Many entrepreneurs who work with high-profile, high-wealth clients can get intimidated when they approach someone like a billionaire. It’s only natural, right?
However, if your business is centered around working with high net worth individuals, intimidation can cause your business to come to a grinding halt as you work with more successful people.
If you’ve noticed that you’ve begun to stall in your business due to feeling intimidated by approaching more affluent clients, you won’t want to miss this advice.
During a Facebook live chat, we sat down with Naveen Jain. A serial entrepreneur, innovator, and billionaire, he discussed the best ways to approach billionaires in business matters.
If you’ve ever wanted to work with high net worth individuals, you won’t want to miss this advice from Naveen. If you missed the Facebook live event, you can now hear it on The Art of Making Things Happen with Steve Sims.
Here is some of the key advice Naveen shared.
Naveen shared a great story about his son meeting a very esteemed businessman at a Bill Gates CEO Summit and how he approached this highly regarded man in the room.
As other people shook hands and talked about how much they loved him or asked for selfies, his son communicated differently. His approach made all the difference. This was his son’s way of approaching a billionaire.
“Mr. Tata, I have an organization that is helping young entrepreneurs be successful. I would like you to speak to them. Would you consider helping these young entrepreneurs be successful?”
Notice how his request came from a place of value, not for himself, but others. You’ll also notice that he uses words like, “would you consider,” valuing his time. His whole approach was about offering a way for the man to add value to young entrepreneurs.
The result was a meeting after the summit to discuss how he could help.
Another critical piece of advice that Naveen shared was that Billionaires don’t work with people just because they know them. He explains certain levels must be met before a Billionaire is willing to invest in a business.
When you’re a high-profile person, each conversation comes with a bit of suspicion when dealing with strangers. Therefore it’s essential to build a relationship first.
Naveen states that while knowing someone can help someone, it’s not what creates a business partnership. The first stage starts with knowing someone.
After that, a relationship is established if they like the person. However, liking a person isn’t enough to start a business venture. An affluent person must trust the person. Lastly, as trust builds, respect is earned, and that’s when a billionaire is willing to do business with a person.
Naveen makes a clear distinction between passion and obsession. Obsession is the drive to solve a problem. This is what Naveen had to say about passion, “Passion is for losers. It’s for a hobby.”
When you approach a billionaire, it shouldn’t be about your brand or your business but your obsession. What is it that makes you jump out of bed in the morning? How does that relate to the person and fit in with their story?
It’s all about forming a connection through mutual obsessions you have to help serve others. If you can do that, you have won half the battle.
Many people think that high net worth people are just like they are in interviews, but the truth is that while some affluent people are extroverts, many who seem that way in interviews are commonly shy.
It’s important to recognize this and be respectful of that fact before making assumptions. When people are quiet, it can lead to people feeling someone is arrogant, when in fact, they are just shy.
When dealing with a shy person, it’s essential to be direct and express your intentions clearly. Here is how Steve approaches billionaire clients, “Hey, how are you doing? My name is Steve Sims. You don’t know me. Then I get right to the point.”
Steve found that this often helps shy people put their guard down to communicate.
Following these steps can help you build a relationship with high-wealth individuals you hope to make clients. One last thing, don’t ask for money straight away. Add value, communicate your obsession, and treat them as a person, not a personality, and you’re on your way to earning high-wealth clients.
For more great insights about entrepreneurship, be sure to check out the rest of the interview with Naveen. While you’re at it, take a look at the rest of our interviews on The Art of Making Things Happen podcast page.