RickCoplin commented on the following stories on BizSugar
So What If You Have An Idea?
"Martin, I am not sure I can be much help... I've just picked up and started reading a new book by Pat Flynn, called Will it Fly (http://www.willitflybook.com). I am finding it to be one of the best books for entrepreneurs I have read, as it is not just a book. It has a fully developed companion course that is included in the price of the book. Both do a great job of bringing to light the potential and flaws of an idea, how it matches with the person, realistic market testing and assessment and a whole host of other factors that contribute to potential. In terms of blogging, the one thing that is a key first step is consistency. I've stepped my own efforts this year and committed to publishing weekly. The challenge is quality and engaging content at that level, so I've got my work cut out for me. Finally, I believe that what most people miss is Clarity. I have a good friend that reminds constantly that "Confusion repels, Clarity compels". I have a long way to go on this, and I suspect you do as well. What is the ONE thing you want to be known for? Do that, and ignore or minimize the other stuff. If I can broadcast Clarity this year, and clarity that I see others reflecting back to me, not just what I think is clarity, then I'll be light years ahead of where I am today. Good luck!"Buy the Coffee
"Martin, My apologies for not responding here last month! I saw your comment on my blog, and responded there without thinking you may have also commented here on BizSugar. I've copied my comment below from my blog post. Happy New Year, Rick ************* Martin, I agree about the third place; coffee shops are perfect in that respect. My favorite place? I prefer locally owned shops where the personality of the community and the owner are best reflected. Those in old houses with several nooks and crannies top my list. If you;re a tea aficionado, you will like Tekhu Tea: https://www.facebook.com/TehKuTea Enjoy today, Rick"4 Things That Will Scare Investors Away
"Martin, Absolutely, I have solid examples of both. The most often repeated mistake is not knowing your customers well or doing any research prior to building a prototype. I run across entrepreneurs frequently who make assumptions customers will flock to their idea without having talked to any potential customers. For example, I recently worked with an entrepreneur that had an interesting idea to create an app with tons of local information assuming that local businesses would buy add space as a source of revenue in return for app users being directed to their stores. She was trying to raise funds to support her ongoing development costs and not having any success. Once she began talking to potential customers however, she discovered that they had no interest in buying ads for his type of service, something investors had already pressed her on by the tie she came to us. She could have saved about 4 months of design and build time plus some of her savings, had she first talked to potential customers. We see this same pattern repeated frequently with both inexperienced and experience entrepreneurs. In terms of positive outcomes for investment pitches, yes. I see this frequently as well and our company participates in some of the investment opportunities. Thanks for asking, Rick "4 Things That Will Scare Investors Away
"Martin, Talking with customers is the single most important thing you a do prior to building a solution. Here's some tips: Talk to those in the industry you seek to serve and determine 1) if there is the need you perceive; 2) if your solution matches their needs; and 3) how your solution can be improved to meet those needs even better. Be systematic about this. You want to collect and organize anecdotal information about your customer needs and preferences, then use that knowledge in product development and fund raising. A friend of mine who founded and runs a CRM company wrote a book "GoUnfunded". It goes into this in great detail (www.gounfunded.com/unfunded-book). To really be successful, you must identify with and like your customers and be liked in return. Be interested in their business, their problems, and their successes. Forming relationships beyond the transactional enables us to learn deep details about customer needs that other, less engaged entrepreneurs, will miss. Having knowledge and real relationships with potential customers will definitely help you raise funds, particularly when you can quote them and ask them to support you through offering testimonials verbally with interested investors. I hope this helps, Rick "Are you Leading to Greatness?
"Warren, I appreciate your thoughts (& apologize for my slow response - I missed the notification). This simple story of adding structure into an entrepreneurial environment has touched a few of our clients and helped them think through similar actions in their own companies."« previous1 next »
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So What If You Have An Idea?
"That's exactly the right attitude! The more we discuss our ideas, the more opportunity we have to identify and incorporate improvements, find partners & customers, and to increase the value we provide to others."