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mimedia

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Its cause I wasn't full of shit that it got that far.

You guys are fighting against something you can't even see lol

lmfao I didnt try to sell ANY OF YOU to this idea. That was the first thread and MJ closed it as soon as I got a potential investor. You guys don't even have any idea what i'm doing. I made this thread to take out a loan I don't need any of you working with me trust that. I'm laughing at all of you right now, its seriously pathetic how you all are acting.

This was 30 minutes of my life I'll never get back, but I couldn't resist

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MJ DeMarco

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And if people can handle the conversation intelligently, this thread wont end up like the last one.

You mean if we tell you the fairy tales which you want to hear we'll be OK? As opposed to the reality which you don't want to hear?

I would like to take out a loan for 14k to officially establish the company U.S wide.

The reason your posts are laughable is not because you want a loan and/or investor, it's for the AMOUNT you are requesting. $14K?

Seriously? If the amount was $140K I could see the thread being approached with more seriousness and credibility. $140K is truly an obstacle and a barrier to entry, but $14K?

If an entrepreneur can't scrum together $14K on his own through friends, family, hustle and smart work, it's a red flag. If you think raising/earning/hustling $14K is hard, wait until a real problem comes along in your business ... are you going to look for the easy way out there too?

By the time your last thread went up and this one, you could have made $14K in any side hustle with a lot of smart work and committed effort. But no, instead of testing your entrepreneurial resolve, we get "loan me money."

LOL.

If this thread was a story on how you hustled your way to $14K through a little entrepreneurial ingenuity, and now you were seeking an additional $20K for X Y Z, you'd have people knocking down your door. Why? Because you would have shown your ability to execute, your ability to GET DIRTY, and your ability to problem solve and think strategically.

Right now you've shown your ability to talk, and that my friend, can be accomplished by any 4 year old.

Owning a business is nothing but a career in problem solving. To me, "Loan me $14K" is like entrepreneurial welfare, taking food stamps when you are fully able-bodied to do it yourself.

Again, I wish you luck.
 

Sir Ingenious

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I can't really comment on the money part because I have almost 0 experience in this aspect, although I am getting one now.

However, as a guy who lost 260 lbs (485 - 218), it took commitment, sweat and determination. And a period of screwing around due to lack of experience and education, but still. Anyways, there are people in one camp that begged for weight loss surgery to be done (lap band or stomach stapling) as a shortcut or a fast vehicle in losing weight; there are people in another that done this the hard way purely through diet and exercise.

A) You can beg a doctor to have a procedure done in order to lose weight but no progress is made in meanwhile.

B) Or you can choose yourself and do it purely through diet and exercise, thus immediately making progress. And choosing this path will be FAR more rewarding in the long run than above. I can lose or gain weight at will, know how to do it, is able to identify foods, etc, etc. I learned nutrition and exercise on my own through research and experience without consulting anybody.

I can easily pick up my experience and start freelancing to help others lose weight because I have extensive experience. And hell, I'm actually thinking about doing this for a lot of young men like myself. This and get my biz started up at the same time.

See how simply just by choosing yourself, you're opening doors on your own? You don't need another man to do it for you.

Right now, my ultimate goal is to reach 185 lbs. I want to lose a grand total of 300 pounds JUST by diet and exercise. And then I want to gain weight in a good way.
 

AmyQ

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I agree with others that Yale doesn't seem ready for this step, but I think securing a loan is a valid discussion, so here is the process we went through to secure an SBA loan. Keep in mind that this was at the height of the bank and mortgage crisis, so things might be easier now. Also keep in mind that we had a company that had seven figures in revenue a year, but had not been profitable in the two years prior to securing the loan.

