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Dubidu's Execution....Thread :-)

A detailed account of a Fastlane process...

Dubidu

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Update as at Wednesday 5 September 2018:
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Shout Outs

Before I start the substantive update, may I please give a shout out to the following gentlemen (in the truest sense of the word) who have either taken the time to follow/reply and indeed direct message me with motivation/advice and inspiration:

@FastNAwesome - your words got me through a tough couple of days and gave me hope; thank you :smile2:

@SteveO - my original cheerleader on different topics both personal and professional :)

@Get Right - for taking the time to explain I should focus on Idea 1 & 2 rather than Ideas 3-6; consider your advice followed ;)

@MTEE1985 - a supporter who makes me want to provide him with the success story at the end of all this ;)

Now that I've stopped sounding like a gushing Oscar winner...

-----------------------
Update on Idea 1

  • Second company provided a much more reasonable proposal for CAD file - circa $4000USD but this includes producing prototype rather than the original company who quoted circa $14-$16000USD to produce just the CAD file for someone else to then prototype manufacture!

  • I had a useful initial meeting with the licensing consultant. I had drafted 3 specific questions to form the agenda of the meeting to maximise time. They were:

1. Please expand on why CAD file/prototype is unnecessary. He said I need to determine interest (he was impressed with my market research so didn't question whether market existed and said my demonstration of the improved product (I have a very rough prototype that I'm cannibalising to demonstrate what I am trying to achieve) was very good. What particularly persuaded me not to produce CAD file is that he said it would be a waste of money if it turns out that the manufacturer (i.e. the company's manufacturer) can't use the CAD file to produce using existing machinery etc. Conclusion: no need for CAD file. I can do a rendering (virtual) to demo the product or provide sell-sheet as teaser for interest & demonstration of the effectiveness/improvement of the product.

2. Approaching companies: Here I felt I knew more than he did although I don't disagree with the standard approach for other types of industries. In the sector relevant to me, there are essentially 3 big conglomerates that are dominant market players. Think of them as a top co. with a stable of brands that consumers think are 'individual brands' when they are not. There is one conglomerate that basically owns about 30 brands in its stable. In the luxury/fashion example it would be LVMH which has Gucci, Dior, Marc Jacobs, Givenchy etc. all of which the average consumer would assume are 'independent' brands but are in fact all owned by LVMH. So the consultant's approach was: you can't just go to 3 companies; you should aim for 30. I explained that I had no problem with approaching 30 'companies' except they are all owned by 3 companies - just the brand is different!! So I will approach the development departments of 3 companies who can then assign the idea/product to the right brand/company that they see fit. I could not care less which they assign to as long as they pay me the money! I'm not emotionally attached to any of the brands or think the product should go to a particular brand. The one who pays me the most is the one who gets it.

3. Protecting IP/Filing PPA - He told me what I already knew: file in the UK/USA only. I asked him about worldwide protection and he said big companies rely on distribution (crush the competition by getting first to market with our wider distribution channel) rather than rely on worldwide patent. This makes sense to me and is in line with what I see with clients from my day job.

Next Steps:

1. Approach the companies I have in mind (unlikely to happen before Sunday as I'm back to back at work tomorrow and Friday so I will chase on Monday/Tuesday as I have time). I'm going to need to refine my pitch because one client could definitely introduce me to all the right people (she's basically in an adjacent but inter-connected sector and is very high up in all the industry bodies) but I've got to ask a colleague if he would be OK with me approaching her on a personal rather than professional basis.

2. Refine the design slightly more in terms of explaining the components - I knew more about my product than the licensing guy. I learned the components of the product and their technical names/nomenclature but felt I need to now re-translate it for a lay person to make my 'pitch' more efficient.

Idea 2 Update

My change in tack feels right on this front: look at reducing manufacturing costs rather than gaining expertise/working with experts to think about a material that we'd essentially have to invent or if it exists, to invent change in use both of which would be fine if I had all the R&D money/time in the world but I don't! Licensing guy focuses solely on licensing so can't help. Bearing in mind my paranoia about protecting IP - I want to be able to approach a maker of the product and say can we work together to identify reduction of costs and how to make it happen. But I have no idea how to go about that because at the moment only 'artisans' produce the product (partly explaining its high cost) so we'd need to find out how to reduce costs by scale but that is only one component. I need to think on this one further because I don't yet have next steps. I may approach the example I gave in an earlier post (different sector to mine but same principles could apply). They are very wealthy entrepreneurs and I could just do a cold approach to see if they'd be interested in working with me on this one as consultant/partner.

That's all for this week and realistically until next Wednesday given my diary/work commitments. I hope to have some tentative progress with companies to report next week :clench:

Your questions/thoughts/advice/"Stop! Don't do that's!" are appreciated as ever :blush:
 

Dubidu

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Yes, when outsourcing it's best to be as specific as possible.

It helps in getting exactly the output you want, and helps prevent misunderstandings.

Even when someone's is keen on going above and beyond for your project (and not just checking it off as another task), the extra work they do out of best intention may simply not be in the direction you wanted.



Please don't allow yourself to feel like this.

Don't think others have it figured:)

Many have a hard time, but it's not obvious by their appearance or demeanor. Others have settled for way less than they desired. And yes, some are very successful, but everyone gets there in their own way, and everyone has their own challenges.

You have absolutely NOT failed at everything. You are a professional in a highly respected, well paid profession.

You are a fighter and a dreamer, the type of person who dares to face what they're unhappy with, and then seek solutions.

You are an aspiring entrepreneur. You're already working on your project. It takes courage, initiative, creativity. It's not something everyone can do. But you're doing it.

I don't know you, but I'd bet you have many more accomplishments in life, that you're not crediting yourself enough for, and many qualities as a person.

