Ask Mr. Now

[Mr. Now]

MrNow built a tech services business from absolutely nothing to 4.3 million in sales in just 6.5 years. MrNow accomplished this without ever borrowing a dime during the entire experience. The business was never less than 30 percent net profitable. Ya, baby. Quick: what's 30% of 4.3 million again?? My tax bill in 2002 was higher than the income of 99% of all USA taxpayers in 2002.

It can happen to you.

MrNow came up the hard way with no help from anyone except his parents, who taught him how to work like a dog. MrNow has a CompSci degree and a minor in business from a no-name state college-- and proud of it, man. MrNow played poker to finance college and didnt owe a dime upon graduation. I have had some folks with impressive degrees from Ivy schools come and work for me. It's always correct to pay up for quality people. (hint hint)

MrNow is the author of two books in his field and has some software patents.

MrNow's tech services firm won the Deliotte and Touche FAST50 Award back-to-back in 2001 and 2002. This award annually honors the fastest growing tech firms across the USA. MrNow's firm started in 1994 grew like a weed in the period from 1997 to 2001-2002.

MrNow knows the entreprenuer game. He knows how many beans make five. He has no MBA and doesn't need one. What he has is real experience in growing a startup from absolutely nothing to 4.3 million in sales, minimum 30% net-of-all-expenses profitable at all times, with 45+ people spanning offices in 3 states.




I am here to lend my expertise, to answer specific questions about the planning and execution of your startup venture, and to coach you to the extent you are willing to be coached. Fire away.

Ground rules:

0. If you PM me without being PM'ed by me first, your PM message will be ignored. My answers to questions on startups are intended to be of service to 2+2 in growing this new forum, and a learning tool for those who read them.

1. Questions must be focused on YOUR business idea and the specific issue YOU are facing as you start up and grow. Specific questions about my story are ignored. My story is told to the extent it is applicable to YOUR startup challenges as part of my answer.

2. My response time to questions is 3 to 5 days, and is usually less than that;

3. My answers may appear harsh, to the point, very direct, and overall, brutally honest. I am interested in coaching real entreprenuerial types who lack experience but have the energy....and need for the occasional clue or pointer.

4. You must obtain and examine the book THE ORIGIN AND EVOLUTION OF NEW BUSINESSES by Amar Bhide. I plan to quote chapter and verse of this book quite often. This is a killer book for entreprenuers and required reading. Note I stop short of expecting you to read past 290. That's because everything after that page is about middle-stage management of a going concern, and everything before that page is about wild, resourceful, from-nothing early-stage growth. Be ready to prove you have examined this book if you engage me with your questions.

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

These ground rules are pretty simple. Honor them as you fire away.

[ItalianFX]

I have always wanted to start my own business, but I fear the risk of a huge loss. I still have 2 years left in college, but I am 23. If I could do something through the internet just for a few bucks, that would be the best for me in my situation. I know a guy from Iowa who started an online pet supply business and he is growing incredibly fast; you would think he has been running his own business for years. I helped him when he was first starting by inputting products onto his website for a measly .10-.20 per product.

My questions are:

How do I get away from hesitation and just go for it?

What is the best plan of action to stay away from starting something that is destined for doom?

I also always feel like no matter what I do, I will not be able to make any money from it.

Keep in mind that I would like to start something on the internet.

Also keep in mind that I am a newb and I may have said something that contradicts itself or doesn't make sense.

If anyone wants me to post the link to my friend's pet supply business, I will, but it is by no means a marketing scheme as I have no interest in the company.

And congratulations on your success.

[Mr. Now]

Mr. Now answers:

Q. How do I get away from hesitation and just go for it?
A: You must be ready to lose your entire small investment many times as you search for the winner. The shots you take must have huge potential payoff and cost less than 7-10K to find out if you are wrong. I have experience with many failures—then the big one came along.

Q. What is the best plan of action to stay away from starting something that is destined for doom?
A. Don’t try. This way, you can “never fail”. Right? (hint hint) . Get over the fear of public humiliation and losing a few bucks. Eventually you are going to hit.


Q. I also always feel like no matter what I do, I will not be able to make any money from it.

A. This is a belief that does not work for making money—“ I will not be able to make any money from it.” You need some coaching in the mechanics of belief change. With a belief like this, you have no chance. Ditch that and get some new beliefs!!

Here is a better set of beliefs:

“There is an unlimited amount of money to be earned in the world.”

“ I am willing to work very hard for my share of the unlimited amount of money that is available to anyone that is actually willing to do what it takes to earn it.”


As for your pet-supply friend, he makes classic use of “resource providers” (customers and employees) as described in book ORIGIN by Amar Bhide. In this case you are the resource provider at 10 to 20 cents per name.

Pay attention. You build perception on what you pay attention to. Pay close attention to your beliefs.

[ItalianFX]

Great advice. Thanks.

The only problem I foresee from this is that I do not have 7-10k to put on the line. Well, I do, but it would be a huge part of my savings.

My first business that I actually tried was when the Lance Armstrong "LIVESTRONG" bracelets were introduced. I bought 10 of them and while each was $1, I resold for $1.50. It wasn't much, but it was enough to give me a small profit after my initial investment + having one of my own. I then bought 10 more and soon found out that the market was getting saturated with these bracelets and I was running out of people to sell them to. I barely sold the 20th. I don't even remember how much I made on that deal.

I then tried Ebay, but never put the work into it. My best deal was buying a red Dairy Queen t-shirt. It was a plain red t-shirt with the Dairy Queen logo on it. It also had two small stains on the front, which I stated in the description along with pictures. I bought it for .99 and sold it for $6.30ish. That was a highlight to me eventhough in reality it was pennies.

I am the type who doesn't want to work for someone else. I believe that one can never maximize his income through working for someone else where being an employee has a ceiling. I am a big fan of the Rich Dad, Poor Dad series. I always state the quote, "9 out of 10 businesses fail."

I tried getting into Real Estate, but I went back to college and those plans were busted. My hometown and surrounding area is a bad seller's market.

Your original post has inspired me to look into something. I have always wanted to, but never knew where to go. I am still in that mode of uncertainty, but I need to look harder.

[Mr. Now]

Do your homework. Read the essay by Richard Russell (link in my original post) and get the book and read it to page 290.

Then come back.

[El Diablo]

MrNow,

What happened with the business from 2002-2006? Did MrNow sell the business? Is it still active?

[ItalianFX]

Great essay. That wasn't there when I originally read your post.

As for the book, I am not going to go and buy it right now, but I will keep it in mind for the future.

[Mr. Now]

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.

[tomdemaine]

[ QUOTE ]
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.

[/ QUOTE ]

BUSTO?

[hawk59]

[ QUOTE ]
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.

[/ QUOTE ]

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