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I don't think Al and Ted are kin arn...
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I'd agree, without guidance, training, knowing where to invest your resources (money, time) it is very difficult.
Great job sticking to it and surviving, very encouraging.
Great job sticking to it and surviving, very encouraging.
It's almost near impossible to jump into this industry as an independent and make good money from the get go. Or, am I out of touch?
Unless, of course, a broker (like me) hires you, or, you become a captive agent(State Farm, etc).
I went back and looked at my previous tax records. In 1977, I was managing a bowling center making $20k/yr. In 1978, my first full year in insurance, I made $9k/yr. This was pure comm, no salary etc. By 1982, I had $30k of credit card debt. I would have failed had I jumped into ins cold turkey. I barely made it as it was
My statement about "testing the waters" would only apply to someone wanting to be a complete independent. Like myself.
Renewals are the life blood of this industry.
I have mixed thoughts about all this discussion. I am reminded of a lesson I learned when a young man...
I played high school football and excelled at it. I was the Fullback and was elected co-captain, along with my buddy who was a Halfback. I won a number of trophies and helped our team win the conference championship. (I also excelled at Track and Field and Baseball, but sticking to the story...)
After high school I was invited to a college for try-outs, along with my buddy who was the second highest scoring running back in the state at the time. We were both told to enroll in the school and ante up the tuition, and if we made the team, we would be given a football scholarship. Both of us looked at each other and said "NO WAY!"... Before another opportunity came along for a scholarship, the Russians put up the Berlin Wall, and I joined the Navy.
While at a Navy base during my tour of duty, I had the opportunity to try out for the station football team. I had never played linebacker, but this coach insisted and put me in the middle slot. I got my bell rung too many times to count by another scrimmage player on the offense who I learned later was a former college player. After a certain point had to recognize that I just didn't have what it took to play at a higher level than high school. Boy, was I glad I didn't "burn my ships" when first offered that college opportunity!
Fast forward 45 years... When I realized that my retirement savings was going down the tubes, I scrambled to find another "late life" career. I eventually settled on insurance sales, and was offered one of those NAA-type rah-rah positions. I was tempted, but soon realized that all that motivational crap was just too temporary. What I excelled in was putting my head down and forging ahead, and not giving up until it became conclusive that I was either going to score or be tackled. That's why I am an independent agent. I don't need no stinkin' motivational messages!
What is more likely a prediction of success is: 1) work ethic 2) perseverance 3) appetite to learn. One thing you must "learn" besides your professional vocation, is when to cut your losses. Not to soon, but not at the expense of common sense, either.
I've put my "toes in the water" in many endeavors, and learned what I was good at, and what not, and also what paid well. (I have another story about the latter.... someday I'll relate that...)
I played high school football and excelled at it. I was the Fullback and was elected co-captain, along with my buddy who was a Halfback. I won a number of trophies and helped our team win the conference championship. (I also excelled at Track and Field and Baseball, but sticking to the story...)
After high school I was invited to a college for try-outs, along with my buddy who was the second highest scoring running back in the state at the time. We were both told to enroll in the school and ante up the tuition, and if we made the team, we would be given a football scholarship. Both of us looked at each other and said "NO WAY!"... Before another opportunity came along for a scholarship, the Russians put up the Berlin Wall, and I joined the Navy.
While at a Navy base during my tour of duty, I had the opportunity to try out for the station football team. I had never played linebacker, but this coach insisted and put me in the middle slot. I got my bell rung too many times to count by another scrimmage player on the offense who I learned later was a former college player. After a certain point had to recognize that I just didn't have what it took to play at a higher level than high school. Boy, was I glad I didn't "burn my ships" when first offered that college opportunity!
Fast forward 45 years... When I realized that my retirement savings was going down the tubes, I scrambled to find another "late life" career. I eventually settled on insurance sales, and was offered one of those NAA-type rah-rah positions. I was tempted, but soon realized that all that motivational crap was just too temporary. What I excelled in was putting my head down and forging ahead, and not giving up until it became conclusive that I was either going to score or be tackled. That's why I am an independent agent. I don't need no stinkin' motivational messages!
What is more likely a prediction of success is: 1) work ethic 2) perseverance 3) appetite to learn. One thing you must "learn" besides your professional vocation, is when to cut your losses. Not to soon, but not at the expense of common sense, either.
I've put my "toes in the water" in many endeavors, and learned what I was good at, and what not, and also what paid well. (I have another story about the latter.... someday I'll relate that...)
Several years ago I had the chance to talk to a very successful marketer and "sales coach". He had been giving a speech on recruiting and motivating sales people. We had become friends via email & phone before the meeting and afterward, we had some time to talk. He shared something he had observed that he used as a predictor of success.
When recruiting, look for people who played music or participated in team sports while in school. His observation was, these type of people had the greatest chance of success in positions that require self discipline and leadership.
His thoughts were, those who pushed themselves early in life to do things beyond what was required continued that success later on. It didn't matter if you were first chair or first string. All that mattered is that you gave up some of your free time to pursue something others did not.