Back when I was still looking for a job, I decided to put together a really comprehensive CV, and when I looked at it, I was surprised! I thought to myself "wow dude...you're really something!"




I don't know anything about this, or about your product, so please take this opinion with a big grain of salt.

It's simply my intuition that if you can stir the interest/get market validation without spending $10k+ on it, then it's a good thing.

And maybe that market feedback could bring you clarity as to direction you should take things, and what should the next step be.

Thank you so much FNA (if I may be so bold as to abbreviate your name :)). This to me represents the best of this Forum - helping each other and showing heart whilst we're at it; I'm really grateful for your kind words - they mean a lot.

I am in two minds - part of me thinks I should press ahead with CAD file etc. because I simply don't know whether I'll be laughed out of town if I approach a company (the companies that would be interested are either high end designers with a foothold in the beauty industry or drugstore brand with a simple 'concept' of improving a component of the product. A part of me is still being a lawyer and thinking I should file/protect the IP etc. rather than approach them 'cold' because they'll just take the idea and run with it and I'll lose out.

I'm addressing @MTEE1985 's comments as well (thank you MT for your input; gratefully received as always): my gut instinct says it's worth paying the consultant. He's legit - businessman rather than guru etc. and specialises in licensing. He can do an evaluation of the idea and without my asking him, he was the one who gave the advice for free - usually a good sign - with no hard sell. I can then clarify my thinking further whilst still going ahead with meeting the product company next Wednesday.

I don't think there's a huge difference between the UK/US market in this instance other than PPA protection which has some variances and the two biggest companies I would approach in this sector are European rather than e.g. US or Australian/Asian anyway.

On an off-topic note: I've been approached for a job today. I have said yes to speaking to them even though it's slow lane ultimately but if I can get a slice of the deal origination (which is my strength) then it may be lucrative. Let's see how it goes.

Thank you again to everyone who takes the time to like, reply, provide me with their thoughts and invaluable input. One of the best things I've done this year is to join this forum :). @SteveO was right: it's a tribe and I'm very much starting to feel like a part of it.

I don't expect to have a lot to update on Sunday but I will now email the consultant to arrange a time to speak - if I can get that in the diary before the weekend I'll obviously post on Sunday but otherwise next update will be Wednesday.
 

Dubidu

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Thanks for the shout out!



Refresh my memory on this point, are you wanting to just sell the patent to Idea 1? Or secure a license deal?

I ask because the above sentence reminds me of some guys who invented a card game and were given two options: sell for $200,000 or receive 10% of sales. Caveat was the 10% was with Mattel and by picking the royalty over the immediate money it ultimately made them $1,000,000.

Otherwise just keep at it! As I’ve said, this thread is as educational to everybody here as the feedback is to you.

You're welcome - I still feel I don't have much to teach yet...

In terms of licensing/patent - I always wanted licensing rather than patent; so in your example, I want to do what the guys did with Mattel. The sector I'm in and the product I have tried to improve really is recession proof and the improvement is one that really is an improvement rather than my wishful thinking it's an improvement ;)

In a lot of ways Idea 1 is designed to give me some breathing room financially to really focus on Idea 2 which is very much FastLane accelerator!

One potentially very important thing I did not mention in my update today, because I forgot as I was typing, is that he thinks there are two 'licence-able' components to the product! I thought there was only one (i.e. the whole product) but turns out, in his view, there are 2 separate licence-able components of the whole product. I still want to licence the whole kit & caboodle if it makes the most return but it was worth the money to spend on the licensing consultant because he did give me things to think about and seems to know what he's talking about generally.

Hope that clarifies :)
 

Dubidu

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Hello Everyone!

Slightly slow on updating because things slowed down a bit but I'll set out where I am now.

Idea 1
  • Companies identified/numbers written down and ready to call
  • Teaser sheet is done!
  • PPA will be filed in the next 10 days; I'm waiting for line drawings to be completed
  • I am due to attend the licensing trade show in which some of the companies I've identified will be showing so I hope to secure meetings and bypass the need to call and go through gatekeepers etc.
Next Steps: I'm 75% rather than 80% ready before the licensing fair; I want to tweak the PPAs and teaser sheet more still but broadly I'm happy with what I've achieved although in my experience it's been a lot more work than @Vigilante 's quick calls to secure a licensing deal. Maybe next time it'll be easier!
Assessment of what worked/what didn't: mindset is a big thing for me and I know it's almost entirely related to the lack of progress in my personal life particularly when I am 'executing' i.e. taking action on that front as well & still haven't met anyone. This then feeds into a general feeling of failure and so the vicious cycle begins. On those days the most I can do is read books. I'd like a steady mindset where I simply implement small disciplines daily and hope for the best but I think the total lack of results is really disheartening.

Idea 2
  • Really no progress on this to report (the mindset I mentioned above definitely has an impact on my ability to focus on both ideas on par with each other although to do that would be ideal).
I've just got to press on and hope we can close something by the end of the year; I'd like to have an agreement in place from one of the companies to actually go to production etc. on Idea 1. Then this year wouldn't have been a total waste.

I hope everyone's doing good and so pleased for you @SteveO on the mall deal; amazing! :clap:::)
 
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Dubidu

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Hello everyone!

Idea 1

A bit of an update that feels more exciting than it possibly should.

I now have the final prototype from the design studio! They took about a month to get the design right (not their fault as one aspect of the design is quite hard to do by CAD file apparently) which is why updates were delayed; I haven't been sitting on my posterior - I've worked on my tennis game instead!

  • Lesson learned: I'm improving in my ability to give feedback and set out what I want. It's good project delegation/management/business experience that I've not had to do before. I have to say also the design studio was very good (it took approaching 3 to finally get it right!).

