The Inventing Industry Is Not Linear

0:02 thanks for coming back yes this is so
0:05 exciting
0:06 you guys welcome everybody out there
0:08 I’m hoping people have shown up by now
0:10 before you take
0:14 it’s our version of how to help you
0:17 thrive in an industry that can suck
0:20 we talked about that a little bit
0:21 last week but we’re goal and our mission
0:23 we have decided and our first show is
0:25 that we want to hear those stories of
0:29 where you overcame a suck so that you
0:33 saved money you you you got a deal you
0:35 saw something in a better way so I think
0:37 we’ve agreed that’s our hope and our
0:39 Dream for all of you and so we hit on a
0:42 subject last week our first time out
0:45 on how important this is in this
0:48 industry to not be linear you guys I’ve
0:51 been doing this for 30 plus years and
0:54 that’s hard to believe I know looking 35
0:56 but
0:57 but I started as a young child better
1:00 pacifier
1:02 and so I’m gone from there
1:04 so actually I I literally have
1:06 written a book I’ve told my story about
1:08 my big deal I got 4.1 million down and a
1:11 31 million dollar royalty structure and
1:13 it taught me a ton and so I wrote what I
1:16 think we all do we get a pat we get an
1:19 idea we go and get it patented then we
1:22 go and get a product developer like Pawan
1:24 and then we hopefully we have something
1:26 that now we start to sell and some
1:29 people will pay for tooling and they’ll
1:31 get a garage full of inventory and now
1:34 you’ve borrowed from all of your friends
1:35 and family who don’t speak to you
1:38 anymore because it’s been three years or
1:41 four years and then maybe you track down
1:43 somebody like me and so even in my books
1:46 I wrote how to do it in that order and
1:48 in the last years and I don’t know if
1:51 it’s because
1:52 I don’t know if Kickstarter maybe I
1:55 think you’re actually hitting on
1:55 something super important right because
1:57 as we think about it when you wrote the
1:58 book and you know previously that was a
2:01 pretty good you know it was a really
2:02 good way and simplified way to get
2:04 develop even the technology that has
2:06 changed this industry in the last 10
2:07 years right rapid prototyping 3D
2:09 printing none of that stuff was
2:11 available you know when you started
2:13 right Kickstarter didn’t exist when you
2:14 started no so the tools have changed the
2:16 methodologies have changed technology is
2:18 advancing faster than ever and so you
2:21 have to really change your approach a
2:23 little bit to accommodate that because
2:25 the rest of the Market’s accelerating
2:26 and I’m so excited that you say that
2:27 because as we sit here you know starting
2:29 down this path
2:31 I do notice that in the last three to
2:34 four years anytime I work with somebody
2:35 I always get buyer feedback and so I’ve
2:38 noticed that feedback is different and
2:40 maybe it’s because there’s so many more
2:42 opportunities and products and easier to
2:44 get accessible to so having said that
2:46 let’s hit really clear so everybody
2:49 understands what we mean by non-linear
2:51 so I want you to look at your product
2:54 now as I have this really cool idea
2:57 and now I want to see if it can be
3:00 patented but I just want to check it out
3:02 I want to see if there’s been anything
3:04 that’s out there so I’m not infringing
3:06 and that I can get some protection
3:08 but I’m not jumping to patent it and
3:10 protect it then I want to go to my Pawan
3:13 and I want to go to him and say look
3:16 this is exactly what I’m building and
3:18 why I’m building it can it be done and
3:20 you’re going to tell me uh we can do
3:21 this we can do it better and cheaper
3:23 because that’s what you do really really
3:24 well but you’re going to give me a quote
3:26 and I’m still not going to spend that
3:28 money yet I’m now going to go to
3:30 somebody like myself or I’m gonna go
3:31 actually to for myself I like buyer
3:35 feedback for market research so I want
3:38 you to know that you can patent it I
3:39 want you to know that it can be
3:41 developed and built obviously affordably
3:44 to make a profit and then I want you to
3:46 find out if anybody would even buy the
3:47 freaking thing and you haven’t spent any
3:49 money right that’s the best part is
3:51 we’ve spent no money so for me market
3:54 research means
3:56 don’t call all your friends
3:59 make them say hey yeah I love it I buy
4:02 10. I want you to ask somebody that it’s
4:04 going to make a difference somebody in
