SAAS Execution, Dane Maxwell style

[Daniel A]

Does a builder attract future home buyers by selling them a hammer? A builder shows the future homebuyer a completed home or the home plans/photos(prototype) and shows them other happy homeowners enjoying the BENEFITS of their home and shows them how they can enjoy the benefits too.

The drill and the hole. People only buy the drill because they want the end result, a hole (or holes).

@MartinH Dude, you took massive action! Props sent your way. I'm going to stop looking into so much marketing and psychology stuff, you inspired me. I'm going to read "The Lean Start Up" and find out what that's all about as soon as I finish my current book x2.

So you never spoke to Dane? You only consumed his free content and that got you going?

 

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[MartinH]

The drill and the hole. People only buy the drill because they want the end result, a hole (or holes).

@MartinH Dude, you took massive action! Props sent your way. I'm going to stop looking into so much marketing and psychology stuff, you inspired me. I'm going to read "The Lean Start Up" and find out what that's all about as soon as I finish my current book x2.

So you never spoke to Dane? You only consumed his free content and that got you going?

Thanks for your support! One sentence that really opened my eyes was when Sam Ovens said that "young entrepreneurs would do anything to avoid talking to customers".
I made that mistake in the past and thought I needed to register a LLC, print business cards and have an awesome company website to even get started....

Yeah, you definitely gotta read "The Lean Start Up". If you want a quick overview, check out this visual summary that I found helpful:
http://de.slideshare.net/KUalum/the...4c79-ad4d-6d21d8097182&v=qf1&b=&from_search=1

And no, I'm not a member of The Foundation. Dane did so many interviews online, almost all of them are free, and even for the ones on Mixergy that require you to become a premium member you can still read the transcript ^^

Seriously, I am not even finished with all the free content for now. There are so many interviews with Dane Maxwell, Andy Drish, Sam Ovens, Carl Mattiola, then there are the Starting From Nothing Podcast, Youtube Videos by Dane or even Foundation members, personal blogs, etc.

It's definitely enough to get you started and to get you going for a few months

Good luck with your projects!!!

 

[1milclub]

I've never heard of that book before but apparently they are giving it away for free in .PDF format by just joining their mailing list. I just got it, thank you for sharing!

Here is the link if anyone is looking for the Get Real PDF - free (need to provide email to join their list)

 

[MartinH]

Day 5:

Good Friday. No work today - for my future customers
Since I couldn't phone anyone today I spent my time reading Sales books, watching my god on youtube and reading Josh Isaak's AMA :
http://www.reddit.com/r/Entrepreneu..._and_started_a_successful_saas_business_with/
Lots of helpful insights there and even when I reviewed videos I watched weeks ago I saw them through different eyes.

Having this Friday off gave me time to reflect and I noticed a lot of limiting that kept me paralyzed. Like feeling overwhelmed by everything that I'll have to do in order to succeed. Being intimidated by my competition. Thinking about how I won't even be able to find an unsolved problem (let alone: solve it)!
Luckily I was able to overcome those limiting believes in a surprisingly short amount of time, simply by becoming aware of those believes and going through the 4 questions (http://thework.com/thework-4questions.php).

I also contacted the programmer I want to work with for the first time and scheduled a meeting on hangouts for next week. I know the deal was to put this off until I had clearly defined a problem (and already made a pre-sale) but I had little to do anyway and I need to find out if what I'm planning to do can be achieved with the new framework I want to use and if he will be available full time etc.

To finish this day with the feeling of accomplishment I sent out 75 emails to a completely new industry (construction businesses).
I have a personal preference for those businesses because I was working in a construction job myself for a few months and I'd love to help those businesses succeed.

 

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[bane]

Hey mate! I love this thread! I am getting a tonne of value out of it! So thank you and great work! I am going to watch your updates closely brother!

I have never cold-called anyone in my life until this morning and considering that I actually got through to 4 managers and talked to them I'm quite happy, I didn't even expect that.