  • I have also got a 'teaser' sheet ready for licensing companies which I'd already identified. I don't think I'll get to start engaging with the companies yet (and possibly not until New Year) as the next step is to ensure the PPA which I'd started drafting is ready. I'm travelling for work in the next week or so but I'm hopeful that I can get ducks in a row quickly and get a licensing agreement.
  • It's not going to be fast lane money I don't think but just getting something done and a (modest) royalty check coming in will give me a much needed confidence boost that I might still be able to join the fast lane with Idea 2.

Idea 2 aka The Big One

No progress on this really - I know Beyonce has the same 24 hours I do in a day but I've definitely struggled with personal issues and lack of progress in that arena and not understanding why.

I've identified what needs to be done but for this I'm going to have to get an expert (already identified) on board. I can't see how I can do it alone so next step is to file PPAs and then actually approach the expert.
:)
Hope everyone is doing good and thank you as always for reading :)
 

Late Bloomer

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Nice update. Glad I could help with some inspiration.

registered design rights versus unregistered design rights versus patent. Licensing - getting past the gatekeepers to get in front of a snobby design house!

I'm somewhat familiar with the basics of US patents. I have never before heard the terms registered or unregistered design rights. Is that a UK thing? I do know that in the US, only a patent lets you take the strongest form of legal action against someone who copies a design.

Please let me know what other actions I should be building in. I worry that I action-fake sometimes but then writing this stuff down I've realised between April and July I've done quite a bit. Could that have been done quicker? Perhaps but I'm analytical and I definitely need research to reassure me that I'm on the right line. I also have this gnawing sense there's stuff I'm simply missing i.e. action that I should be taking but I don't know what.

You're the one making the plan and executing on it daily. We couldn't give turn by turn guidance, that's more specific than the one who's right at the steering wheel of your business.

A lawyer's training and work conditions a particular mindset. A thought process to constantly scan the horizon for potential threats, and try to prepare a defense against all of them. (Or a counter-attack, or preemptive attack.)

Be aware that however useful that thought process is in law, it's not the best for business. This is why usually businesses hire lawyers, rather than the other way around.

Maybe once a week you could put on your attorney hat and ruthlessly go over every line item with red pen in hand. That's when to ask, "What if, what else, how could this go wrong, am I missing something?" If you think of questions you need answered, find the people who can give you the relevant facts. That done, hang up that hat and move forward, confident you're doing the best you know how to do. If you have a specific worry, deal with it right away. But if you have only a vague worry, add it to your list for next week's review session.

It's like a brake check on a car. Your brakes should be in good working order. But you don't constantly pull over every mile to recheck the brakes. Knowing that they work, you drive on and use the brakes as needed. In business, your ability to steer, as you enter new territority, is just as important!

I've seen the line, "Often wrong, but never in doubt!" The author means that after analysis, he will put all his emotional energy into what he truly believes in right now. If he finds something better to believe, he'll change his direction and be just as confident in the new approach.

I recently read some information about risk management in the military. Even in the military, the current best practice is to first make a plan that could likely work. Only after that's done, only then they go back over it with a critical eye about risk management.

I'll try to do a mini-daily post as accountability but may not be able to. I will definitely do 2 posts per week re: progress

That sounds like a path towards overwhelm. I think there's a good reason so many people check in with weekly updates. It's a good amount of time for some things to have happened, some lessons to have been learned, some new ideas and questions to come to mind.

Have you joined the discussion threads of other people with a similar product/licensing business? You could see what they've done, and ask them questions directly.
 

SteveO

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There are people that have done what you are working on with "idea 1". People are more willing to discuss specifics if this is posted on the inside. You could play around with the search function to find more specifics as well. There is no shortage of information that has been placed on this forum over the years.
 
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Dubidu

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Hi everyone,

Today is a bit of mini 'feelings' update as well as what has happened since Weds; hopefully no one will mind.

I have felt low for the last couple of days - no reason but just feeling like it's a bit of a slog and feeling like a failure in my personal life (discussed on another thread and despite taking every action I can think of, we are mid-way through the year and I'm nowhere near to reaching those personal goals). And I generally feel like at the age of 40 I've failed at everything or I'm just not getting some secret that every person (from super successful to the average Joe) seems to know and 40 years of trying but I'm none the wiser.

Anyway, I learnt a lesson with the CAD file designer. As per my previous update we had a call on Thursday and it became apparent that his interpretation of my brief wasn't what I wanted. I have since approached two other companies and will make sure my instructions are both explicit and in writing so there is no room for misinterpretation which has caused in total about 2.5 weeks of unnecessary delay. I have one meeting with design company number 2 hopefully this week and another (frustratingly they are a 3 hour train ride each way so I will have to schedule time off from work to attend).

Plus a Skype teleconference with my university tomorrow afternoon on idea number 2. Hopefully mood will improve and I'll be more enthusiastic later this week.

Thanks so much to @Vigilante and @SteveO for liking my posts. It means more than you both might know and makes me think I'm not completely off in my thinking/updates and just need to keep going to see if I can succeed like you both :smile2:
 

Dubidu

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Amazing: I drafted a robust NDA (protecting both parties) and the company who apparently has their own General Counsel (who presumably specialises in this stuff, unlike me), changed my 3 year clause to 3 months!!! They sent me their 'mutual NDA' and in there is a clause with non-compete (i.e. utterly irrelevant to my situation as I'm not competing with them, I'm getting them to design my prototype because I don't know how to do CAD file for prototype!). I also pointed out further along the NDA that their mutual NDA ironically binds both parties for 5 years (two years longer than mine). I think their GC is stealing a living...:smuggy:

So I won't be going with that company which leaves the last one that is a 3 hour and a day off work train ride away. I've scheduled that for Friday of this week.