4:06 that industry and so for me the reason I
4:08 like buyers because I know Keith you do
4:10 a lot of online you can do pre-sales and
4:12 that kind of testing but I like a buyer
4:15 because their whole job is to spend a
4:17 whole lot of money to sell this product
4:19 to somebody else which is really what
4:21 you do right what your dream is and they
4:24 usually have more experience they have
4:25 the backing of a big company so their
4:27 feedback to you if they would take it
4:29 it’s hugely powerful yeah and if they
4:31 come back to you and say absolutely not
4:33 and if you’re nice and you ask them why
4:36 they will tell you yeah and so sometimes
4:39 they’ll tell me why they change it and
4:40 what they’ll do imagine that change it
4:43 and it will sell oh my God you’ve spent
4:46 no money and I have to tell this one
4:48 example because I know Keith you have
4:50 the best story but I gotta tell this
4:51 great example you guys I helped a kid in
4:54 a mentoring program
4:56 and he had a sugar dispenser it was a
4:58 manual sugar dispenser so it was really
5:00 cool he hated seeing packages when you
5:02 go to Starbucks oh yeah and so he had
5:05 this dispenser and in my head
5:07 even my attorney said you really can’t
5:09 patent it it’s already been done he just
5:11 wouldn’t let it go he’d borrow money
5:13 after money from his parents but he did
5:15 a rendering not a prototype because a
5:17 prototype would have cost fifteen
5:18 thousand dollars and so we did this
5:20 really cool rendering and I could not
5:22 get him to deliver leave it alone like
5:24 walk away walk away he wouldn’t I put
5:26 him in my car and we went to Five Star
5:28 you guys five star is the company that
5:31 puts coffee and Office Buildings so
5:33 that’s freaking huge we knock on the
5:35 door and shocking to me the right guy
5:38 was there and he let us in so we sat
5:40 down with the guy who would buy the
5:42 sugar dispenser and he said oh my God
5:45 we’ve been looking for this because it
5:47 was manual and they had started a new
5:50 trend in Office Buildings so they were
5:52 called like kind of micro markets and so
5:55 it’s where you kind of where you have
5:56 a camera now and you can go and buy
5:58 things and pay yourself without having
5:59 a cashier right and the reason they
6:02 loved his sugar dispenser is because it
6:04 could fit on the counters and people
6:06 could get it monitored so they’re not
6:08 stealing all the sugar didn’t have to be
6:10 plugged in they loved it the buyer now
6:14 tells us not only that he loves it he I
6:17 asked him what we need he’ll pay for it
6:19 how would a rollout go you guys I’m
6:22 loving this and I’m in total shock all
6:25 of a sudden he looks at this rendering
6:26 and he says to my client
6:29 how tall is it and my client goes oh
6:31 it’s 19 inches
6:32 guy folds up his laptop and literally
6:35 stands up and I’m like what just
6:37 happened and he said listen it’s got to
6:39 be 17 inches to go under the cabinet and
6:42 he’s like it won’t fed and I’m like sit
6:44 down it’s a rendering we will only get
6:48 17 inches for it to work and then from
6:50 there we had a deal and so imagine he
6:54 would have spent another fifteen
6:55 thousand dollars instead he got some guy
6:57 on Fiver to make this beautiful
6:58 rendering so that’s my story sorry go
7:01 ahead now and it’s so funny you
7:03 mentioned that right because so let’s
7:04 let’s play that out if he had if he had
7:06 done that right he’s got a product now
7:08 and he goes and shows it well now
7:09 there’s like so much time and energy
7:11 into that already and money maybe you
7:13 wouldn’t have had that conversation
7:15 because you’ve been so focused on your
7:16 prototype but something interesting you
7:18 mentioned in that story as well is that
7:20 you know he just didn’t like seeing the
7:21 packets or whatever started him down
7:23 that path and it sounds like the buyer
7:26 was like I just didn’t want people
7:27 stealing all this stuff right so like
7:28 you almost you get such an interesting
7:31 you know perspective of like I never
7:34 thought of that right until you actually
7:35 talked to that buyer or the person who’s
7:37 actually going to make your product
7:39 successful in this case which is pretty
7:40 wild and so profound that you say that
7:42 because from my client it was clutter
7:45 and math yeah but when he found out what
7:48 the real problem is for the people in
7:50 the industry that would purchase his