1. Even though we had a business, my husband had to personally guarantee the loan
2. We checked his credit. Yale said he "assumed" his "credibility is spotless." No need to operate under assumptions. You can check your credit score online.
3. We hired an SBA consultant for $600. Consultant helped us with the paperwork and also helped us find a bank that was a good match for our business (small bank that had done business with similar companies).
4. We filled and provided out a tremendous amount of paperwork. Tax returns, financial statements, etc...
5. We put up collateral. We had to put up our primary home and a rental home. We owned both of them free and clear. Bank had both of them appraised. Appraisal value came in at just over 2X the loan amount. We still had to put BOTH homes up as collateral.
6. My husband had to get life insurance in the amount of the loan with the bank as the beneficiary.
7. We had to buy additional insurance for the business (for liability, equipment, etc.). We already had this insurance, but they required us to get even more.
8. When we finally go the money, we only ended up using about 40% of what we were approved for because the lender would only lend us the other money for equipment purchases (they knew they could re-sell and re-coup on the equipment).
9. We had to start making payments the first month after getting the money, so you might need to borrow more than 14k to start making payments, even if 14k is what you think you need.
10. There are a number of costs associated with a loan, so you might need to borrow more than 14k, even if 14k is what you think you need.

Also, if you think that people here are being "harsh," I can assure you that the gaze of a lending institution will be much harsher. As you can see from my experience, even a "risk free" loan (again, we put up 2X as much collateral as we borrowed) wasn't seen as "risk free" by the bank. Bankers tend to be a serious lot. I am sure that your optimism and confidence is helpful in many situations, but a lending institution is interested in numbers.
 
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Mike39

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OP might be full of shit but he is a pretty good marketer. He somehow managed to have two threads with over 6.5k views in a month.

He also had some of the heavy hitters of the forum post here. That's a pretty big accomplishment.

He wouldn't have achieved that if he hadn't posted so many lengthy personalized responses. The moral of the story is: hard work pays off.

And because he really sold us on his idea!

Key ingredients to being a good marketer according to pkom:

-Break a federal law
-Piss off more multi-millionaires who were willing to help than you have met in your life
-Get a whole forum laughing at how ridiculously stupid you are
-Get ZERO funding for your project
-Convince even those who were trying to help you that your a complete imbecile
-Be the first user to EVER have a negative reputation


Pissing people off and making them want you to suddenly break your hands so that your unable to type anymore, forever, is not exactly marketing. The 6.5k views was/is people laughing at how stupid someone can be, not begging to buy his product (or invest remind you). I would compare this more to a circus ring where there is this retarded dancing monkey who makes a fool of himself, now there's a HUGE crowd but all they're really there for is to laugh and be entertained by the monkey's idiocy; luckily for the crowd the monkey, being the peanut brained individual he is, doesn't understand that people are laughing AT him so he continues to entertain. But that's a bad example, monkeys are smarter than yale.

Sure it was hard work making a fool of himself, but I'm having trouble seeing what paid off here?
 

x9vjzs098u123rnl

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As a record label owner who's bootstrapped his company with a team of 3 other college students for almost a year now, I'm incredibly skeptical.

Having "performance technology" is not going to make your company successful. Maybe it'll make you feel a little cooler DJings parties for a couple friends, but it's not going to land you big festival appearances or thousands of fans. SEO is not going to grow your record label's reach. When people want to find new music, they don't do a search for "dubstep music" so they can see what there is to download. The music business is a relationship business: word of mouth, live shows, relationship building, and treating your fans well are the most important things. SEO software and performance technology won't help any of those (except actually executing those live shows, but booking them is the hard part)

Artists don't need record labels any more, they can do a lot of things on their own. What are you offering them that they can't get on their own? I know I could answer that question from my company's perspective, but it's an answer you'll need to come up with for your label individually.

What need in the MUSIC marketplace are you filling? What are you going to give consumers that Skrillex's label (OWSLA) or Dim Mak or Fool's Gold or Ultra or whatever else is out there ISN'T giving? How are you unique?

What's your business model like- how many revenue streams do you plan on having and what are they (because you will need A LOT)? How will you price your offerings and through what channels will you distribute them? Do you know the entire legal side of the business- from publishing (are you registered with BMI, or ASCAP? SESAC maybe?), to contracts, to sampling laws? What does your promotional calendar look like for a new release?

I'm asking you all of these questions and pointing these things out because I wish somebody had told me I needed to think about those things first. I jumped in head first, made some mistakes and failed to make a profit for almost a year, but thank god- with the help of some mentors/advisors/teachers who AREN'T in the music industry, I started to stop thinking that record labels were some exception to the things that make startups successful or the Fastlane Laws, and start thinking like everybody else.

You are not special.

Stop dreaming of getting famous and DJing to crowds of thousands, and start figuring out how you're gonna convince people that have BitTorrent one click away to pay you for music.
 