Idea 2: I spoke to my university - I don't think they have the expertise in materials engineering in the area & specifically product I'm looking for but she said she'd ask a couple of academics. I have found an alternative institute that I tried to call on Friday but couldn't get through so will email and then follow up with a call.

I'm getting a bit frustrated because I set myself a deadline of October (when the Licensing conference is in town) and I'm 6 weeks away from that but I've got to keep going and hope I can get the prototype done/PPA filed...
 

MTEE1985

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It's simply my intuition that if you can stir the interest/get market validation without spending $10k+ on it, then it's a good thing.

My thoughts exactly, I am by no means a licensing expert but I agree that it’s possible to get an indication of interest without spending all the money upfront.

What is your gut telling you to do? I’m always wary of the “consultant” who offers his services for for compensation up front but perhaps it is a risk worth taking? I would structure it so he got 50% up front and 50% upon completion of his consult so you are partially covered in what your capital need would be there.
 
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Dubidu

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Hello everyone!

Hope you're all enjoying the tail end of summer :)

Quick update:

1. Approached company and just had constructive meeting - having learnt from company number 1 and their initial proposal I was much clearer on what I wanted from them. Two proposals: one based on a rough prototype with zero design input from them and one based on high end (end product level) with design input. That way I have a comparator. I wanted to get this ready before...
2. I decided to speak to the licensing expert/consultant who says the above is not necessary and that I should approach companies to see if there is even appetite for the product first because CAD files are expensive (I learnt that they are!). The reason for this is because I thought there is no cost to getting proposal from the design team. I can then say yay or nay with proceeding with the design/cad file. I am hoping that the licensing consultant and I can speak on Friday so I can get beyond proposals and actually get towards fruition of the product and move towards licensing. I've still set myself the October deadline for getting things on the road but have decided not to produce anything more than a teaser/sell sheet to take with me to the conference.

Next steps:

1. Await proposal from (new) CAD file designer
2. Await confirmation of meeting from licensing consultant
3. No update on Idea 2 because having spoken to my university (they said they didn't have the requisite expertise) the Institute I contacted is an academic one and although I emailed them, their out of office says they are on their summer break until 15th September.

Next update probably next Wednesday as there isn't likely to be much to report until I've secured time/date for the meeting with licensing consultant and received proposal. If both happen before weekend I'll update on Sunday :)
 

Dubidu

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Very brief update:

1. Idea 1 (Friday's licensing meeting now rescheduled to Wednesday - the guy couldn't make it) so update is basically "pfft"! :smile2:

2. Idea 2 (I'm thinking about changing my approach: initially it was to 'build' a new material that will enable the product to be better but I wonder if I can instead find a way to reduce production costs of existing product (currently circa $6000-$7000USD per product) - if I can it will be the fastest method to the Fast Lane than building the material given that I really don't have expertise on that. I don't have expertise on reducing production costs either but there is an existing entrepreneur who has done it in the realm of beauty where they essentially go direct to manufacturer (my Idea 1 is in beauty but Idea 2 is not in beauty - same principles can apply though, I think). That's all my thinking on this so far - I will explore how reducing costs is done this week. Any ideas on this would be very welcome as ever!

Off Topic: I've decided to pay off the mortgage on my apartment. It means short term illiquidity but I think I can build it back up in the next 6-12 months (all being well/me having my health) and it means one less thing to think about.

Feel a bit low about personal life as 41 years old next spring and not sure what else to do to make it happen. I have quite a few events coming up: going to New York for work in November and also Paris. I attended a conference in Monaco early Summer and got asked out but it lead nowhere.

Am taking a cooking course (already a decent cook but this guy who runs it attracts a lot of guys wanting to cook apparently!). I have started playing tennis again but the place I joined is definitely full of super-slow-laners! It's just to build up my skills again after which I'll join a 'better' club.

As ever, thoughts on my ramblings on any topic mentioned in this post are always welcome. Until Wednesday, have a good Sunday everyone :)
 

FastNAwesome

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I think I'm going to reach out to that entrepreneur who has done something similar in the beauty industry

Good idea!

Can't tell you how many times simply reaching out to someone relevant helped me learn and achieve things.
 

Dubidu

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Hello everyone!

Nothing new to report on personal front so I'll crack on with update.

My general feeling today has been the desert of desertion feeling @MJ DeMarco talks about but I'm not sure if that's what I was feeling. I just really struggled throughout the day but there was no obvious cause for struggle. I had some lovely client feedback yesterday; got two referrals for more business in the last 2 days and generally good week so far but I just felt uninspired/going through the motions and feeling flat.

Idea 1:


  • I've identified the individuals at the companies I'm intending to approach. I am not sure if they are going to take the approach that each brand has their own product developer or whether they will direct me to the ultimate 'owner' of the brand so will report back on that once I find out.
  • Work has picked up again after summer so progress hasn't been brilliant in terms of getting to speak to the companies. I hope to do make initial calls on Friday as I'm at a conference all day tomorrow (see below re: Idea 2).
  • I'm working on a teaser document which should be ready in time for the trade fair in 4 weeks' time.
  • Next update will be next Wednesday as I'm travelling for work early part of next week but should be able to fit in some calls during travel.
  • PPA drafts for US & UK are ready but will need approval/someone who can just check on whether I've drafted it correctly.
Idea 2:

  • At the conference I've mentioned above, I'm hoping to bump into someone (I've read the speaker bios) who might be able to help bring the idea to market. That is tomorrow. I'll report back as to whether I'll have any success!
Hope everyone's doing good and thank you for reading this far - all input welcome :)
 

Dubidu

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Hello everyone!