7:51 product he now is solving the real
7:54 problem which is now you can go back to
7:58 a Pawan a product designer and now
8:01 you’re going to create a real product
8:03 and you guys don’t you think your odds
8:05 of success have just risen through the
8:07 roof and you haven’t spent any money
8:11 yeah I think that’s right again well
8:13 back to something I’ll keep saying it
8:15 know your why why you’re developing it
8:18 like you need to unders you need to have
8:19 open-minded as we discussed earlier like
8:22 you need to understand your customer you
8:24 need to listen to a customer because you
8:26 might have one thing in your mind but is
8:29 that the real problem you’re trying to
8:30 solve and then people come to the
8:32 product a lot of time what I’ve seen is
8:34 people just have an idea and they go to
8:35 okay this is my idea and go to product
8:38 developer and design this product and
8:41 once I have this MVP or prototype ready
8:43 then I’ll go to the market and pay it
8:44 and you’re already spending 15 6 15 30
8:47 dollars for prototyping which
8:49 you may not have to spend it if you can
8:51 just have simple rendering as in your
8:53 case and so turn that all back into like
8:55 those three elements we started with
8:57 right if you were to have gone and said
8:59 okay here’s my patent I already did it I
9:01 built this thing I went and I showed the
9:03 buyer and he’s like too tall and now
9:06 what right I’ve got to go redesign you
9:08 know am I designing according to the
9:10 claims in my patents right so if you
9:11 imagine that on a more complex product
9:13 what if you’d gotten all the way down
9:15 that path and now you’ve got to go
9:16 either design something different design
9:18 it
9:20 you know so there’s so many
9:22 opportunities to really just get
9:24 yourself into a great position to know
9:25 that a the market likes this product
9:28 before I’ve invested all this money
9:30 whether it be patenting or prototyping
9:32 whatever and B my claims align right
9:35 we’ll probably get into that I’m sure we
9:36 can get a patent attorney to really
9:38 really dig into those details but then
9:41 you know is is this product you know
9:43 creatable makeable in a in a way that’s
9:46 like fits the fits the target market and
9:48 fits the price point and you guys I I
9:50 hate to use the term but fake it till
9:52 you make it because it’s like you can do
9:54 every bit of that seriously every bit of
9:58 that before you’ve invested your own
9:59 money much less ask and borrow money I
10:02 have to share another great story
10:04 because I am the queen of stories but I
10:07 was at an event and there was a woman
10:09 who spoke and I can’t tell you what her
10:12 legal type of attorney she is there’s a
10:14 term for her but she spoke on this exact
10:18 issue when cure back I kind of seem to
10:21 be a fan of carrot but when Keurig was
10:24 developing it is you guys Starbucks
10:26 every time
10:27 um I am such a fan of um of of this
10:31 story because when Keurig was developing
10:34 you guys they did a launch and it really
10:37 didn’t do well and then they started
10:39 adding more development more development
10:41 and at the end of two years when they
10:43 went to take it to Market they had
10:46 forgotten to add the cake up to the
10:48 patent the K-Cup which is like the gold
10:51 mine right it’s kind of like saying I
10:53 built my sugar dispenser but you can
10:54 only buy sugar from me I mean you’re
10:56 home free and so that’s why you guys
10:58 have you ever noticed when you go on the
10:59 shelves it’s in every flavor and every
11:01 brand and so here’s this woman teaching
11:03 us that story and I’m thinking oh my God
11:05 but I see it every single day and so
11:09 when they’re developing with you
11:11 Pawan when somebody’s making those
11:13 changes because a buyer says wow you’re
11:17 really solving the problem of people
11:19 stealing the sugar not the mask now
11:22 you’re developing something that
11:24 actually works now you go to your patent
11:27 attorney and he works with your
11:29 developer and you guys are literally
11:30 patting the patenting the right product
11:32 how freaking cool is that and then like
11:35 you said we’ll talk about the cheap ways
11:37 to patent to save you some money down
11:39 the road yeah and that says you’re doing
11:40 that saves you a lot of money in
11:42 prototyping or product development side
11:44 which you don’t need to spend I mean
11:46 otherwise you could develop with the