While they were playing games or doing nothing, these people were practicing, practicing, practicing.
I have held "recruiting" positions in the past and I learned to ask a single question during the interview beyond the usual ones. "Did you participate in team sports or play music as a child?".
That was my way of separating the chaff from the wheat. I was rarely disappointed in my picks.
Think about it.
When recruiting, look for people who played music or participated in team sports while in school. His observation was, these type of people had the greatest chance of success in positions that require self discipline and leadership.
His thoughts were, those who pushed themselves early in life to do things beyond what was required continued that success later on. It didn't matter if you were first chair or first string. All that mattered is that you gave up some of your free time to pursue something others did not.
While they were playing games or doing nothing, these people were practicing, practicing, practicing.
I have held "recruiting" positions in the past and I learned to ask a single question during the interview beyond the usual ones. "Did you participate in team sports or play music as a child?".
That was my way of separating the chaff from the wheat. I was rarely disappointed in my picks.
Think about it.
- 14,808
Another great interview question and barometer for success: "Tell me about the book you're currently reading."
- 7,066
I don't need no stinkin' motivational messages!
What is more likely a prediction of success is: 1) work ethic 2) perseverance 3) appetite to learn.
Excellent post!
Everyone talks about the need to be self motivated to be successful in this business.
I understand someone new to insurance needing encouragement when first getting started, but if one constantly needs someone to keep them "pumped up" then maybe they should be an employee.
- 14,808
Success business owners are passionate which is natural motivation. If you're not passionate about what you do you'll likely be working for someone who is passionate.
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- #49
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Anyone read Outliers? There is a chapter about 10,000 hours of practice, equating it to making someone successful. Practice makes perfect.
Now let's consider this, you played football, who taught you? Did you learn on your own? No, you were taught by someone who knew better than you. Even if you had a natural ability, it can likely be fine tuned by someone who knows better, has had success, etc.
In everything you succeeded in, this was likely the case, regarledss of if you were mentored directly or sought it out on your own.
Now move to an MGA/GA. If they can teach you how to sell, train you, encourage you, help you set goals and make you really feel part of a team, is that a bad thing? I have about 47 agents currently who will say it's the best thing they've experienced in a long time. And it's only going to get better.
Every agent seeking an opportunity should use the following mindset when reading the forums:
If someone is not way more credible, insightful and successful than you are, who cares what they say? If they put others down, they are probably not happy with their own lives. Therefore, they can't lead you any further than where they're currently at, can they? You want barely one sale a day, listen to them, you want to fail 90% of the time, listen to them, you want to struggle and piece meal your way to knowledge, listen to them.
BUT, that's probably what you're already doing isn't it?
Maybe it's time for new mentors in your life!
Now let's consider this, you played football, who taught you? Did you learn on your own? No, you were taught by someone who knew better than you. Even if you had a natural ability, it can likely be fine tuned by someone who knows better, has had success, etc.
In everything you succeeded in, this was likely the case, regarledss of if you were mentored directly or sought it out on your own.
Now move to an MGA/GA. If they can teach you how to sell, train you, encourage you, help you set goals and make you really feel part of a team, is that a bad thing? I have about 47 agents currently who will say it's the best thing they've experienced in a long time. And it's only going to get better.
Every agent seeking an opportunity should use the following mindset when reading the forums:
If someone is not way more credible, insightful and successful than you are, who cares what they say? If they put others down, they are probably not happy with their own lives. Therefore, they can't lead you any further than where they're currently at, can they? You want barely one sale a day, listen to them, you want to fail 90% of the time, listen to them, you want to struggle and piece meal your way to knowledge, listen to them.
BUT, that's probably what you're already doing isn't it?
Maybe it's time for new mentors in your life!
- 4,744
My favorite is to ask an applicant about the jobs they had as a teenager.
If they stall on this question, I then take it they were a "golden spoon" child. Meaning, they were given everything in life. Many of my personal friends NEVER did a lick of work until well after college. Mommy and daddy paid for everything. Bought them a car, paid the gas, you get the picture. These, "golden spoon" people don't know what it is like to drink cheap beer, eat mac and cheese, and, be out of money.
When I ask the question, "about the jobs they had as a teenager", I look for, did they have a paper route?, mow lawns?, wash windows?, etc.
These people developed a work ethic very early in life. And probably have a strong desire to succeed.
If they stall on this question, I then take it they were a "golden spoon" child. Meaning, they were given everything in life. Many of my personal friends NEVER did a lick of work until well after college. Mommy and daddy paid for everything. Bought them a car, paid the gas, you get the picture. These, "golden spoon" people don't know what it is like to drink cheap beer, eat mac and cheese, and, be out of money.
When I ask the question, "about the jobs they had as a teenager", I look for, did they have a paper route?, mow lawns?, wash windows?, etc.
These people developed a work ethic very early in life. And probably have a strong desire to succeed.
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