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Wait… I am confused. Did you get the $14,000 "investment" you were looking for in your last "epic" thread? "We at the empire?" You mean you in your dorm room? You can probably just Google and get the answer to your questions, or call a banker and ask him how to get a loan. Why didn't you take the money from your 17 year old "investor?"

As a reminder… Do not solicit funds on here for a private investment either via the message boards or via private messaging.

Your first thread was epic but not for the reasons that you think it was epic.
 

DennisD

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credit cards? eh doesn't sound too nice but maybe ill keep it in mind, thanks.
This tells me all I need to know - you don't have passion for this business (whatever it is) or you don't believe in it because if you did, any spare nickel you could find would be sunk into it. Pell grants, pop bottles, credit cards, selling your old stuff, whatever.

I didn't want to add oil to the fire by posting.. this THIS is really how I see things.

Somebody who KNOWS their idea will work is okay with selling their TV, their House, their Car. They're ok with credit cards.. they're ok with filling out loans. They seek a bank BEFORE a forum because it means not having to give up equity. They apply for a damn car loan and spend the money on business before the bank knows what's up..

Somebody who KNOWS they're going to be successful will take those risks because to them.. it's NOT a risk. The fact that somebody comes asking for money before doing any of those things shows a lot about them. From my perspective, You want to risk 14K of an investors money and none of your own. You didn't sell everything you had, borrow money from your entire family, all your friends, and THEN come to us for the remaining 14K.

Honestly it seems like this whole thing looks like a big joke from where I'm sitting. It doesn't matter how ingenious the plan is, or if it's never been done before, or if it's groundbreaking or any of that. Those are just words. What an investor likes to see is that you believe in the idea so hardcore that you've risked everything for it. THAT'S a sure investment.
 

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Yea I understand, thanks. I just thought the already millionaires here could give me some extra special advice on start ups funds/loans that I couldn't find on google.

I think this is the main point that the others are trying to get you to understand. Sometimes when you start off, you ask the wrong questions and so the answers coming back to you aren't answering your specific question. It's not because they don't want to answer your question, it's because your question is wrong.

It's like the thread where someone asked "what's the best $250 camera to get to take photos of Ecommerce products?". The answers from knowledgeable people were that the camera itself did not matter that much and that the lighting and backdrop set up is more important. The answer was to spend $250 on lights and use the Iphone as a camera. But the OP did not listen and just wanted to buy a camera for $250. It is frustrating to answer questions like this because we don't want to see the OP fail, we are really trying to help.

In your case, the people here are telling you that getting a $14k loan is not the right focus. I haven't read through both threads enough to know what the right one is, but it feels like you think that once you get $14k that you'll start your plan and that everything will fall into place. Don't buy the $250 camera and then wonder why the pictures still come out bad. Look past the $14k and see what else you should be concentrating on. You might not even need it.

You should ask yourself, "why are the already millionaires not answering my questions directly?"
 

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I speak for many on the forum when I say that the next person to bump this thread is going to get a swift kick to the nutsack.
 
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D

DeletedUser2

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This is a terrible idea - don't ever (ever) borrow money to start a business. On top of this being a terrible idea, even if you did get the $14k you're spending it in the wrong place(s). From your original thread:


meh,

borrow money to start a company! use a credit card, ask your drinking buddy for a loan.
the amount? tiny. if you F*ck it up you go get a job washing dishes and pay it back. the experience you get, invaluable.

I have started several companies with no money, and several with money. just because you don't have it, shouldn't stop you from starting one.

seo software? really? ugh, thats a dead cat bounce.
try again.

as for the sec rules, it wont start the 60 days until they put it in the federal register. so that may take another 60 days plus. additionally, its only for "accredited" investors, and it will deff be on you to determine if they are an accredited investor. (there is new rules about how to determine if they are, also)

and in no time flat you will have to compete with advertising with the likes of hedge funds, and private equity. expect it to be expensive.

general solicitation is still illegal, and you should talk to an attorney before you end up bitten by the law.

there are a lot better ways at raising a tiny amount like that. making short term money. some one I work with started with 200 bucks. and managed to put together 300K in his bank account in 9 months. so really? 14K? your not trying hard enough

a bank, will probably not give you a loan. if you have great credit, at your age, they may sign a signature loan from 1-5K. if you have collateral then maybe more (like a car loan) but they don't like giving youngsters loans with no collateral, and limited credit history.

your better off applying for 2-4 credit cards and launching that way

Z
 

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TI'm 21 and have some grants, education loans and academic scholarships from my university.