Awesome man! I cold called for the first time this week too! So I can empathise!

Day 2 Send an email to the owner (in the style of Sam Ovens or the other 7 templates I built)

Could you please link me to Sam Ovens template or tell me about it

or I'll simply do the Chet Holmes thing where I first growl along to my favorite Death Metal Songs to get my voice to the right baritone pitch and then simply do the *deep voice* "Hello, is {boss's first name} there?" -"Who's this?" -*even deeper voice* "Tell him this is Chet Holmes calling". ( I must remind myself not to say "Chet Holmes", but my name simply doesn't have the same sound to it ^^)

HAHAAHA I lol'd. I watched that lecture too. So i know what you are talking about!

I introduced myself as a college student who's doing research on his thesis and then I asked the secretary if she happens to know the right person to talk to.

Good idea, but I am concerned about the lack of integrity. Assume you strike a great relationship with one of these people, and start to build a solution, eventually it will come out that you are not a College student (I'm assuming you are not?). How do you feel about that?

But I am happy to announce that today I did my first 3 Idea Extraction Calls ever

That's awesome!!!!!!!!!!!!

I'm going to read "The Lean Start Up" and find out what that's all about as soon as I finish my current book x2.

@DanielTArgueta I'd recommend "Running Lean" instead. It's like a summary of The Lean Start Up and is much easier to read and understand

 

[MartinH]

Could you please link me to Sam Ovens template or tell me about it

Sure man, here's the link.

Good idea, but I am concerned about the lack of integrity.

I'm not lying, although I stopped going to college I stayed enrolled so technically I'm still a student.

So good luck to you, dude! I'm happy for you that you started taking action, too! Feels good, doesn't it?

 

[MartinH]

Day 6:

I am sure that SaaS and the process outlined by Dane Maxwell are the way to go for me.
Once I find a pain and get pre-sales there's basically no way I can fail - or at least I can dramatically reduce my risk of failing.

Now today I realized that there's one more part that I haven't given enough thought.
Seeing how another idol of mine failed with his SaaS product made me realize that finding a lucrative industry with an unsolved problem that is costing much time and/or money is not enough.
There's another element that is equally important and that is to have passion related to that industry.

The fact that I chose cleaning companies for a start was pure coincidence. It could've been any other industry for all I care.

I was trying to make my new business not so much about me but all about my customers. That is, i guess, not the perfect approach.
Sure I will develop a solution with a specific customer and his pain in mind but the industry I work for should be one I genuinely like.

Dane said in one of his interviews that he didn't merely get new customers, he got new friends. And that is what I want for my business, too. A customer that will trust me so much that I can come over for an actual conversation, not on the phone, but in his office or in a pub or wherever. I don't plan to be a big faceless software company - I want to stay small & lean. And I should look at this as an advantage: It will be my chance to be more personal and direct.

It's my choice. Now's the time to set the course.
I have no problem working 12 hours a day on my projects like a machine , I've proven that in the past.
But that is no good if I'm moving in a totally wrong direction.
So in the following days I will choose an industry that excites me.

Because I understand Parkinson's law and I commit to taking massive action anyway I will set myself a deadline:

I will find my niche and a problem to solve by may 12 - the day I'll turn 22.

 

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[Daniel A]

Here is the link if anyone is looking for the Get Real PDF - free (need to provide email to join their list)

Thank you

@DanielTArgueta I'd recommend "Running Lean" instead. It's like a summary of The Lean Start Up and is much easier to read and understand

I got the books, thank you man!

