assignments: As described in the “Grading” section of the syllabus, these include case
write-ups, a Story Matrix, a Sales Trailer and Sales Toolkit for a start-up or early-stage
company, and a Sales Presentation to a mock customer.
These elements will be supported by a research-based sales process and sales toolkit.
Learning Objectives
You will be able to:
• Understand the key phases of the entrepreneurial selling process
• Use the sales toolkit to construct a sales strategy for your venture
• Identify the most common failure points in an entrepreneurial sales process
• Put to use a set of sales skills that will serve you in any career context
Entrepreneurial Selling Syllabus – 34111 Page 1
Overarching Goal
My goal with this course is to make you as smart and efficient in selling as possible, so that
when you are spending time selling, not a moment is wasted. Why? Because as an
entrepreneur, the way you spend your time determines success and failure. Period.
Entrepreneurial Selling Syllabus – 34111 Page 2
Course Schedule
Week/Date Class Session Info Read Before Class Due at the beginning
of Class
Week 1 The Entrepreneurial Selling Process Course Pack: Entrepreneurial Selling Biography Paragraph
(March 28) article Post-it note with one
thing that makes you
Summary: The challenge of
Course Pack: Note on Business most uncomfortable
entrepreneurship, entrepreneurial selling vs.
Model Analysis for the Entrepreneur about selling (due at the
traditional selling, balancing sales and other
break)
roles, who sells, how and when,
Course Pack: Portrait of the CEO as a
understanding the sales process, sales cycle
Salesman
vs. sales model, types of sales people
Class Topics:
Models: Entrepreneurial Selling Process
(Wortmann), Customer Tailored Sales Call
(IBM), SPIN Selling™ (Rackham),
Consultative Selling™ (Forum),
Entrepreneurial Selling
(Deutsch/Wortmann)
Toolkit: Entrepreneurial Selling Process
Week 2 Ready…Aim Book: Crossing the Chasm (Chapters Salesperson interview
(April 4) 1-5) Cold-calling assignment
Summary: Targeting, segmentation, using a
Sales Trailer, sales forecasting, competitive Course Pack: The Sales Funnel
landscape
Course Pack: Targeting the Right
Class Topics: Customers
Models: L.E.A.D.S. (McAvoy)
Toolkit: Creating the Sales Trailer, top-
down bottom-up forecasting,
Competitive landscape
Book Discussion: Crossing the Chasm
Possible guest speaker
Week 3 Engaging the prospect Course Pack: Sales Learning Curve Case Write-Up: Scalix
(April 11) Group: Half-page
Summary: The differences between cold Book: What’s Your Story? (Chapters overview Assignment 1
calling and hot prospecting, methods for 1-3) Sales Trailer video on
finding leads, Art of conversation, qualifying YouTube (take 1)
customers, differentiators, value proposition, Case (Course Pack): Scalix
prospecting scripts, interview data
Entrepreneurial Selling Syllabus – 34111 Page 3
Class Topics:
Models: Conversation, great questions
Toolkit: Conversation progression,
qualifying questions, prospecting script,
initial targets
Week 4 Making the match – Part I Course Pack: Building Your Sales
(April 18) Funnel From Left To Right
Summary: Starting meetings, asking great
questions, determining fit, pivots Course Pack: Personal Selling and
Sales Management
Class Topics:
Models: Great questions, pivots
Toolkit: Purpose, benefit, check (Forum),
Great questions, Pivots
Possible guest speaker
Week 5 Making the match – Part II WisdomTools Case (Course Pack):
(April 25) Episode 1, Scenes 1-3
Summary: Hurdles and objections,
presenting and proposing Course Pack: Q&A with Author of
“Presentation Secrets of Steve Jobs”
Class Topics:
Models: Presentation skills (Fusion
Learning)
Role-play: Handling objections
Toolkit: Sales Hurdles, Objections,
Presentation Checklist
Week 6 Doing the deal Book: What’s Your Story? (Chapters Case Write-Up: Siebel
(May 2) 4-6)
Summary: Closing, re-setting expectations
Case (Course Pack): WisdomTools:
Class Topics: Episode 1, Scenes 4-6
Business case Discussion: Siebel, Parts I,
II & III (Harvard) Case (Course Pack): Siebel, Parts I, II
Book Discussion: What’s Your Story? & III
Week 7 Delighting clients WisdomTools Case (Course Pack): Case Write-Up:
(May 9) Episode 2, Scenes 1-2 ClairVoyance
Summary: Relationship and client
management, Client Delight Index, sales Case (Course Pack): ClairVoyance
checkpoints, building references, stories,
Day in the Life of a salesperson Course Pack: The Four Truths of the
Storyteller
Class Topics:
Business case Discussion: ClairVoyance
Entrepreneurial Selling Syllabus – 34111 Page 4
(Chicago Booth)
Toolkit: Client Delight Index, Story Matrix,
win/loss debrief
Week 8 Tuning the sales engine WisdomTools Case (Course Pack): Email to Craig with
(May 16) Episode 2, Scenes 3-4 preparation for Sales
Summary: Owner’s Manual/Sales toolkit, Presentation
preparation for sales meetings, Time Check, Course Pack: Choose or Lose Group Project: Sales
metrics Toolkit
Group Project: Sales
Class Topics: Trailer video on YouTube
Toolkit: Time Check (take 2)
Possible guest speaker
Week 9 The Real World – Part I Prepare for sales presentations Sales Presentations
(May 23) (Group 1)
Summary: Final team presentations to mock
customer illustrating grasp of sales process,
use of toolkit and
demonstration of key selling skills
Week 10 The Real World – Part II Prepare for sales presentations Sales Presentations
(May 30) (Group 2)
Summary: Final team presentations to mock
customer illustrating grasp of sales process,
use of toolkit and
demonstration of key selling skills
Week 11 Finishing School Course Pack: WisdomTools Case: Case Write-Up:
(June 6) Episode 2, Scenes 5-6 WisdomTools
Summary: Debrief of sales presentations,
handling curve balls, moving forward with
sales skills and sales toolkit, completion of
WisdomTools Case, Sales Learning Curve
(Stanford)
Entrepreneurial Selling Syllabus – 34111 Page 5
Grading
Grading will be based on several factors:
• 50% - Final project assignment (25% Sales Trailer, 25% Written Sales Toolkit, 50% Sales
Presentation)
• 25% - Case write-up assignment, cold-calling assignment, Story Matrix and sales meeting
report
• 15% - Class participation
• 10% - Sales person interview
Provisional grades are given for graduating students.