I wasn't going to do an update as I feel progress has been slow this week in terms of action taking but a quick update on a couple of things:

Idea 1
1. I didn't get a chance to call the companies as work has really picked up in the last week or so (I should have perhaps done more when there was the summer lull; that is my lesson learned) but am happy with the list I've identified. I'm now travelling for work for some of this week so it's going to be difficult to get anything done - where I can make some calls I'll try to do so. PPA is drafted but I keep wanting to change things and am now second guessing myself about whether my draft is accurate and sufficiently protective.

I've also started drafting the text of my sell sheet which I'm quite happy with! Not sure if I should pay someone to make it more 'marketing' worthy?

Any thoughts on outsourcing this aspect?

Idea 2:

I did go to the conference and was mildly offended when the guy who ran it said I wouldn't qualify to join the 'club' as I had not actually set up my own business yet. What a charmer. I figured life had dealt him a poor hand by being both charmless and unattractive so I rose above it by using that as motivation to continue and therefore show him! He wasn't the guy I wanted to speak to but he was the conference organiser and yes, he really was that charmless.

The person I wanted to speak to wasn't, on reflection, the person I should speak to so I didn't bother. I asked questions in the forum etc. but not related to Idea 2. Anyway, cut a long story short: I've approached someone else entirely and I'm due to meet with them on Thursday. I think they will have the expertise or can point me to someone who might be able to help identify how to cut costs to offer the artisan product to scale. I'm pretty sure it can be done and the market is *enormous* - much bigger than Idea 1.

Have a good week and I think realistically th
 
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Dubidu

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Aloha everyone!

Apologies for the delay in uploading - I was travelling for work and then a bit poorly. Right, things are progressing on track for the trade fair in 2 weeks time (worst case I'll be 80% ready).

Idea 1

  • Rendering and line drawings for prototype commissioned (not going to make prototype but simply provide illustrations (hence rendering) and line drawings are for the PPA.
  • Teaser sheet is 95% ready - this is basically a one-pager (per Stephen Key's book on licensing) that highlights the product, it's function etc.
  • I've expanded my companies search but keep coming up with subsidiaries of the main players I'd identified at the beginning :clench:. I don't know if this is a stumbling block but I won't know until I approach them. The licensing consultant told me not to approach them until I've got PPA in the US and UK so no progress on that.
Next Steps

  • On receiving rendering and line drawings finalise PPA
  • Attend licensing conference in 3 weeks time!
  • Slightly more longer term (i.e. I may not have PPA ready in time for conference) on filing PPA and getting approved start making those calls!
Idea 2
  • I went to another meet up but it wasn't quite right. I'm almost certain the second method I've identified is the way to proceed.
  • I've identified some manufacturing costs but need to drill deeper
  • I'm attending an event in November which is in the industry I want but I'd like to make some progress before then.
Hope everyone is doing good - any questions, challenges to my thinking/methods etc. all very welcome as always :)

@SteveO have you identified any other interesting businesses to work your Special Ops magic?! Or is the golf club keeping you out of trouble..? ;)
 

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Hello All,

Right, it's been a gruelling week or so (emotionally more than professionally but I've just done a very long day at work so will just update briefly on Idea 1 - no substantive report on Idea 2 so will leave that out entirely this week).

Idea 1: The erratic updates have been partly for the reasons above but partly because everything is in place from my side (companies/approaches to be made etc/lawyers to look at licensing agreement have been determined) however, the designer didn't understand my brief properly the first time so I've had to go back to them to amend the design (this is essentially going to serve as the basis for the line drawings for the PPAs in the UK/US) so is very important to get right.

Summary: I feel relatively comfortable with where things are going although I've probably lost about 3 working weeks in total with the designer/back and forth etc. and I wish I could get my mindset back to some semblance of acceptance on some personal things.

I don't know if I'll have a success (i.e. a hugely lucrative licensing agreement) but the whole experience has been worth doing. I still am of the view Idea 2 has enormous market potential but I don't know if I'll be able to get to market first etc.

In case anyone is interested on how I found the licensing conference I attended: it didn't turn out to be as on point for me but it was very educational nonetheless and I'm glad I attended. The beauty companies didn't show which I found odd because the organisers said some of the big ones I'd identified would be there (my whole reason for going). The show was for 3 days but I could only attend 1 of the 3 days so perhaps they showed on another day?? It was educational because I learnt the dominant licensing markets are (a) sports - there were HUGE English and European soccer clubs showing (b) children's toys/TV programs. I also learnt there are a lot of licensing agents though I don't propose to use any myself for this.

Idea 1 is my only current licensing idea so even if I do nothing other than get a small licensing fee every quarter, I'd be happy with that as my first entrepreneurial endeavour (thought I'd try and end on a positive note!).

Hope everyone's doing good and life is treating you kindly :)
 

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Hello everyone,

Many apologies for the radio silence. Things slowed down a bit and I struggled with my usual 'end of another year of failure despite trying everything I could think of' mindset which starts to kick in around October time and like clockwork, did so again this year.

Idea 1

This seems to have gone slower but smoother in some ways than I thought. I will be submitting PPAs and I have the initial memo ready for companies consideration. I expect to start making those calls in Jan and licensing agreement complete in Q1 (if no-one else goes to market first). Overall I feel even if it all comes to naught, the experience was worth it as I learnt a lot and the financial cost was easily absorbed/minimal.

Idea 2

I think I've hit upon something that could work! It involves me purchasing something for $200 which is not a huge outlay. Still early stages but need to think of this a bit more. I have a contact that could help and again - all things being equal I'll start on this on 2nd Jan.