 

[Daniel A]

Thanks for your support! One sentence that really opened my eyes was when Sam Ovens said that "young entrepreneurs would do anything to avoid talking to customers".
I made that mistake in the past and thought I needed to register a LLC, print business cards and have an awesome company website to even get started....
Yeah, you definitely gotta read "The Lean Start Up". If you want a quick overview, check out this visual summary that I found helpful:
http://de.slideshare.net/KUalum/the...4c79-ad4d-6d21d8097182&v=qf1&b=&from_search=1
And no, I'm not a member of The Foundation. Dane did so many interviews online, almost all of them are free, and even for the ones on Mixergy that require you to become a premium member you can still read the transcript ^^
Seriously, I am not even finished with all the free content for now. There are so many interviews with Dane Maxwell, Andy Drish, Sam Ovens, Carl Mattiola, then there are the Starting From Nothing Podcast, Youtube Videos by Dane or even Foundation members, personal blogs, etc.
It's definitely enough to get you started and to get you going for a few months
Good luck with your projects!!!

You're welcome man and thank you for the link.

Free content is all over the web now, it's great! I noticed that about Mixergy's videos too btw

 

[MartinH]

Day 7:

First week is over. Learned much but didn't accomplish as much as I hoped I would.
Sadly tomorrow is a public holiday so I can't do my "highest leverage activity" (i.e. cold calling companies / talking to CEOs).

Starting tomorrow I will try everything it takes to get real in person interviews with the CEOs in my new niche: Construction businesses.

I got way out of my comfort zone when I made all those cold calls last week but to be honest: In the end it wasn't even challenging anymore. I had my script, it worked like a charm. But new problems arose:
Once I had the CEO on the phone his time was very limited and I don't think I could actually properly convey what I'm doing and what's in it for him. I couldn't get to the more delicate problems. There was no trust, no relationship at all. I was stuck.

As a matter of fact I'm starting to wonder: What good are cold calling and idea extraction on the phone anyway?

I think I have the whole process backwards: I thought that in order to find a need I would have to
1. Email about a thousand companies and schedule a phone call (expect 10% response rate)
1. call about 100 companies and talk about their problems (idea extraction)
2. narrow it down to a specific problem that many of those companies share
3. try to get about 10 companies of those to become my first Beta-users
4. get pre-sales
5. Scale

But a more realistic (and more promising) approach would be:
1. Talk with about 10 business owners in person, establish trust, find their level-4 problems (idea extraction)
2. call about 100 other companies and ask if they share this specific level-4 pain I just found (idea validation)
3. get pre-sales from my first 10 companies
4. Scale

For sure Dane used the latter approach when creating his products for real estate companies.
He didn't just call business owners, he found the pain by having real face-to-face conversations, by visiting their offices.

While I still believe idea extraction can work over the phone (if I was as experienced as Dane),
I could kill two birds with one stone if I did idea extraction only with those CEOs I can meet in person.
Get ideas and establish trust at the same time, thus building a foundation for future pre-sales would be the best way to go.
Time will tell.

 

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[RoadTrip]

Day 7:

First week is over. Learned much but didn't accomplish as much as I hoped I would.
Sadly tomorrow is a public holiday so I can't do my "highest leverage activity" (i.e. cold calling companies / talking to CEOs).

Starting tomorrow I will try everything it takes to get real in person interviews with the CEOs in my new niche: Construction businesses.

I got way out of my comfort zone when I made all those cold calls last week but to be honest: In the end it wasn't even challenging anymore. I had my script, it worked like a charm. But new problems arose:
Once I had the CEO on the phone his time was very limited and I don't think I could actually properly convey what I'm doing and what's in it for him. I couldn't get to the more delicate problems. There was no trust, no relationship at all. I was stuck.

As a matter of fact I'm starting to wonder: What good are cold calling and idea extraction on the phone anyway?

I think I have the whole process backwards: I thought that in order to find a need I would have to
1. Email about a thousand companies and schedule a phone call (expect 10% response rate)
1. call about 100 companies and talk about their problems (idea extraction)
2. narrow it down to a specific problem that many of those companies share
3. try to get about 10 companies of those to become my first Beta-users
4. get pre-sales
5. Scale

But a more realistic (and more promising) approach would be:
1. Talk with about 10 business owners in person, establish trust, find their level-4 problems (idea extraction)
2. call about 100 other companies and ask if they share this specific level-4 pain I just found (idea validation)
3. get pre-sales from my first 10 companies
4. Scale

For sure Dane used the latter approach when creating his products for real estate companies.
He didn't just call business owners, he found the pain by having real face-to-face conversations, by visiting their offices.