11:48 product with a lot of features just to
11:50 find out this feature is not going to
11:52 bring any value to the market so you’re
11:54 going to de-feature your product and
11:56 that means you’re wasting so much time
11:58 money oh my God that’s everything there
12:01 brilliant because I have a client
12:04 who’s developing a product and I’ve
12:07 begged her to do market research but
12:09 she’s not ready she wants to do branding
12:11 wants to do all this stuff and that’s my
12:14 biggest fear is that it’s so competitive
12:16 in her industry that if you went to a
12:19 buyer the buyers you guys have to ask
12:22 though because they don’t like to say
12:24 negative things so you have to ask but I
12:28 can ask a buyer and say is there a
12:30 reason what you like or they’ll say
12:31 there’s a lot on the market and I can
12:33 say well is there something that would
12:35 make it stand out and they will teach
12:37 you that feature to add so that you have
12:39 a fighting shot so that’s such a good
12:42 point too because I think the natural
12:43 inclination for all of us right just ask
12:45 the people closest to us which is great
12:47 you need those people don’t get me wrong
12:49 they are super important because they’re
12:50 like your cheerleader your core when
12:52 things get tough you go to them they’re
12:53 going to encourage you keep going but
12:55 they’re also going to tell you like
12:57 they’re gonna encourage you right like
12:58 yeah this is great
13:00 [Music]
13:01 very rarely now we’re going to get those
13:04 out I didn’t want to discourage you yeah
13:09 that defeats because of doing the market
13:12 sturdy because you really need to know
13:14 what’s out in the market right yeah the
13:17 people who are going to be the buyers
13:19 right and so you only have one mom and
13:21 one dad and you know whatever it looks
13:24 like but you’re really going to try to
13:25 sell this to thousands and thousands of
13:27 people so talking to you in your case
13:29 buyers right
13:30 their job is literally to buy products
13:33 that make money so if they’re good at
13:34 their job they’re gonna know exactly
13:36 what and it’s amazing and what’s not
13:38 it’s me I’ve had people literally send
13:40 me back the exact product I sent them
13:42 going well isn’t this exactly it it’s
13:44 been on the market for years I do want
13:47 to address something that I think is
13:48 really really important and I’ve heard
13:50 this a lot from product developers so
13:52 Pawan you can tell me
13:55 and most of the time it’s because
13:57 they’re an inventor hasn’t really gotten
14:00 outside feedback he’s I’ve done whatever
14:03 even better says I’ve I’ve talked to
14:04 everybody and they all love it and years
14:06 ago you couldn’t do that because then
14:08 you you wouldn’t get to patent it you’d
14:09 be in trouble but
14:11 but they’ll go to their product
14:12 developer and I hear this that they’ll
14:15 go to the party developer and they’ll
14:16 lay it out and the product developer
14:17 will make some suggestions to them and I
14:21 have some really good product developers
14:22 that I work with that do try to do some
14:24 real market research
14:26 and I and I just want to
14:28 hit on this really quick when you’re
14:30 talking to a product developer
14:32 and they are designing something that
14:35 you already have a patent on which we’re
14:37 asking you not to get your patent yet
14:39 but what I’m saying is if you already
14:40 have a patent you guys he needs to see
14:43 that he has to develop according to what
14:46 you patented so I just I I know that’s
14:49 kind of a little bit thrown in there but
14:50 I want people to understand that because
14:52 you guys there’s a hundred ways now to
14:55 you can use a laser you can use a sensor
14:57 you can use to do things and if it’s
14:59 already patented under a sensor you got
15:01 to come up with a magnet or something
15:03 else so that’s really important so I I
15:05 just want to make that clear so I I hear
15:08 from these product developers that
15:10 they’ll they’ll do some feedback and
15:11 they’ll look at their patent and they’ll
15:12 be ready to help them and they’ll make
15:14 suggestions and inventors refuse to
15:16 budge they’re like no I know in my head
15:19 it’s totally gonna work and they’ll ask
15:21 me they’ll like how do I deal with that
15:23 and I my clients by the time they pay me
15:27 to get them that market research they’re
15:29 open and ready right they’re obviously
