LegalZoom Co-Founder Eddie Hartman Explains Why 72% of Businesses Fail
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Why do 72% of businesses fail?
I'm Micah Sargent, co-host of iOS Today alongside Rosemary Orchard, and we hope you get more from your iPhone, from your iPad, from your Apple Watch, from your Apple TV. All of it. Apps, tips, clever tricks, and the updates you should know about. It's informative. It's fun. It's full of things you'll want to try right after the show and have a few laughs about as well. Check it out at twit.tv slash iOS. That's twit.tv slash iOS.
We don't stop selling. We don't stop selling even when we obtain that client with the onboarding, asking the clarifying questions. Negotiation actually scares a lot of new entrepreneurs. What would you say, Eddie, that's one rule that can help them close deals without feeling pushy?
Imagine that they say, I'd like a 25% discount. And you say, done, 25% discount. Do they believe that your price was real? If they do not believe your price, they may question your value. If on the other hand, you say, I can give you a discount if you are willing to do this. If you're willing to provide a testimonial for me. Exchanges make sense to people. If it's free, then where was the value? Why didn't you want full frame? Was that price a real price in the first place? To avoid that, when you give something, get something back.
I love how you framed it. I got to share that with my sales team.
All right, guys, welcome back to the Level of Podcast. This is Paul Alex, and I'm sitting down with Eddie Hartman, co-founder of LegalZoom. Guys, he's helped companies worth billions figure out how to price smarter, sell better, and grow faster. So on this episode, we're actually going to be breaking down what it really takes to build a business that not only scales, but stays profitable. Eddie, how are you doing today, brother?
I'm so glad to be on with you, Paul. I really am.
Oh yeah. We had a great conversation about baseball. Now I know that you're a big fan. Not about the Giants, but the Mariners.
No, no. So the Giants are a great team, but they take it all the time. The Mariners are the only franchise, Paul, to never have made it to the World Series. It's been 25 years since they legit, not as a wild card, made it to the postseason. Here they are on the precipice tonight going into a clutch game. We're going to see if they can take it. And if they do, you are going to make my wife's 102-year-old grandmother proud. the happiest, danciest, I'm going to see her dancing all around, grandmother in Seattle because she will finally see her Mariners go to the show. I should be so happy. So please send them your thoughts, send them your well wishes. I hope that they make it.
Will do. Will do. Well, now that we're on the level up, we're going to make sure that the Mariners level up as well and they make it through, right?
100%. Yeah, exactly. That's what it's all about. We want to see everyone succeed. It's not baseball, right? The problem is 72% of entrepreneurs, according to our study, even higher if you talk to the people at Google who also track this stuff, who try to start businesses, try to innovate, try to release something into the market, fail. And the reason they fail, and we've done a huge study of this too, you know, if you think about it, if you think about anything that you buy, and if you could visualize something in your mind that you might buy, right? The amount of money that you're willing to pay for it is a direct correlation to what you think you're going to get in terms of value, right? If you think about it, price isn't really a thing.
Value is a thing. Price is what we use to try to measure that thing. And I often tell people, if I asked you to weigh something, if I asked you to look at how much a cup of mug could hold or something like that, you may not be able to tell me exactly what the number is, but you've got a unit in mind. You've got a unit like pounds, ounces, something. If I said, tell me how much something delivers in terms of value, I think a lot of people would struggle. And my modest proposal is it's dollars. Dollars is the yardstick or pounds or euro, wherever you are.
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Chapters
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