It seems these days I am inundated by people with “The Next Multi-Billion Dollar Concept.†I will say it has become difficult for me to listen to these people because they all say almost word-for-word the exact same thing!
·The conversation usually starts with a person(s) acting very confidential and sequestering me to a quiet area where we can talk secretly. This is my 1st hint of a problem, but doesn’t always mean it is a NBTP (Next Big Thing Proposal).
·Then they usually pause to gather their thoughts in an excited manner; 2nd hint of a NBTP, but also just means they are going to propose something.
·Then comes the pitch (concept) which takes 1 of 2 forms; either they start with something they have/own, or they share an idea which they think is unique to them. If the idea/concept is shared with me but has not been acted on, then it is a NBTP. If they share what they have and in rare cases it is substantial then it might not be an NBTP; it just means they have been given very bad advice so far.
·The final nail in the coffin for the NBTP is the “Take it & Run†part, or the “Find a Place for yourself (company) in thisâ€, or “Is this something you can put together.†I’m sure you get the hint here.
The point I am making is this type of person almost never has any real Entrepreneur experience because they are either lazy or too risk adverse to try their own concept. What they want is for someone else to do all of the work and they just contribute a very limited amount of time, or substance like a brand name, or domain name, or even a website; all of which are useless.
I always politely end up saying I will research their proposal which I do, but I know that eventually one of my clients will build something similar and the NBTP person will spend the rest of their lives screaming it was their idea, or will instigate a lawsuit which will fail.
For the Entrepreneurs who have transitioned into mentoring, I know you understand, but for the Entrepreneurs who have yet to transition into the Mentor role, you might fall victim to the NBTP and lose valuable time so be careful. The danger here is the passing of a good opportunity on an idea which the originator has no real intention of dedicating themselves to.
For the New or Aspiring Entrepreneur; try not to be the NBTP person because it bleeds you of credibility instantly. I speak as one who has been guilty of this in my early years. Here is an alternative to pitching just an idea which is definitely more valuable to you than the person being pitched:
Plan you concept all the way to market, through the Burn Rate, past the Break Even point, to the 1st profit Milestone. Lay the foundation for your new business by buying the domain name and setting up a website (very cheap). Build a marketing plan centered on getting customers ready for your launch. Build a list of needed skills you don’t have! Put this all together and use it to present you idea. Why & who do you present this too? You will need to present this to people you want to recruit into your startup team (Management Team). If you need investment capital and you have all of this planning and a management team, you will eventually get your investment capital.
I’m not recommending you go out and get investment capital, but this is how it is done successfully. This process will also give you a leg up in succeeding with you startup, acquiring Strategic Alliances, and partners.
·The conversation usually starts with a person(s) acting very confidential and sequestering me to a quiet area where we can talk secretly. This is my 1st hint of a problem, but doesn’t always mean it is a NBTP (Next Big Thing Proposal).
·Then they usually pause to gather their thoughts in an excited manner; 2nd hint of a NBTP, but also just means they are going to propose something.
·Then comes the pitch (concept) which takes 1 of 2 forms; either they start with something they have/own, or they share an idea which they think is unique to them. If the idea/concept is shared with me but has not been acted on, then it is a NBTP. If they share what they have and in rare cases it is substantial then it might not be an NBTP; it just means they have been given very bad advice so far.
·The final nail in the coffin for the NBTP is the “Take it & Run†part, or the “Find a Place for yourself (company) in thisâ€, or “Is this something you can put together.†I’m sure you get the hint here.
The point I am making is this type of person almost never has any real Entrepreneur experience because they are either lazy or too risk adverse to try their own concept. What they want is for someone else to do all of the work and they just contribute a very limited amount of time, or substance like a brand name, or domain name, or even a website; all of which are useless.
I always politely end up saying I will research their proposal which I do, but I know that eventually one of my clients will build something similar and the NBTP person will spend the rest of their lives screaming it was their idea, or will instigate a lawsuit which will fail.
For the Entrepreneurs who have transitioned into mentoring, I know you understand, but for the Entrepreneurs who have yet to transition into the Mentor role, you might fall victim to the NBTP and lose valuable time so be careful. The danger here is the passing of a good opportunity on an idea which the originator has no real intention of dedicating themselves to.
For the New or Aspiring Entrepreneur; try not to be the NBTP person because it bleeds you of credibility instantly. I speak as one who has been guilty of this in my early years. Here is an alternative to pitching just an idea which is definitely more valuable to you than the person being pitched:
Plan you concept all the way to market, through the Burn Rate, past the Break Even point, to the 1st profit Milestone. Lay the foundation for your new business by buying the domain name and setting up a website (very cheap). Build a marketing plan centered on getting customers ready for your launch. Build a list of needed skills you don’t have! Put this all together and use it to present you idea. Why & who do you present this too? You will need to present this to people you want to recruit into your startup team (Management Team). If you need investment capital and you have all of this planning and a management team, you will eventually get your investment capital.
I’m not recommending you go out and get investment capital, but this is how it is done successfully. This process will also give you a leg up in succeeding with you startup, acquiring Strategic Alliances, and partners.
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