15:31 looking so I I think what I’m praying
15:34 for is that maybe because it comes from
15:37 the product developer that people are
15:39 not they’re not buying into what you’re
15:42 saying that maybe it’s more legitimate
15:44 maybe when it comes from a buyer what’s
15:46 your guys’s take on that what do you
15:48 think like how do we get an
15:50 inventor to be kind of open-minded you
15:53 know that we’re in the industry we kind
15:55 of know the changes I mean is that
15:59 that’s a tough one because in Winter for
16:02 any inventor the product is their baby
16:05 which is perfectly and no baby’s ugly
16:09 they don’t want to change it so even if
16:11 and they have something in the mind and
16:13 maybe they missed something on the
16:14 patent or they created some specific way
16:17 and they product developer look into
16:19 that paid and say okay this is what
16:22 changes you need to do based on your
16:24 documentation and they say no but that’s
16:26 my region
16:29 and I think it’s a tough one you
16:33 just need to really focus on focus with
16:36 them about what it’s there and again
16:38 going back to inventor needs to be
16:40 open-minded to listen to everything
16:43 so can we can we agree then audience
16:47 that you would be open-minded enough to
16:50 get feedback from somebody like a buyer
16:53 because they’re living it they’ve got
16:55 the technology where I can see where you
16:56 might be saying to your product
16:57 developer you know you just develop
16:59 products you don’t actually sell them
17:02 um maybe we could get people to write in
17:04 and say look I took this seriously and
17:07 now I’m going to put it out to somebody
17:09 because you guys nowadays you can email
17:10 anybody LinkedIn look them up ask would
17:14 you be everybody like say they’ll agree
17:17 to listen to somebody like a buyer to
17:19 get that feedback on something important
17:20 right it’s like kind of getting that
17:22 that right person for the feedback too
17:23 right and we touched on that but in a
17:25 sense right a buyer is going to be
17:27 different than you know just random
17:29 people that you talk to right so the
17:30 buyer just got that particular unique
17:32 experience so they have data if you will
17:35 right in the background that says oh
17:37 well I’ve bought you know so many
17:38 hundred products and they’ve done this
17:40 well and so that comes from like this
17:42 data informed decision so now if you’re
17:44 the inventor you can start to use some
17:47 of those real data points to you know
17:49 move all things forward in tandem right
17:52 you’ve got your market research you’ve
17:53 got your patent stuff and your
17:55 development and they’re kind of moving
17:56 forward together and so if one of them
17:58 says hey we got a shift then everybody
18:00 goes with it exactly and that’s kind of
18:03 the the commitment I’m hoping people out
18:05 there will take that too hard that
18:07 they’ll make that decision and and not
18:10 necessarily
18:11 or at least if your product developer
18:13 makes a suggestion at least feel it out
18:16 right at least maybe take that
18:19 opportunity to understand why and
18:20 whatever so right well so yeah that’s
18:23 the beauty right so let’s say you’ve got
18:25 a great line open to a buyer or
18:28 something and they’ve said hey make
18:29 these changes product developer says
18:31 well that’s going to cost a jillion
18:33 dollars but what if we do this right
18:35 what if we tweak here and there here’s
18:37 how we solve it and then you can come
18:39 back right go back what about this and
18:43 so before you’ve you know before you’ve
18:45 invested all that money into a patent or
18:48 you know done your first prototype
18:49 you’ve got I am Tooling in an inventory
18:52 in your garage that’s that’s like
18:54 wasting your money that you don’t have
18:57 in future and going back to money and
19:00 one thing that you have to realize that
19:01 buyer is the person who’s going to pay
19:04 for your invention so here’s the money
19:06 so if you don’t listen to your money
19:08 you how are you gonna make money in
19:10 future even if you take a different
19:11 route like let’s say you said something
19:13 is there another solution to test that
19:15 but
19:17 getting that buyer feedback even if you
19:18 are just selling online right because
19:20 they know what a product looks like
19:21 that’s successful and so you’re still
19:23 selling but maybe now it’s a different
19:24 Channel but that Insight is still going
