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...

Back in 1987, Art Williams, a self made billionaire made a speech to the National Religious Broadcasters that succinctly defines what is necessary to be successful in business. This list is STILL relevant today and I outline it below. In essence, Mr. Williams believes that the winning edge in ANYTHING you do you involves having that have Mental Toughness, People Ability, Integrity, and Character. A more detail outline is listed below: 1) Be Excited about what you are doing and STAY excited about it until you have completed what you started out to do. 2) Stay Positive no MATTER what happens. Get "I Can't" out of your vocabulary. 3) Be a DREAMER - Yes a DREAMER. You HAVE to have a dream 4) Stand for SOMETHING. This goes to the power of purpose in what you do. 5) You must be TOTALLY committed to what you are trying to do. 6) Treat people Good. Show them love and caring and make EVERYONE you meet feel special. 7) Establish the right Priorities in your live: Faith, Family ...

One thing I have found out is that your first idea about a product or service is usually not your best idea. As a general rule, be prepared to change your original idea in order to hit the moving target you planned on hitting. Some notables on this rule are Intel: It started out as a memory company, and its original numeric processor was made for factory automation, not the PC. Motorola: started out making radios receivers for automobiles. MCI: It started out as a radio network for truckers. Google: It started just looking up the number references to a particular thesis. Part of the reason why this happens is because when you start your product or company, you are only guessing what your potential customer might want or need, or how they will use a product. When you first release your product or service, you are trying to solve a problem or fill a need that you think needs to be solved or filled. Your perception of that need might not be totally accurate, or the need mig...