I have no updates on my personal situation other than to say that I emailed a guy who has coached high profile athletes and also corporate execs; he has been published in highly regarded media. I set out everything I had done and he replied that I had done most of the things that he would have suggested. His only suggestion was that I speak to a therapist but I need results rather than endless analysis so I close off another year having failed in most things that I wanted to achieve & none the wiser as to why. One feeling that has become more consistent and I'm trying to determine whether it's acceptance or resignation but I have more of a 'it is what it is' attitude rather than the emotions I have ever felt previously. I have a good life and things to be grateful for. I'm just not very lucky.

On luck: I was reading this article and he's one of the few successful people who acknowledges just how much luck has played a part in his success: it's long but good holiday reading (I read it purely from a success perspective rather than make any moral judgement about the 'cost' of that success) A Kingdom from Dust

I hope you all have a great Christmas/Holiday season and I look forward to talking to you all next year.

Very best wishes,
Dubidu
 
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Hello everyone - I apologise I haven't updated in a long time. Reasons (and some excuses):

1. I do have a full time occasionally exhausting job
2. Things just went a lot slower than I anticipated (mainly my fault but I'm broadly happy that if slow and steady still wins the race, it'll all be worth it)

However, I have some potentially exciting news and would welcome anyone's input who is familiar with this process.

Idea 1 - The product is officially "patent pending". I submitted an outline to a huge beauty company and much to my amazement they actually replied!!! I asked if I could send them some more detailed information but they are being super cautious and saying that I shouldn't disclose confidential information. The upshot of this is that they have suggested NDAs. I think this is very very early stage but I have changed my mind that if they 'bite' I want to move away from licensing to walking away with a lump sum (I have no idea if it'll be Fast Lane money but even at a conservative estimate it should be a nice cushion). Any thoughts on this would be welcome. I have drafted the NDA and so it's pretty watertight plus the company is so huge that it's unlikely to want any negative feedback if they try to rip me off (though I recall a famous story about FIFA ripping off an inventor who invented something to do with a soccer invention and about 5 years later he's still in litigation; poor guy). I have the licensing agreement drafted as well but as mentioned, I would now prefer to walk away with a lump sum. Next steps: sign NDA and follow up with meetings.

Does anyone here have any tips on how to determine how much the idea is worth in lump sum terms (I have a better idea of licensing/royalty rates etc.). As mentioned at the start of this thread - the market is worth circa $600m in the US alone and you can replicate similar numbers amongst the other key western markets as well as Asia. The product is also recession-proof. Any input at all would be most welcome :)

Idea 2

Honestly no bright spark ignited to see how things would work (the technical material) although conceptually the idea has massive potential; I just don't know how to get the technical knowledge to make it work/execute. In fairness I have probably been hoping for inspiration rather than actively researching. Maybe now that Idea 1 has started traction, I can focus more on Idea 2.

Personal

As some of you know who have been following me from the beginning, my personal life has also been on my list of priorities. I've been going out (on average/aggregate) 2 to 3 times per week since the start of the year - zero results or rather the same pattern so I'm increasingly accepting that it won't happen for me. If I go out more than 2/3 times per week, I find myself getting really exhausted and de-motivated particularly when there is no indication of anything positive emerging.

Thanks to all who've taken the time to read and to my original supporters who've been here since the start!
 

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Maybe now that Idea 1 has started traction, I can focus more on Idea 2.
I might suggest just the opposite. If idea 1 is gaining traction, push full speed ahead with that one.

As far as your personal life goes, things tend to happen when you don't have expectations. Live your life with what you have. Allow your flow to happen naturally. Stated another way.... quit pushing...
 

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Hello Ladies & Gentlemen,

Some of you have already contributed to some of my threads but I'm setting this up for accountability and execution progress. I'd like your trademark bluntness and pearls of wisdom please.

Background Info:

2. Idea 1 - In progress (less capital intensive, no need to dilute equity etc.). Execution/accountability on this please!

3. Idea 2 - In (less) progress than Idea 2 but capital intensive and most importantly I don't possess the technical expertise (market exists/makes CENTS etc). However, important to execute/be accountable for this as I go along. I have a meeting with my alma mater for 13th August where I will be working with the materials engineering department (I get the benefit of technical expertise and give back by way of funding to my alma mater; shout out to @Late Bloomer for the suggestion!)

Other background info - I'm a lawyer on the equivalent of Wall Street. No prior experience of entrepreneurship (except learning an awful lot about API/MVPs re: an idea in 2017 before someone beat me to it!).

Execution of Idea 1:

1. Focused on ladies (and the occasional gentlemen!) beauty. Improvement of an existing design. Market in USD is 600m per year (in US alone). It is 'recession proof' i.e. this means people tend to buy it regardless of the economy so sales are repeatedly shown in my market research as constant.

2. What I've done so far: the idea came to me circa April 2018. I simply never have enough confidence to go 'oh let's run with this' so I have to do my research/analysis. I took time to do this to make sure it was viable. I told my family and a trusted friend of my idea. They all agreed it was worth pursuing.

3. I looked at two options: standalone product on Amazon or licensing.

4. Problems with standalone on Amazon identified as follows: inventory, customer service issues, loss of control over customer experience, liabilities etc.

5. Licensing: this is my preferred route. I would like to approach a luxury design house. Any ideas on how to do this are welcome. The average cost of the product is approx $30USD. If I can get a small slice of that for each unit sold (passive income) to then launch idea 2 - this would be great!

6. Prototype: 2 manufacturer's identified. 3D printing doesn't work for what I'm trying to achieve. They both said they can help with refining design but would need CAD file

7. Early July: reach out to a designer I worked with on 'failed' idea last year to see if he knew anyone who could help with CAD file. NDA signed last week (19th July).