19:27 to be incredible I see I don’t know who
19:28 else to use that has that much data like
19:32 you said experience all that you can get
19:35 other data for sure right so you can do
19:38 surveys you can do you know focus groups
19:41 you can actually try a pre-sale or you
19:43 know a really light and Quick Way it’d
19:45 be get people to sign up and give you
19:47 their email for interest right so you
19:49 can gauge interest that way and you can
19:51 get some good data back but it’s not the
19:53 same as 10 years of experience of buying
19:56 this kind of product and making them
19:57 successful and they’re literally going
19:59 to write you a big check you know what I
20:00 mean that’s how I look at it because
20:02 they’re going to resell your product
20:04 which means they’re investing in your
20:06 business with you and you guys when I
20:08 told you guys on the first show and I’d
20:10 probably mentioned it all the time sorry
20:12 but my claim to fame deal the reason I
20:15 got 4.1 million dollars down with a 31
20:19 million dollar royalty deal is because I
20:21got 7-Eleven and Win Dixie to commit
20:24 with a letter of intent that if you
20:27 because I only had drawings in a small
20:29 sample so they said yes if this really
20:32 looks like this we’re gonna buy nine
20:34 million Pairs and one of them was gonna
20:36 buy like 11 million pairs that year so I
20:38 already knew my profit was a dollar a
20:40 piece I already knew I had 20 million
20:42 pairs so it made
20:45 made that deal come together and you
20:47 guys that still happens buyers say I
20:50 like this product and and keep you know
20:53 as many times as I’ve called you about
20:55 sell sheets
20:56 I can work off the sell sheet I don’t as
20:59 long as it can show what your product is
21:01 going to look like like the rendering
21:03 you guys you know what’s Starbucks in
21:05 graphics you’re done and you can get
21:07 that feedback and don’t hear what we’re
21:09 not saying right because we all know
21:11 that you have to have a great plan for
21:13 product development you’ve got to get
21:14 those requirements you’ve got to do that
21:15 step you’ve got to do the marketing step
21:17 you’ve got to do all these steps it’s
21:19 just about how you get started and not
21:21 getting way out ahead of yourself on one
21:24 leg of the stool without building out
21:25 the others oh exactly so we’re not
21:27 missing a piece so I think we’ve made
21:30 that really clear that everybody
21:31 understands because I’m I know we need
21:33 to wrap up but I just want to get
21:35 everybody excited to come back to our
21:38 next show because you guys we’re going
21:39 to teach you the one-fifth Rule and so
21:43 because we know this industry sucks and
21:45 we know it’s a two percent success rate
21:47 and we know that our biggest dream for
21:49 you is that even if you realize that
21:53 your product’s not going to be a hit and
21:55 you’re going to walk away from it when
21:57 you can do that with the least
21:58 investment in and you’ve taken those
22:00 risks you win you’re still a wonderful
22:03 winner because think about that if even
22:04 if if you use 25 of the budget that you
22:07 originally allocated and realize that
22:09 this is not going to be a winning
22:10 product we’ve still got the other 75 to
22:12 try again or invest in something else as
22:14 opposed to and that needs to be a whole
22:16 topic we need to have a whole podcast on
22:18 that on setting up that budget so I
22:21 think by summarizing I think what’s
22:23 really exciting for me is that if you
22:26 understand what we said and we do this
22:28 and those three-step process you guys
22:31 you haven’t spent a time of your budget
22:34 which is so exciting unless you need
22:36 help with getting to a buyer and and and
22:39 so we are here we can give you some
22:41 guidance
22:42 and so you guys can learn that so
22:44 I want us to kind of wrap up we want you
22:47 really please we’re so serious about you
22:50 guys following up and say look we took
22:52 this to heart we are starting out or
22:55 we’re fixing where we’re at you know
22:57 like you might already be in the middle
22:58 of a quoted you know budget for 65 000
23:02 for prototyping and you’ve only spent 20
23:04 and you go oh wait a minute I’m gonna
23:06 stop at my 20 and I’m gonna go ahead and
23:09 get some market research to do this
23:10 because I told you I it was 30 000 for a
23:13 product I had and the product developer
23:15 did that for us for free which was