While I still believe idea extraction can work over the phone (if I was as experienced as Dane),
I could kill two birds with one stone if I did idea extraction only with those CEOs I can meet in person.
Get ideas and establish trust at the same time, thus building a foundation for future pre-sales would be the best way to go.
Time will tell.

I am also in the process of idea extraction calls in The Netherlands and have come across the same issues you are facing. What works very well for me to get the owners/CEO's talking is to ask an open question after your short intro, like: "So basically that's why I'm reaching out, what is your biggest challenge in managing your business?"

They usually go silent and start thinking. I also keep silent until they start talking. This works for me in about 80% of the calls. If you ask them if they have a few minutes it's too easy for them to reply they are busy. Once you get them talking, they don't even notice the time anymore.

I haven't found an idea yet because I'm also having difficulties getting to level 4 problems. So I am currently working on improving those skills.

Good luck!

 

[MartinH]

Day 8:
Today there was not much to do so I made plans for the upcoming week.
I prepared some emails I will send out tomorrow to construction companies to set up meetings.
I also read "Spin Selling" by Neil Rackham because apparently it contains a great framework for Idea Extraction.
The SPIN model will be my guideline for future Idea Extraction interviews. I'm really excited to try that out! It makes a lot of sense to me!

 

[MartinH]

Day 9:
Today I had my first hour long Idea Extraction calls and it was really fun!
I interviewed four CEOs and this time (roughly following the SPIN model) I really got to the level 4 problem(s).
Finding problems wasn't hard but getting several levels deep (i.e. breaking the problem down into smaller, less complex problems) was all about the right "Implication Questions": I simply asked about all possible ways that this problem effects the company and kept asking until I fully understood the problem's magnitude. As a result I could define several sub-problems of the company's most painful problem and then simply pick the sub-problem that, according to the CEO, was the most expensive/time-consuming one.
I found out there's one specific problem that all of these companies have in common and one CEO even
assumed that this problem exists in almost all of the major property cleaning companies - so this might be my starting point.
I asked if there was an existing (software) solution and 3 out of 4 CEOs didn't know, whereas one of them said "Yes there is an application that tries to solve this problem but it's too complex and too expensive for us."
So I will try to validate this problem in my calls tomorrow and see if this is a problem worth solving.

Those calls today encouraged me immensely and gave me even more confidence to pursue this SaaS business.

I think writing an email and asking for / waiting for "permission" to call is not really necessary. My most successful call today started out really shitty: The CEO couldn't even remember my email but he said "Alright, you got 5 minutes, ask your questions if you must..." but as soon as I asked questions and showed him I was actually interested in his problems he started talking and it turned out to be a really fun and mutually beneficial conversation.

 

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[davedev]

Reps for taking consistent action!

Keep going man!

 

[Fulfilled]

++++++++++

Don't lose that motivation, you are going in the right direction

 

[MartinH]

Day 10:
Today I was procrastinating a lot.
I got up on the wrong side of the bed and somehow couldn't get myself to start cold-calling again.
The phone felt so heavy in my hands, I was tired and had a headache... so I didn't phone anyone in the morning.

Instead I did some research on my competition and it turns out the "level 4 problem" I found yesterday has already been solved - in three different ways by three different companies. One company even offered a portable device in addition to their app.

The reason that the companies I called didn't use any of the available software to solve this problem might be because they simply weren't looking for a solution (which means the problem is not as painful as I thought) or because they weren't willing to pay for a software solution. With an already existing SaaS product that starts at 28€/month I find that hard to believe.