6. As at 26 July 2018: I am waiting for a design engineer to put forward a proposal for CAD file. I will then approach prototype manufacturer to make first prototype. They are on standby and turnaround is quick so I expect this to be done by end of August.

7. Things I've not yet addressed: registered design rights versus unregistered design rights versus patent. Licensing - getting past the gatekeepers to get in front of a snobby design house! Liability issues etc. all the legal stuff. This is on my to do list. Today I will look at licensing in more detail.

That's where we are right now. Please let me know what other actions I should be building in. I worry that I action-fake sometimes but then writing this stuff down I've realised between April and July I've done quite a bit. Could that have been done quicker? Perhaps but I'm analytical and I definitely need research to reassure me that I'm on the right line. I also have this gnawing sense there's stuff I'm simply missing i.e. action that I should be taking but I don't know what. I have no entrepreneur network (i.e. no one to bounce ideas off; all my friends are slow-laners although I'm changing this). I'm obviously on this Forum and it's yielded more than I could have ever expected :)

Any input welcome as always. I'll try to do a mini-daily post as accountability but may not be able to. I will definitely do 2 posts per week re: progress :)
 
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Nice update. Glad I could help with some inspiration.



I'm somewhat familiar with the basics of US patents. I have never before heard the terms registered or unregistered design rights. Is that a UK thing? I do know that in the US, only a patent lets you take the strongest form of legal action against someone who copies a design.



You're the one making the plan and executing on it daily. We couldn't give turn by turn guidance, that's more specific than the one who's right at the steering wheel of your business.

A lawyer's training and work conditions a particular mindset. A thought process to constantly scan the horizon for potential threats, and try to prepare a defense against all of them. (Or a counter-attack, or preemptive attack.)

Be aware that however useful that thought process is in law, it's not the best for business. This is why usually businesses hire lawyers, rather than the other way around.

Maybe once a week you could put on your attorney hat and ruthlessly go over every line item with red pen in hand. That's when to ask, "What if, what else, how could this go wrong, am I missing something?" If you think of questions you need answered, find the people who can give you the relevant facts. That done, hang up that hat and move forward, confident you're doing the best you know how to do. If you have a specific worry, deal with it right away. But if you have only a vague worry, add it to your list for next week's review session.

It's like a brake check on a car. Your brakes should be in good working order. But you don't constantly pull over every mile to recheck the brakes. Knowing that they work, you drive on and use the brakes as needed. In business, your ability to steer, as you enter new territority, is just as important!

I've seen the line, "Often wrong, but never in doubt!" The author means that after analysis, he will put all his emotional energy into what he truly believes in right now. If he finds something better to believe, he'll change his direction and be just as confident in the new approach.

I recently read some information about risk management in the military. Even in the military, the current best practice is to first make a plan that could likely work. Only after that's done, only then they go back over it with a critical eye about risk management.



That sounds like a path towards overwhelm. I think there's a good reason so many people check in with weekly updates. It's a good amount of time for some things to have happened, some lessons to have been learned, some new ideas and questions to come to mind.

Have you joined the discussion threads of other people with a similar product/licensing business? You could see what they've done, and ask them questions directly.

Thanks - my mini-update as I'm still waiting for the proposal from the designer (he is currently on vacation with the family so hopefully will get the ball rolling this week) but I'll address your comments:

1. Yes unregistered design rights are possibly a UK thing (not sure if other non-US jurisdictions have them). I also intend to file a PPA in the US but only after I've got an "in" with the conglomerate I've identified (the conglomerate is European in origin but has a world-wide footprint). If the conglomerate buys into it they may be willing to pay for patent; apparently this is not unheard of.

2. I'm not asking for step-by-step guidance; just thoughts/responses to what I post here by those already in the fast lane or about to join it and what mistakes they made - all for the purpose of learning and as they say I'll only get there by "standing on the shoulders of giants" like @SteveO :)

3. I'm already scanning the horizon for threats of what could go wrong/what am I missing etc. it's the slight lack of confidence in getting this thing to market (i.e. the business side) that I'm more concerned with. I drafted the NDA and will draft the licensing agreement in due course (with a specialist legal friend sense checking!). I can probably expect 5% etc. so I am aware of some commercial aspects of licensing. I'm quite good on knowing how to protect things on a legal basis but it's getting to market that I'm less sure of. I've read @Vigilante's Gold post on Licensing which is helpful in terms of just bypassing the gatekeepers of a co. and getting to the right person

4. Nah - I'm not easily overwhelmed. I've been through a lot from a young age; stoicism is a philosophy I live by. They'll just be mini-updates in bullet points.

This weeks update in summary then:

1. Still waiting for CAD file designer to provide proposal on his return from vacation this week

2. Researched PPA in both UK & US - costs determined for each and 'doable'; will choose that over registered design rights/unregistered design rights for maximum protection (perceived ownership)

3. Started to drafted licensing agreement (thinking positive and clients have gone on holiday so had time to kill)

4. Played beach volleyball :)

Next update: Weds 1st August 2018 if there is something to report but likely to be nothing more than 'proposal agreed with CAD designer; awaiting design' :)
 

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Hi Everyone - a day late and hopefully not a dollar short :smile2:. My update and request for advice/thoughts please:

CAD file designer has got my brief wrong.

Lessons learned: be explicit and in writing. He wants to do more than I think is required (and therefore charge me more to produce the CAD file. He is asking for $12,000 to just produce the CAD file to submit to prototype manufacturer!!!). For the avoidance of doubt: there are 3 core components to the product. It is not electrical/technological/complex and can be used by a child it's so small! I expected the bulk of the costs to be for the production of the prototype.

