The Pricing Mistake: What New Entrepreneurs Learn the Hard Way (w/ Kelly Kennedy) [#116]

What do new entrepreneurs get wrong about pricing, community, and building a business around their expertise? In part two of this Management Muse conversation, Cindi Baldi talks with Kelly Kennedy, founder of Capital Business Development and host of The Business Development Podcast, about the realities of entrepreneurship that most people only learn after they start. Kelly and Cindi discuss the shift from employee to entrepreneur, why service-based business owners often underprice themselves, and why pricing like an employee can make it hard to build a sustainable business. They also talk about community, referrals, reputation, generosity, differentiation, and what it really takes to build a business that lasts. If you are a consultant, coach, freelancer, service-based entrepreneur, or business owner building around your expertise, this episode will help you think differently about pricing, business development, community, and growth. *Watch Part 1: Why Podcasting Might Be Your Best Business Development Tool and How to Get Started    • Why Podcasting Might Be Your Best Business...   In this episode: • Why entrepreneurship requires a different mindset than employment • Why new entrepreneurs often underestimate what they need to earn • How to price a service-based business more strategically • Why underpricing can signal lower quality • How referrals and community support business growth • Why generosity and reputation matter in business development • Why differentiation matters more in an AI-driven world • Why taking the first step matters more than having the whole path figured out Watch more episodes of Management Muse for conversations about leadership, management, business development, entrepreneurship, workplace culture, communication, and the future of work. ___________________ About Kelly Kennedy: Kelly Kennedy is a Canadian business development strategist, founder of Capital Business Development, and host of The Business Development Podcast, a globally recognized show with over 300 episodes and listeners in more than 150 countries. He is also the creator of The Catalyst Club, a private community for leaders focused on connection and results, and the host of I Used To Work There podcast. With nearly two decades in sales and business development, Kelly helps entrepreneurs, executives, and sales professionals turn strategy into consistent revenue through proven business development systems. Connect with Kelly:   / kellykennedyofficial     / thebusinessdevelopmentpodcast   www.kellykennedyofficial.com/thecatalystclub www.businessdevelopmentpodcast.ca www.iusedtoworkthere.com ___________________ *Get your copy of The Uncertainty Playbook: 14 Strategies for Work Success in a Chaotic World here: https://ondemandleadership.com/books → Use code PLAYBOOK20 for 20% off. *Get Science-Backed Insights and Exclusive Perks Straight to Your Inbox: → Sign up for our newsletter and get a FREE chapter of The Uncertainty Playbook: https://managementmuse.com/newsletter/ ___________________ Related Videos: Why Podcasting Might Be Your Best Business Development Tool:    • Why Podcasting Might Be Your Best Business...   -Starting a Successful Side Hustle:    • Starting a Successful Side Hustle - From t...   ___________________ Want to Go Deeper? Check Out Our Recommended Reading: • Burg, Bob and John David Mann. The Go-Giver, Portfolio, 2015, https://a.co/d/05zaxTPw • Gerber, Michael E. The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, Harper Business, 1995, https://a.co/d/01cwxszb ___________________ Listen & Subscribe To Our Audio Podcast: Spotify: https://bit.ly/4ez3pPO Apple Podcasts: https://bit.ly/4esvZ5l ___________________ Join Our Management Muse Community: LinkedIn:   / management-muse-podcast   Facebook:   / managementmusepodcast   Instagram:   / managementmuse   -TikTok: https://www.tiktok.com/@managementmus... Website: https://managementmuse.com/ ___________________ Timestamps: 00:00 Introduction: Why Service Businesses Should Aim to Be Profitable Early 00:37 Moving From Employee to Entrepreneur 03:49 Why Your Old Hourly Rate Does Not Work Anymore 05:25 The Pricing Mistake New Entrepreneurs Make 08:54 Why Community Matters in Entrepreneurship 10:03 Referrals, Word of Mouth, and Reputation 16:23 Generosity as a Business Advantage 18:22 AI, Differentiation, and Human Judgment 24:30 Taking the First Entrepreneurial Step #BusinessDevelopment #Entrepreneurship #BusinessTips