I basically found one software company that does everything I wanted to do, just even better than I could've done it: The CEO of that software company was a CEO in the property cleaning industry first so he took all his experience and built an affordable and - I have to admit - awesome SaaS solution around it. When I first saw the site I thought to myself: Damn, that's exactly how I would've done it.

So altogether there are at least a dozen different and well thought out software solutions for that industry.

I know that competition means there is money to be made, but it also means:
Don't reinvent the wheel. Don't start a business that solves a problem that has already been solved in multiple ways.

In the afternoon I had another hour long IE call but this time it sucked. The guy kept bringing the conversation back to problems that simply couldn't be solved (like high taxes, statutory minimum wage, low profit margins) and I couldn't figure out a good approach.

I'm not really happy with the industry I chose. There are a few companies that are really dominating the market and making billions but then again the majority of cleaning companies can barely make ends meet.

 

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[JimmyRose]

Hey mate. Great thread. You inspired me to get back on the calls. I was almost ready to go to development on 1 pre-sale because I hate the calls so much. But these last two days have been great. Thanks for that

It's funny, I'm attacking a very similar industry and just like you have noticed there is a lot out there that already does the stuff I want to do.

The thing is, not many people are happy with the solutions. In fact a lot of business owners have absolutely slammed some of the options that seemed to be big competition. Because of this I'm not convinced it is a bad direction to go in. It's pretty early to give up on that industry but obviously it's up to you.

 

[ChristopherP]

I cannot read German, so I can't judge how to design and market around the other product, but good on you for finally having those calls. Keep forcing yourself to do it and you'll have something actionable in no time, that is if this one doesn't work out.
rep++

 

[MartinH]

Hey mate. Great thread. You inspired me to get back on the calls. I was almost ready to go to development on 1 pre-sale because I hate the calls so much. But these last two days have been great. Thanks for that

It's funny, I'm attacking a very similar industry and just like you have noticed there is a lot out there that already does the stuff I want to do.

The thing is, not many people are happy with the solutions. In fact a lot of business owners have absolutely slammed some of the options that seemed to be big competition. Because of this I'm not convinced it is a bad direction to go in. It's pretty early to give up on that industry but obviously it's up to you.

Hey, I like that you're doing SaaS, too! Congrats on your first pre-sale!!!
Just keep calling and whenever you can MEET YOUR FUTURE CUSTOMERS IN PERSON.
I personally wouldn't go all in unless I had at least several thousand $$ cash in hand from pre-sales alone. It's the only way you can be sure that your business will survive the first couple of months...
I agree, hardly anyone I talked to was totally happy with the software they're currently using.

BETTER IS THE ENEMY OF GOOD and that's where we come in with our SaaS business ;-) So I suggest we keep digging for the problems that many companies share.
For when I offer a solution I really want to hear "Here, take my money" for once.
I want to see their eyes lighten up and say "YES, that's exactly what the industry need right now. If you can build that it would help us so much!"
Until now I haven't experienced that yet so I guess that means I have to keep calling

 

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[Fulfilled]

Day 10:
Instead I did some research on my competition and it turns out the "level 4 problem" I found yesterday has already been solved - in three different ways by three different companies. One company even offered a portable device in addition to their app.

Here's something I learnt, after spending several months searching for an amazing "golden" idea.

I found that every problem I discovered already has a solution, which led to me giving up that project. Eventually, I discovered that this mindset is harmful. Think about it, MJ had 12 competitors when he started, did it prevent him from succeeding? It's good to have competitors, it means there is money in the problem you're trying to solve. What I've learnt recently, is that you don't need an original idea that no one is doing. Felix Dennis said if you try so hard to come up with an original idea and somehow succeed, you'll just end up making other people, your competitors who will soon follow, rich.

(a famous british retail multimillionaire)

 

[MartinH]

Here's something I learnt, after spending several months searching for an amazing "golden" idea.