Final projects (50%)
In a team of three to four people (absolute minimum of three), identify a new product or
service from an existing business, early-stage or start-up company. Construct a detailed
sales toolkit for the solution and make a sales presentation to a mock customer. This final
project assignment will be conducted in teams of three to four individuals and will be made
up of three distinct components:
Sales Trailer
Sales Toolkit
Sales Presentation to a mock customer
Each team member will receive the same grade (sales trailer counts for 25% of final project
grade, sales toolkit deliverable counts for 25% of final project grade, and sales presentation
counts for 50% of final project grade)
Sales Trailer
• Each team will research a new product or service and produce a video sales trailer. Two
drafts of this sales trailer are required; due dates can be found in the Course Schedule
chart above. Further instructions will be provided in class. Your team will be responsible
for finding/reserving/borrowing video equipment and uploading the videos to YouTube.
The first draft is due in Week 3, and the final draft will be included with the Sales Toolkit
in Week 8 (see course schedule).
Sales Toolkit
Entrepreneurial Selling Syllabus – 34111 Page 6
• Each team will research a new product or service and produce a detailed sales toolkit for
attacking a target market. Toolkit must consist of the following components:
• Company differentiators
• Value proposition
• Competitive landscape
• Target market/segment analysis
• Sales hurdles
• Presentation and meeting checklist
• Prospecting script
• Sales Trailer (in print and video)
• Conversation progression
• Qualifying questions list
• Objections and responses list
• Story Matrix
• Presentation deck
• Sales forecast for first year
• Five initial target customers (1-3 actual contacts in each)
• A day in your life (a scheduled allocation of your time for a full day and each
activity)
Note: Final draft of video sales trailer should be included with this document when it
is submitted (Week 8) only if your sales trailer has changed
Note: Sales Toolkit must be NO longer than 20 pages total (including appendices).
Your presentation deck for sales meetings does not have to be included in the 20
pages. The course is organized to review each tool individually throughout the
course. Your group is not required to turn in any sections of the final project until
Week 8 (May 16). Your group is strongly encouraged to create at least a draft of
each one for your selected product or service immediately following the class session
in which it is described.
• Evaluation of your sales toolkit will be made up of the following criteria:
• Immediate applicability for the sales team
• Thoroughness in construction of the sales tools
• Connection to what was learned in the course
• Style and presentation
Entrepreneurial Selling Syllabus – 34111 Page 7
Mock Sales Presentation
• Each team will prepare a sales presentation and present it to a customer during either
the 9th or 10th weeks of the course. A preparation email is required prior to the
presentation, and the presentation will last 35 – 45 minutes.
Required preparation for sales presentations: For your sales presentations in weeks
9 or 10, please prepare three items to email to me by May 16:
1. A description of your customer for the purposes of your sales presentation.
Please tell me your customer’s title, where you are in the sales cycle, what
expectations he/she should have for the meeting, two questions you might ask
him/her and the answers to those questions and your goal(s) for the meeting
2. An email (to me) that you would normally send to the prospect prior to the
scheduled meeting
3. An agenda for your sales meeting
This email should be no more than three paragraphs (less than one-half page) in
total. Email these to me (and please copy Alice Gallen) in straight email text with no
attachments (because I cut and paste them into a document for your mock
customers). Please do not use Word…just straight email text.
Sales presentation itself must consist of the following components:
• Purpose, benefit, check
• Great questions to determine fit
• Qualifying
• Listening
• Use of selling tools (stories, trailer, objections)
• An ask
• Action steps
Important note: Each sales presentation will be thrown a curve ball. Part of the
overall team grade will depend on how your team handles the curve ball.