23:16 really generous but I can’t go big for
23:18 every person so
23:20 I want you to stop and structure
23:22 so will you please tell us please reach
23:24 out please share with us how you’re
23:27surviving this industry that sucks and
23:30 you guys tune back in because I promise
23:32 you this next one that we’re gonna do is
23:35 what we call the one-fifth roll but it
23:37 is going to change your life I promise
23:40 guys give us a tip for the day and then
23:43 we’ll let everybody go I think my tip on
23:45 this day is listen to your customer
23:46 listen to your buyer be open-minded
23:49 because they are the one who’s giving
23:51 you gonna give you
23:52 feedback about real Market about your
23:55 product or where you want to go so keep
23:58 your mind open for all the positive or
24:00 negative feedback doesn’t matter which
24:02 one it is right okay
24:05 I would say mine would be find
24:07 accountability and find it early and
24:10 what that could look like is a really
24:11 good friend or a business Mentor or
24:13 something so that as you get into these
24:15 challenging things and you’ve got all
24:17 this feedback and you know you’ve got
24:19 hey we can do it this way hey we can do
24:21 it that way kind of that one clear voice
24:23 of keeping you online with hey what is
24:26 your why like are you listening to your
24:27 buyer feedback that person asks you what
24:29 are those tough questions to say like
24:31 are you really solving that problem you
24:33 set out to solve still like are you
24:34 doing the right things so that when
24:37 you’re deep in it and you’re you know
24:39 spending all your time and energy
24:40 figuring it out they can kind of bring
24:42 you back to Center and help you continue
24:44 down the path you start back down that’s
24:46 great advice I actually I never even
24:48 thought about the accountability but
24:49 having that that’s really good actually
24:50 usually I find it’s the partner you know
24:52 like I’ll get the husband will hire me
24:54 and the wife trust me if she does that
24:55 for him but I love that Mike I think if
24:58 I could give you the best tip and I
24:59 think this kind of falls into my world a
25:01 lot
25:03 I am the queen of fake it till you
25:05 make it belief and so I always used to
25:09 ask my clients this you have
25:12 what is your goal why are you doing this
25:14 and
25:16 so many times it’s to get the hottest
25:18 biggest New Deal and so I would say to
25:20 them and what does that look like for
25:22 you oh I want two million I want 20
25:24 million I want 40 whatever that number
25:26 is and then I say to them okay
25:29 I’m a really good friend I’m a
25:31 billionaire we’re talking we’re having
25:33 drinks and you tell me that look I want
25:34 to launch this product and I want to
25:36 borrow this amount of money will you
25:38 invest in my product so that I can make
25:40 this amount of dollars and you tell me
25:42 so I can make 10 million and I’m sitting
25:43 here as a billionaire going hey
25:45 Joe what if I just gave you 10 million
25:47 would you just sit and we could drink
25:49 all week would that be okay with you and
25:53 and when I see people’s faces because a
25:56 lot of times they don’t want to go
25:57 through all the work they just think
25:58 they want the 10 million and so
26:02 and that’s human I got that we all want
26:04 that success but we know it’s a two
26:07 percent success rate so my vision again
26:10 is if you fake it put your pieces
26:12 together so when you get your
26:14 provisional it’s the right provision and
26:16 you get your product and you’re building
26:17 the right thing and you’re open to the
26:20 feedback that says run like hell don’t
26:22 spend any money because now you haven’t
26:23 so you can sit on the beach again and
26:26 envision another one so and you even
26:28 when you have the best I don’t care if
26:30 it’s a unicorn product you never have to
26:32 put a lot of money into it to get there
26:35 safely so fake it on paper ask yourself
26:39 would you invest and then you’ll go to
26:41 the next step makes sense right don’t
26:43 you agree that if you invest in your own
26:44 product it’s easy to spend other
26:47 people’s money in your product but would
26:49 you truly invest so that’s my tip for
26:51 the day and then I really want you guys
26:53 to tune in for this one fifth rule
26:55 because
26:56 and we teach you nothing else to learn
26:59 this one you guys exactly thank you so
27:01 much we really appreciate you guys
27:03 coming