I found that every problem I discovered already has a solution, which led to me giving up that project. Eventually, I realise this mindset is completely wrong. MJ had 12 competitors when he started. It's good to have competitors, it means there is money in the problem you're trying to solve. What I've learnt recently, is that you don't need an original idea that no one is doing. Felix Dennis said if you try so hard to come up with an original idea and somehow succeed, you'll just end up making other people, your competitors who will soon follow, rich.

Thanks for the insight! Powerful words. Very liberating.
I will try to keep that in mind!

 

[GregH]

Hey Martin
I was in the foundation class #2

just one piece of advice that everyone here smacked me upside the head with...

when I was looking for ideas during "idea extraction"-- i was so focused on "is that a problem I can solve with software so I can make money so I can solve this problem" that I often just missed people i called telling me about other problems that could have been better business ideas-- but because I was so obsessed with SaaS and doing it one way I was blinded

keep your eyes and ears open to lots of stuff people tell you... maybe you will stumble upon something they need solved badly that just isnt a SaaS-- or maybe they already use something out there and they dont like it-- a.k.a don't reinvent the wheel just do it better..

just remember to solve their problems any way possible and just keep their needs in mind and how you can benefit them

Ive been there though.. the thousands of "strange question" emails the cold calls the visiting places in person-- its not easy so I wish you the best of luck

 

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[MartinH]

Hey Martin
I was in the foundation class #2

just one piece of advice that everyone here smacked me upside the head with...

when I was looking for ideas during "idea extraction"-- i was so focused on "is that a problem I can solve with software so I can make money so I can solve this problem" that I often just missed people i called telling me about other problems that could have been better business ideas-- but because I was so obsessed with SaaS and doing it one way I was blinded

keep your eyes and ears open to lots of stuff people tell you... maybe you will stumble upon something they need solved badly that just isnt a SaaS-- or maybe they already use something out there and they dont like it-- a.k.a don't reinvent the wheel just do it better..

just remember to solve their problems any way possible and just keep their needs in mind and how you can benefit them

Ive been there though.. the thousands of "strange question" emails the cold calls the visiting places in person-- its not easy so I wish you the best of luck

Hey Greg, thanks for your advice!
Your timing couldn't have been better

4 Days ago I sent out very nice emails (I discussed the email with quite a few people to get it right) in which I introduced myself as a Tech Entrepreneur who's taking on their industry's problems and I even made sure to convey many benefits for them and repeated several times that I don't want to sell anything, it's just about a short conversation to find out more about their problems.
--> I didn't hear back from a single recipient.

I just called four companies that I didn't hear back from and this time I didn't introduce myself as a college student (like I used to in the past) but as a Software Entrepreneur who's doing research on their industry's problems in order to solve those problems and make their work easier and more fun.
They didn't even hear the part about me solving problems, their mind got stuck at "Software" and from there they either told me that the Software they're using is already great and they don't need anything else or that they were suddenly really busy.

Looking back this approach was kind of stupid. It's like telling someone "Don't think about the blue elephant!"
Well, what do you see?
Exactly.

In my most successful IE calls I didn't mention software once.
I said: "I'm a college student and I am doing a research paper on the problems in {his industry} and my task is to find as many problems as possible and develop a realistic solution for some of them. Do you have a minute to talk about this?

And it worked really well, they let their guard down because I didn't seem like I'm selling anything and a phone call seemed beneficial to them because I said I would try to find solutions - and most CEOs are not averse to getting their problems solved (for free).

Now I basically said the exact same thing here as in my three phone calls today:
-I want to hear about your problems, I'm here for you, I'll listen
-I will try to solve them for free
-You are not obliged to do or pay anything
(man my mouth is watering while reading this, it's an offer nobody can refuse ^^)

The only thing that ruined it was the harmless word "Software" because it seems to initiate a lot of negative thinking and put limitations on creativity because not many CEOs actually know how far software can go.