YI'm sure with your 'extensive' research you DID in fact uncover this, and that would mean you know that they do not provide scholarships, but instead provide the exact amount of financial aid needed

rHS0V.gif
 

DennisD

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Second, you act as if we DO NOT want you to succeed. Actually, we do -- however we take issue with the fact that you want the shortcut.

"Cut the shit DeMarco!"
-yale

I was thinking about this... I'm sitting here hanging on every word of this thread... and the ways Yale is acting is really making me angry.
Why am I sitting here watching the train-wreck?

And then I realize it's because I want him to succeed. I want to see that moment... where he steps back.. and looks at all the great advice in front of him... and goes "woah". I'm waiting for the part of the story where there's a change in mentality and he changes, apologizes, and sets off to work.

I think that's why everybody's sticking around this thread, and reading, and getting hotblooded. We all want yale to succeed, we all want to see him work hard, hustle, fund his dreams, and become a multimillionaire by seizing a unique opportunity that he was smart enough to see. But it's just not happening.

Sometimes it's hard to let go of our preconceived ideas.They're comforting.

I do understand the pushback.. when somebody says "You're arrogant" "You don't know how to take advice" etc...

You see yourself as a very reasonable person. You're smart, intelligent, and kindhearted. You might even be the smartest person you've ever met, and I wouldn't doubt it's 100% true.

But there's a huge difference between relative enlightenment, and absolute enlightenment.

You might be more compassionate, humble, and accepting of new ideas than the people around you... but when it comes to the people I've encountered in this specific social environment, you're the LEAST willing to learn.

Everybody here wants you to succeed. You've got several multimillionaires taking time out of their busy day to help you. They're not here to argue, they're trying to MAKE you listen because they want to show you what they've learned.

I know "you're not here to make friends, you're here to raise money". And everybody here is trying to tell you that it just simply doesn't work like that. You raise money BY making friends.

Something I recently learned:
Something I didn't understand until I started my latest venture.. was how much more goes into a business than I thought.

You can have the best software, the best marketing skills, can raise money like a boss.. and still fall flat on your a$$ because you didn't make a good hiring decision, or you accidentally build your software for a firmware that was soon outdated.

It's not always about you skills, or your idea, or even your work ethic. it's about EVERY SINGLE PEICE coming together at the right time. An entrepreneur has got to be good at a LOT of things.

I think one of the small pieces that isn't falling into place for you.. is this whole 'people skills' thing. there are hundreds of potential investors that are reading this and NOT contacting you because they don't like the way you hold yourself.

It doesn't matter if it's not representative of the real you, it doesn't matter if back home you're the nicest guy on the block. Right here, right now, the skillset that's blocking your path to success is being humble, and learning to make friends.

You should thank people for their time, even if you don't agree with what they say. If somebody tells you he thinks you'll fall flat on your face because of X... you should still say "think you for your time sir". and then move on.

Every time you respond to a post and say "THIS is an intelligent post people! THIS post makes points" you're insulting everybody else... and even if you feel they deserve it, it's maybe not something you should be doing.


I'm not trying to preach here. I want you to win. I sat here for 40 minutes to write this. It's because I want you to succeed.

I think there's too much mental noise right now for you to get what you want, and I think November will come and go, and your opportunity will pass you up. I think you'll learn from the whole experience and start making friends so the next time you see an opportunity you can jump on it.
 
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Darius

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"Never burn bridges you might have to cross."

"How people treat you is their karma; how you react is yours"

Please someone tell me who are the multi-millionaires in this thread please because you make me believe that some of you have less than an 8th grade education.

If some of these guys you are referring to, have less than an 8th grade education, then I probably should have quit school a long time ago.
 
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JEdwards

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Dude honestly, I don't know if I want to come back to even prove you guys wrong. I would come back to share my progress and have everyone learn from it, but the way you guys have been acting as I said it makes me lose hope in the forum. I should get an apology from the extremely rude posters in this thread for trying to knock me down while having no basis what so ever.

