Kak
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It's the least I can do @Kak!
You have inspired me both in this thread and by our phone conversation, to think bigger and push harder to reach my goal of being financially free from the slowlane.
So as agreed here's the summary of our conversation, take note guys, lots of golden nuggets. (This is how I interpreted what you said @Kak, please correct me if I misunderstood anything).
- As Kyle has stressed previously in this thread, networking and lobbying are incredibly important. It can get you to the right people who can help propel your business or idea in the right direction. By lobbying, Kyle was able to more easily get in touch with a CEO of large company that he initially wanted to work with.
- Think big and knock it out of the park from the beginning. Why bother struggling along when you can go straight for venture capital.
After all, it's their job to buy your business. Just make sure that the idea is different enough. VC's like a challenge and if it's not a challenge, everybody will be doing it.
- Look for ideas that are sustainable with huge potential and importantly look to obtain exclusivity. If you can't obtain exclusivity then others will sell the same thing and it will just become a pricing war/profits will be thin.
- When you have a big idea, do your research and speak to relevant people who can help and advise. (Networking/Lobbying)
- When looking for VC's, it's best if they have experience in your chosen field, as they are going to have people they can introduce you too to help you along.
- When meeting VC's, don't go there to kiss their a$$, go there and say 'this is my project, this is exactly what I'm doing, this is exactly what I'm going to do with your money, this will help me and will make you money'. Give them a great deal and provide them value like you would a customer. Remember, their investing in you as much as they are the business.
Finally, one thing I particularly took from the conversation was that Kyle had to be pretty much fearless to get to where he is now. He wasn't afraid to dive in head first and meet company owners in person. He wasn't just ringing the people he needed to get a hold of, but he was flying to them, regardless of what state or country.
I will add more nuggets as I remember them, but for now my brain is working overtime!
I'm very glad I could provide some value to you! Keep us posted!
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