You come to America to chase a dream. Instead, you find yourself working two part time jobs, sixty hour weeks for almost minimum pay. You save up, move out of your parents’ house, get promoted to full time. So you drop the other job and then sell your soul to your bi-weekly paycheck, promotions and bonuses.
It’s the American dream.
So last week I woke up and left my 40 hour retail banking job. All I want to do is work 80+ hours on my startup with no pay. Entrepreneur level 2000.
I wouldn’t trade my banking/sales experience for anything though. These are the lessons learned that I will use in my entrepreneurial journey.
1.Banking experience: Explaining to a customer that it’s not just a savings account. It has an APY, which is different from APR. Yes, it has tax implications and theirs was shut down by the Fed because they dipped into it too much.
Entrepreneurial Lesson: Know your product inside out. Be an expert in what you’re selling.
2.Banking experience: People will close their accounts, and your customer acquisition rate will be much lower. When you try to understand why, they say ‘because Well’s Fargo’.
Entrepreneurial lesson: Know what is happening in your industry. Read on trends, news, and insights and adapt.
3.Banking experience: Yes sir, you did spend more than you had and this is why you got the fees. No, I will not refund it because this is the umpteenth time you have done it. Yes, you did consent to this overdraft option. Yes, I can show you how to avoid it next time.
Entrepreneurial lesson: The customer is not always right. And sometimes they need to know and be educated.
4.Banking experience: Do not sell a Home equity line of credit to a college dorm-renting student.
Entrepreneurial lesson: Know who your customer is . Really know them, and then evaluate whether they need your product.
5.Banking experience: Yes, this credit card has the best APR and percentage cash back. But that depends on your credit score. Perhaps you should start with a different card to build your credit to a point where you can enjoy the rates you seek.
Entrepreneurial lesson: People buy from people -who add value. Don’t sell to make the buck,you fall flat on your face.