At this point, and I think all my comrades here will agree, you are just a stupid dumbass, the problem is you are just to stupid to realize it. So your only course of action going forward is to go and prove that you are all that you say you are, and again prove us all wrong.

My bet, you wont.
 
D

DeletedUser2

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So here it is guys, the posts of them all. This will give you clarity and show your incorrect assumptions, as well as your correct ones. Get ready guys, this might blow your mind.

well, its obvious you listen so well, and are so very insightful.

we here are all just losers and you might as well just go prove to the world your brilliance, since so many of us poor stupid people cant seem to get it.

good luck with that. im done with this thread. you wouldn't listen anyway.


Z
 

AmyQ

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Its just taking out credit cards sound like it'll mess me up? It just seems like sketchy idk correct me if i'm wrong, I have only used debit.

exactly. you got it right. i've sold everything I have, my family has no money at all, and my friends some of the brokest people on the entire planet, like I said I came from nothing. i'd do credit cards i just thought they were sketchy i never used one before.

and exactly its NOT a risk. thats why ill take out a huge loan with interest, ill file for whatever i need to do because its certain.

The posts above lead me to think that you don't really understand how credit/lending works. That is not a dig. I wasn't born with that information, and there are lots of things I don't know about today.

Let me give you a brief breakdown:

Unsecured loans: Loans for which you don't have collateral. Examples are credit cards and student loans. The interest is high on credit cards because if you default and discharge in bankruptcy, the lender is screwed. They have little recourse. Student loans have lower interest because they are often guaranteed by the government or a parent. Also, student loans are not dischargeable in bankruptcy. You are stuck with them until you a. repay b. die or c. get forgiveness from working for a qualifying institution for ten years.

Credit cards are neither sketchy, nor straight. They are a tool. People often misuse this tool and get themselves into a lot of trouble because they can't handle access to credit. I use credit cards nearly every day. Because I pay them off each month, I do not pay any interest for this convenience. Here is a calculator that can show you how much it will cost you if you don't pay them off Bankrate.com credit card calculator -- How much will the minimum credit card payment cost me?

Based on what I know about you (no assets - sold everything, not yet profitable business), credit cards are your most likely way of securing credit.

Secured loans: Examples include a mortgage or when a hard money lender loans someone money and the borrower puts up their tangible assets, such as real estate or equipment as collateral. If the borrower defaults, the lender takes possession of the borrower's assets.

What a loan/credit applicant can bring to the table:

1. Assets - to secure the loan
2. Creditworthiness - your credit score. This is largely based on things such as the ratio between the amount of credit available to use and the amount you are actually using. For example, if you have a 60k limit on your credit cards, but you are only using 3k, it would increase your credit ratio. Also, factors such as how "seasoned" your credit is (how long you have had a credit account open, older is better) and your history of re-paying your debts.
3. Personal income or business profitability - if you have a profitable business with contracts in place, you can sometimes get an unsecured business loan. If you don't have yet have a profitable business, you will have to bring assets to the table. When I said banks care about numbers, these are the types of numbers I was referring to. Future profitability won't normally cut it unless you have contracts with creditworthy clients in place.

Go to creditkarma.com and check your credit score for free. It will tell you the credit cards that are most likely to approve you. Note that applying for credit is an "inquiry" and it will ding your score about 5 points, so don't apply for every and any credit card. Also, you should go ahead and make an appointment with a loan officer so that you can find out for yourself exactly what lenders are looking for in a borrower/business.
 

Held for Ransom

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I've been following this sordid mess since the beginning and truthfully, this whole thing is amazing to me. I hope that the OP finds success, I really do...

I think a lot of us older members have been where he is - young, full of energy and knowing everything. I think that's just part of life. I think the guy even has some fans here because, in many ways, we probably see bits of ourselves in him. I know I do. That may be a big part of the reason why such veterans have stepped in to comment on the situation. Of course, that's speculation on my part.

But, there's more to it OP... at least from my POV.

In the end, you just come across in a manner that dishonors the contributions of those that have been down this path before you. Basically, that's just not cool. Imagine that twenty years from today some punk who's taking over the club scene approaches you with the same attitude.

Would YOU feel disrespected?

Would YOU want to help someone like that?