• Evaluation of your performance in the sales presentation will be made up of four
components:
• Customer - 30%
• Craig - 25% on preparation and 25% on presentation
• Self - 10%
• Partner - 10%
Entrepreneurial Selling Syllabus – 34111 Page 8
The sales presentation will be judged on the following criteria:
• Use of selling tools
• Persuasiveness
• Objection responses
• Handling of curve ball
• Listening
• Quality and style of presentation
• Meeting management
• Hygiene factors (appropriate dress, mobile phones, handouts, etc.)
Case write-up assignment, cold-calling assignment and sales meeting report (25%)
Case Write-Up:
o The purpose of the one write-up is to evaluate the case in the context of the
Entrepreneurial Selling Process and readings for that class, NOT just a
regurgitation of the key points of the case or answers to questions
included at the end of the case. I am interested in your thoughts about what
this company could have done better and differently, what mistakes were
made, and what decisions you would have made. I am also interested in how
you connect the case to the lessons we have learned from the readings,
discussions, and articles
This case will be returned as a graded assignment out of 10 points.
You can choose which case to write up (Scalix, Siebel, ClairVoyance, or
WisdomTools)
The paper must be no longer than 2 pages (single-spaced)
Additional research beyond the boundaries of the case is permitted
o Best practices for case write-up:
• Suggests alternate qualification questions to ask
• References the tools we are learning in context of the case (“the sales
toolkit was weak in these two areas..” or “I would have attempted to
get over this sales hurdle by...”)
• Reflects your personal experience
• Is organized in clear sections with headers
• Conforms to deliverable requirements (noted in “Additional Details”
below)
Entrepreneurial Selling Syllabus – 34111 Page 9
• You can freely discuss the cases with other members of this quarter’s
class, but your write-up must be completed individually
• Cold-calling assignment:
o In between weeks 1 and 2, you will be given a cold-calling assignment. This
assignment will be distributed at the end of the first course session
and is due in session two (along with the salesperson interview
assignment)
• Sales meeting report:
o After your sales presentation in week 9 or 10, you must submit a one-page
debrief on the sales meeting. This one-pager should include whether
you think the customer is qualified, what went well and what could
have been improved and what the next steps are for this prospect
Sales person interview (10%)
Each student will be required to interview one sales person and produce a written report
that answers the following questions:
• What is the hardest part about selling?
• What are the three most critical elements to being a high-performing sales
person?
A “salesperson” can be anyone who acts in a selling capacity; an entrepreneur selling his/her
product, an Accenture partner who sells work, an author who sells his/her book, etc.
This paper should be no more than one page, single-spaced, and should follow the
formatting guidelines included in the “Additional Details” section of the syllabus.
Here is the actual assignment, since this is due immediately in week two of the course:
Please interview a salesperson you know (a friend, a salesperson in your company, etc) and
write a one-page paper that answers the following two questions:
What is the hardest part about selling?
What are the three critical elements to being a high-performing salesperson?
Entrepreneurial Selling Syllabus – 34111 Page 10
This one-page paper (with name, but no cover sheet) is due at our second class session
(April 4). I am looking for your interpretation of these questions and answers, not just an
interview record.
Class participation (15%)
We will be spending a considerable amount of time in class discussions. My expectation is
that everyone will contribute over the quarter. A couple of thoughts for you to consider
about classroom participation:
• Selling is a contact sport...you will be cold-called
• I expect you to be prepared
• That said, I expect you to take risks. Selling is action, and you can never be completely
prepared with all of the information you need when you need it. If you jump in and it
turns out you are dead wrong, you will be rewarded more than if you stay silent. If I
cold-call you and you take a shot at it...even if you are dead wrong...you will be better
off
Additional details
Assignments:
You will be required to turn in all assignments, whether or not you are registered (or
stay) in the course
Late assignments are NOT permitted. If you are considering taking this course, you are
encouraged to attend every class and complete all assignments on time, even if you
have not yet registered. Late registration is not an acceptable reason to submit
assignments late
Assignments are to be submitted to Digital Dropbox on Chalk, not to our email (with
the exception of the customer preparation email required for the sales meeting and
a hard copy of the Sales Toolkit due on May 16). To use Digital Dropbox properly,
you must click both “submit” and “send.”
Formatting for all items:
Single-spaced
Stapled
Three-hole punched
Please add Honor Code to your footer (not on a separate page)
No cover sheet is necessary
Entrepreneurial Selling Syllabus – 34111 Page 11
Books:
What’s Your Story? (Wortmann)
Crossing The Chasm (Moore)
• Attendance:
Attendance is required at all course sessions and for the duration of each session
• You are allowed one miss, although it may impact classroom performance
component of your grade
• You should notify me prior to missing a session
• An absent student may make up the missed session by preparing a one page
summary of the missed session
• We will be using Session 11 (June 6) to debrief our sales presentations.
Attendance at this session is required
• Tardiness and leaving early are not permitted
• While you are here, be here
Now, let’s talk about selling…
Contact Info:
craig@craigwortmann.com / 847.922.2209
agallen@chicagobooth.edu / 404.273.2348
Entrepreneurial Selling Syllabus – 34111 Page 12
