The Profit Prophet

This is a question I have been asked dozens of times. I have been pretty fortunate and had a great deal of success as an entrepreneur in raising money, and many of my friends, colleagues, and entrepreneurs in waiting have asked me, what does it takes to get investment? Other that knowing someone or doing it once before (that is the easiest way), how can a “nobody” get somebody to invest in your bright idea? There are not a lot of things you can control when it comes to funding, but here are some tips YOU can do that seem to work for me, and hopefully for all those budding entrepreneurs out there as well! It’s all about the sizzle…you are selling smoke and smell, not steak! OK, being in Texas for most of my life (but not a native), I have learned a lot about cattle, steak and sizzle. You want to make their mouths water. When you are “selling” your idea, you have to think more like a televangelists and an engineer, CEO, or businessman. Essentially, you are selling somethin...

I love, um puns, and this one is very, very punny! Oh, sometimes not everything appears as it seems. ________________________________________  A couple lived near the ocean and used to walk the beach a lot. One summer they noticed a girl who was at the beach almost every day. She wasn't unusual, nor was the travel bag she carried, except for one thing; she would approach people who were sitting on the beach, glance around and then speak to them.  Generally, the people would respond negatively and she would wander off. But occasionally someone would nod and there would be a quick exchange of money and something that she carried in her bag.  The couple assumed that she was selling drugs and debated calling the cops, but since they didn't know for sure, they decided to just continue watching her. After a couple of weeks the wife said, 'Honey, have you ever noticed that she only goes up to people with boom boxes and other electronic devices?'  He hadn't and sa...

Many moons ago, while working at Harris Semi- conductors and a marketing manager, I had a disagreement with my boss about who ultimately paid our salaries. When I told him, “Our customers pay our paychecks; and actually it is our customers’ customers who paid our paychecks,” his retort was that he paid my salary. My boss felt that is was marketing’s job to convince our customers of what they wanted, preferably that it would be what we were trying to sell. Hard to believe that this guy got his MBA from the Sloan Business School! I knew it then, and it has been proven to me over and over again that my boss was wrong (although I did get sacked for not only this disagreement but many others). What is important then is still important now. In sales, it is NOT what you are selling, what is important is the problems you are solving for your customer. The number one problem customers will face is what should they make to satisfy the needs and desires of their existing and potential customer...