How far would YOU go to reach out?

Even though you probably won't do it, take a moment and really think about the long-term ramifications of dealing with people in the manner that you do. This will be very important over the long-run of your life and let me tell you, the "long run" is here before you know it.

It may not hurt you now but some day, it very well might and at the moment you need it the most.

Likely this thread will fade into obscurity soon but for those newbies that unearth it, it should still serve as a valuable lesson. For anyone that is new or aspiring to achieve something of note in their lifetime with respect to entrepreneurship, it has already been done.

Listen and learn from those that have done it before. This place, the people here that have *ACTUALLY REALLY MADE MILLIONS FROM NOTHING* speak from a place of wisdom and compassion. Take heed of it and MAYBE you'll make it as well.

Best of luck OP.
 
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Well thank you for converting from a #discourger and giving me some support. I will dont you worry, and not a wantreprenur because I already started. Cheers.

I am not giving you support, I think you are a dumbass, and I bet whatever you think will happen won't and in 5 years you will be some douche at the club telling crack ho's how you used to be famous.

Having said that and please take this as encouragement, I hope you prove me wrong.
 

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This is where you have to realize that doing a bit of homework before coming in guns blazing is a good thing.

There have been numerous heavy hitters who gave you advice, yet you are still all about creating a ton of noise with no clarity.

What you have to understand is that nobody owes you shit around here and you have to earn it. You are coming in with a massive buyer frame into an environment where the community has seen and heard it all.

Do you actually think MJ is going to "bounce ideas" with someone who insults his friends and creates chaos within his business?

Learn what a value proposition is, build relationships and seek to understand before you feel the need to be understood.

This whole community was built upon value. Those that give it, get it back and so on.

It doesn't matter if you have been here for 6 years+, you will get called out on bs. The bs in your case is not the 14k, rather your approach on getting 14k.

If I came up to you and said "Hey dude, I'm kind of a big deal, give me 14k and I will release a groundbreaking marketing software" ... would you?


Haha nawww. Well I didn't know I had the opportunity to do that? lol. Why don't you come fly out to nyc and see for yourself :)
I listen when there's something nice/constructive being said, not immature jabs at my company as you can see. Constructive criticism is something you have been doing well with in our convos Demarco. I know you know that this can very well be real. And if you want to bounce ideas off each other I'm certainly up for it. My position is likely similar to back when you were 20. You can call me an internet entrepreneur hybrid, so we can very well be in the same boat.
 

MJ DeMarco

I followed the science; all I found was money.
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Yale,

You're taking a beating because you're hard-headed; if your brain was a piece of coal, it'd be a diamond by now.

First, it seems that any advice outside of "give me money" is chided.

Kickstarter?
Ill look into it. Give me money.

Credit cards?
Ill look into it. Give me money.

SBA?
Ill look into it. Give me money.

Apply some entrepreneurial ingenuity and earn the $14K?
Ill look into it. Give me money.

Second, you act as if we DO NOT want you to succeed. Actually, we do -- however we take issue with the fact that you want the shortcut.

You want entrepreneurship to be a magic pill that you can buy at the Walgreens and swallow. You come across as an entitled child because you obtained some type of local legendary status. It's obvious you don't want to learn from your own research. You don't want to heed advice. You don't want anything that falls outside of the box you've set for yourself, and that's "give me money" because I was the star quarterback in high school.

The oceans may have parted for you while you walked the hallways of your high school, but you will find that real life is not so forgiving. Don't believe me? Walk into a bank with your story, tell them you have have no assets, no income, and no net worth -- see how long you last at the banker's desk.

Third, this is not the place to solicit for loans or investors, so again, I'm going to ask you to STOP.

And finally, if your product must launch by November, I'd highly recommend that you start getting your hustle on and earn the bread yourself. Or follow the advice already provided here (i.e. Kickstarter, Indiegogo, credit cards, etc.). Also check out some of the "hustle" threads.

While I feel you're totally misguided in your approach, I do wish you success.
 
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Tom.V

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I just don't understand why this relentless tirade is allowed to continue. I feel that if the Op were removed, we could all return to the things that really matter. Because this shit is of no value to anyone. Not the Op, not the viewers, not the 17 year old investor, and definitely not for this forum as a whole.
 

AllenCrawley

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