Fact is the best approach is to not mention software at all (at least until I find a good problem).
People can be more open and talk freely about problems because they are not "forced" to limit themselves by thinking about their EDP-system or all the other things that give them headaches.

So I guess we're on the same page!?

 

[MartinH]

Day 11:

All the above +

in the afternoon I called several construction companies to set up meetings for next week but as it turns out not a single CEO was in his office. The secretaries all said that they were usually not easily accessible so I should stick to emails. One of my criteria for choosing an industry is that the CEO must be easily reachable by phone & in person so if that's not the case in most construction companies - adios.

I decided I probably won't send out emails anymore as they don't really get answered (<5%) so I'll either just call and schedule a future meeting or call and do to the IE right away. Talk to real people, make it happen, instead of observing opening rates & response rates ^^

I also spent some time reading a few threads on this forum. Like the one created by @GregH about his experience in the Foundation.
And then of course almost all the posts of @alexanderkjones
Really helpful.

I realized this SaaS business is going to be harder than I thought but if I only learn from people who already created successful SaaS products and discard the rest I should be good to go.
I was reading quite a few blogs of Ex-Foundation members and listened to what they said although none of them actually succeeded in creating a real business. Won't make that mistake again for sure.

 

[GregH]

I was reading quite a few blogs of Ex-Foundation members and listened to what they said although none of them actually succeeded in creating a real business.

 

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[MartinH]

Day 12:
Today I called a few companies in a totally different industry just to see their reaction.
The good thing is I almost immediately got the "CEO" on the phone - but he'd just tell me there's
just him and either his son or 1-2 other craftsmen in the company and that they're not making a lot of revenue.

I figured if I want to solve a problem big enough for me to charge >70€/month the problem should cost them
about 1k in lost revenue each month. So I should better look for bigger companies.

 

[MartinH]

Day 13:
Was invited to a friend's birthday party that took up most of my Saturday + Sunday night.

 

[MartinH]

Day 14:
Slept way too long after that party and then
spent the better part of the day reading and discussing options for the upcoming week with friends and acquaintances from this forum.

In the past 14 days I sure could've worked harder, no doubt. But more importantly I should've worked smarter.

I strongly believe it only takes a few very good conversations with CEO's in my niche to find a starting point for my business.
The problem is I wasn't able to have too many of those really good conversations until now.
So that's something I will have to work on tomorrow:
Getting the right people on the phone (or even better: meeting them in person) and asking them the right questions.

 

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[MartinH]

Day 15:
Didn't call a single company today, instead I sent out messages to CEO's of big companies in my industry.
This time I didn't send the messages to their office but instead tried to contact them personally on LinkedIn and Xing.
I wasn't so sure if I should stick with the industry I chose but after a conversation with a fellow fastlaner I am now convinced that I'm on the right track and maybe even close to a specific problem I can solve.

 

[JimmyRose]

I personally wouldn't go all in unless I had at least several thousand $$ cash in hand from pre-sales alone.

I'm in two minds about this. Thousands in pre-sales is going to take MONTHS, depending on the industry and how much they are going to fork out. That's months you could have used developing and marketing the software that actually exists. I just want a few pre sales worth like $500. That's plenty in my opinion.

In my most successful IE calls I didn't mention software once.
I said: "I'm a college student and I am doing a research paper on the problems in {his industry} and my task is to find as many problems as possible and develop a realistic solution for some of them. Do you have a minute to talk about this?

And it worked really well, they let their guard down because I didn't seem like I'm selling anything and a phone call seemed beneficial to them because I said I would try to find solutions - and most CEOs are not averse to getting their problems solved (for free).

I've noticed mixed responses with that "software" word as well. But it kind of feels dodgy because you're going to need to mention it at some point. From memory Dane Maxwell has said a couple of times that he likes to be honest and actually does mention software pretty early. To be honest I've mentioned it a lot and haven't had TOO many problems.