Ask Mr. Now

[Ungoliant]

That's all great, but how many tackles for losses did you have in 1995?

[Sniper]

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I do not answer questions about my story and I do not refer to my story generally when answering questions on this coaching thread. See Ground Rules.

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Does Mr. Now believe that his story might speak to his expertise in business matters and his ability to give good advice?

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Hawk, if you review Mr Now's other posts across the forums, you will find that while he does not have ElD's following, he should... his posts are of the highest quality and usefulness!

I, for one, am glad that he decided to add value to this new forum... and I believe other's will find his contributions here valuable, as well.

[Elevens]

SmartDraw?
...or LexJet?

[El Diablo]

MrNow,

What happened from 2002-2006 will help us better understand what areas of advice you are qualified to provide.

Did the business grow more? Did you sell it? Was there a slowdown in the market? Did you have to go into bankruptcy?

MrNow is offering his expertise based on his entrepeneurial experience, so it only seems natural that MrNow would let us know the outcome of his enterpreneurial endeavors beyond the 45 person 4M revs stage.

Thanks in advance,
El Diablo

[chopstick]

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4. You must obtain and examine the book THE ORIGIN AND EVOLUTION OF NEW BUSINESSES by Amar Bhide.


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Just ordered it from Amazon for $10.44 including shipping. Looks like they have 2 copies left themselves, selling at $50 each, but there are a good chunk of used copies for just under $10 available.

I should be ready with some questions in a few weeks based on shipping time. Any other (books, essays, etc) reading recommendations in the mean time? I don't suppose you have a recommended reading list..




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5. You must examine this essay below on the perfect business-- before asking questions. Just like the book above, I refer to this essay often in my replies:

The Perfect Business-- by Richard Russell


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That essay seems to be mostly common sense. From my limited experience, it seems like #1 and #12 are the most valuable lessons there.

[Mr. Now]

Mr. Now provides substantial background information with the intention of demonstrating strong credibility to serve.

If you have a business startup issue, I'm available to assist you, otherwise I'm not.

[Mr. Now]

I know little to nothing in 1995.

The business is a little over a year old. I make every mistake an entreprenuer can make.

For example, I get stiffed for 38 thousand in billing by a large local HMO. This happens because I have multiple consultants working there, invoices go out every 2 weeks with 30 days to pay. The client gets way ahead of me and trys to stiff me for 64K but gets away with 38K. Ouch.

In another episode, in 1996, Mr. Now gets stiffed for another 20K. Hey, it's not 38K, look at the bright side.

During this period, I must cash-advance funds to make payroll.

(Your insight is keen and very astute.)






Even so, Mr. Now survives, and prospers. The main reason is, I am in a growing expanding area of the economy. Such growing-ness tends to forgive almost all mistakes and provides a rich venue for learning and personal growth.

Moral of story: always, Always ALWAYS pick a growing sector for your startup. Even if you have substantial experience--- and especially when you don't.

***

[flash8pro]

MrNow,

Thanks for the book recommendation. I just ordered mine - with shipping I got it for about $12.

Now all I have to do is squeeze it into my reading schedule! (lots of poker books to read)

Are there any other books that you recommend?

BTW, I think this forum is a great idea!

[Mr. Now]

flash8pro,

There are very few good books on entrepreneurship. This is one reason I set up this thread. I'm a big believer in young players starting businesses.

I intend to post more resources over time. For now, get aquainted with the Bhide text through page 290 and the essay "The Perfect Business" by Richard Russell. The link to that essay is found in the 1st post of this thread.

One book that stands out is RULES FOR REVOLUTIONARIES by Guy Kawasaki. I'm sure his book THE ART OF THE START is excellent also, based on my experience reading "RULES". (My copy of RULES is signed by by Kawasaki.)

See The works of Guy Kawasaki here.

In RULES, he covers alot of ground and displays many gems of wisdom. One such gem made me over10 grand in one episode.




In 1998, we have a classroom for training developers in Boston, and we try promoting night classes but few students register. One student does register and we have to keep putting off the start date. After a while he is not getting contact and he complains. At this point I have just finished the RULES book. IN that book Kawasaki states that "when they complain, it is because they STILL want to buy from you."

What a gem. I notice the student works at a large consulting firm. I call the guy, apologize, and tell him the following:

1. "To make it right, here is what I do for you: tell 2 of your co-workers we will train them at night for free, with you. The date of the first class is Wednesday, June 15th."

2. "....the regular price is X. For your firm only, if you send 10 or more students, the price is 33% of X. That's 2/3 off the regular price, but just for your firm only. I hope this helps make everything right."

This firm about a week later then sent 18 students to our night school and we grossed 10K on the deal.

Moral of the story: You can spend $800 on 20 books and 19 of them can be total BS !! Because, if just ONE book has ONE good usable business idea, your can convert it to cash FAST when you are in business. Your ROI on books and learning resources can be 1000, 2000, 50,000 percent!!

Spend liberally on your personal study of marketing, sales, finance, management, and other business topics where you perceive you may be weak. A business library is a great investment and a necessary one.

For the record, anyone who claims to want to start a venture and reads this thread and DOES NOT obtain a personal copy of the Bhide book...that person is effin totally full of crap. The book new is only 50 bucks.

[flash8pro]

Mr. Now,

Believe it or not, I already have The Art of the Start but have not been able to read it yet. I've added Rules for Revolutionaries to my list. The last time I had to do jury duty (waiting to be called for a trial), I was able to read In Search of Excellence. It's more about the corporate world, but I enjoyed it very much.


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I'm a big believer in young players starting businesses.

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Actually, this is why I started playing poker. I enjoy the game and would like to "go pro", but not in the same sense most people think of. I'm using poker primarily as a source of seed capital for a business idea my girlfriend and I developed. Playing poker is fun, but I wouldn't want to rely on poker income to pay the bills. I'd much rather have some type of residual income that pays the bills, which then gives me the freedom to do what I want to do.

The difference in tax structure alone between corporations and personal income is enough for me to not want to depend on personal income. I'm still young and have few responsibilities, so I think this is the best time to get something started - before I get entwined in the rat race.

I've also tried to further my education by going to the Learning Annex Wealth Expo in LA (the Trump/Kiyosaki Real Estate convention). I agree that these education-related expenses are negligible compared to the value one can extract out of them. Some people just don't have the priorities of an entrepreneur, and some aren't meant to be entrepreneurs at all. Everyone has to pick their own path, and there's nothing wrong with someone making the personal choice to get a "safe, secure job" and start grinding away. Risk doesn't sit well with all people, which is one reason why I think an entrepreneurial mind tends to like poker.

Thanks for the reply,
[img]/images/graemlins/spade.gif[/img]flash8pro[img]/images/graemlins/spade.gif[/img]

P.S. If you ever have computer trouble, you can find me in the Computer Technical Help forums or via PM. [img]/images/graemlins/smile.gif[/img]