I have followed @Vigilante thread on licensing as well as Stephen Key's books etc. and I want a rough and ready prototype that essentially demonstrates the design. He says I should have something whereby I can demonstrate the thing I'm designing (and want to licence) fits exactly into the existing model. I know it will but for the purpose of licensing I don't believe I need to refine it to the nth degree and incur unnecessary costs. Stephen Keys gives endless examples where he simply provides a sheet with a rough idea to the company and the product development team finesses it; essentially he submits a concept with a core idea rather than the finished product. His most famous example of this is the Wall Ball where he used a footballer's picture and put a basket around it to demonstrate the concept and it was one of his most successful ideas. He didn't produce it to exact scale/specification. Am I wrong? Have I misinterpreted this?

Many thanks in advance to anyone who responds to this. I have approached another company and am due to speak to them next week. I will be more explicit in my request for them to produce a proposal based on what I actually think I need rather than what they think I need for the purpose of licensing but want to make sure I'm not being silly.

Idea 2: Have a meeting with the university on Monday and will report back on that. Idea two is very much on the back burner but as I have capacity at the moment I thought I'd try to progress it while I have nothing better to do!
 
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I'm learning a lot! I learnt the first guy was not particularly professional and took offence when I said I didn't think we were a good fit and I'd be asking for other companies for quotes (a lesson by him in how not to do customer service!).

The other two companies are considering my NDA (one company which was small wanted me to sign theirs but there's understandably had a clause in there saying if there was a competitor who had also instructed them, they were not beholden to me to not take that work; I for obvious reasons couldn't risk inadvertent disclosure of elements of my design and so decided not to work with them). It's all good practice and I'm talking to them on the phone first before sending NDAs based on some of the threads I've read here which say people use email to avoid picking up the phone so good practice to implement that now before I call the actual companies to pitch the design/product for licensing.

Current state of play therefore:

1. Awaiting agreement to NDA from one company (and then provide proposal)
2. Waiting for meeting date to be scheduled by another company (to provide proposal)
3. Idea 2 Execution - initial meeting was scheduled for Monday 13 August. However, they had to reschedule so it is now on Friday.
 

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Best of luck on the third company! So what is your plan if you can’t get the NDA signed with them given your timeline?

In an earlier post you mention being afraid of somebody else coming to market first...have you given consideration to taking a leap of faith with a manufacturer that they won’t copy/steal the idea? Ideally a local one who wouldn’t want the bad publicity that would come with such a move?

Hi MT - thank you!

Sorry if I wasn't clear but this is the timeline:

1. Approached the guy I worked with on 'failed' idea last year to see if he knew CAD file designer (company 1). Guy wants to charge me approx $13,000(!!!) to produce file for a very simple 3 component/no tech/no electronic product and he misunderstood brief. By the way, the idea only failed in that someone else got to market first (complete co-incidence and just one of those things; I'm just grateful that I didn't lose any money on it)

2. I then immediately approached two other companies (at the same time to avoid wasting time). Company 2 is the one with the useless General Counsel changing standard NDA clauses to random ones whilst providing me with their own 'mutual NDA' which binds both parties for longer than mine did. So nixed that company. Third company said OK to my NDA (downside is that it's a real schlep to get to and I will lose a whole day but I can at least read on the train!) and we were going to see each other on Friday but I now can't attend that meeting so we have arranged for next Wednesday.

Hopefully that's all clear but here is current update: I was speaking to someone in the licensing field and he thinks the following:

1. I don't need a CAD file as it is a lot of cost upfront
2. I should approach a company first and only start producing CAD file/prototype once I have interest confirmed
3. I shouldn't take a prototype to the Licensing Conference but a teaser/sell sheet only.

I'm now a bit confused because I thought a company would only be interested once I have demonstrated the improvement to the existing design even if it's not exactly polished to the nth degree. This guy is a respected consultant in the licensing field and has offered a consultation for $500 to go through the idea and what my options are. Not sure if I should take it or press ahead alone with the CAD file/prototype/PPA (i.e. my original plan). I do agree that I don't need to demo the product at the Licensing conference in October but take a teaser/sell sheet for companies to hopefully bite.

Any thoughts welcome as always! :smile2:
 

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Lessons learned: be explicit and in writing

Yes, when outsourcing it's best to be as specific as possible.

It helps in getting exactly the output you want, and helps prevent misunderstandings.

Even when someone's is keen on going above and beyond for your project (and not just checking it off as another task), the extra work they do out of best intention may simply not be in the direction you wanted.

And I generally feel like at the age of 40 I've failed at everything or I'm just not getting some secret that every person (from super successful to the average Joe) seems to know and 40 years of trying but I'm none the wiser.

Please don't allow yourself to feel like this.

Don't think others have it figured:)

Many have a hard time, but it's not obvious by their appearance or demeanor. Others have settled for way less than they desired. And yes, some are very successful, but everyone gets there in their own way, and everyone has their own challenges.

You have absolutely NOT failed at everything. You are a professional in a highly respected, well paid profession.

You are a fighter and a dreamer, the type of person who dares to face what they're unhappy with, and then seek solutions.

You are an aspiring entrepreneur. You're already working on your project. It takes courage, initiative, creativity. It's not something everyone can do. But you're doing it.

I don't know you, but I'd bet you have many more accomplishments in life, that you're not crediting yourself enough for, and many qualities as a person.

Back when I was still looking for a job, I decided to put together a really comprehensive CV, and when I looked at it, I was surprised! I thought to myself "wow dude...you're really something!"


I do agree that I don't need to demo the product at the Licensing conference in October but take a teaser/sell sheet for companies to hopefully bite.

I don't know anything about this, or about your product, so please take this opinion with a big grain of salt.

It's simply my intuition that if you can stir the interest/get market validation without spending $10k+ on it, then it's a good thing.

And maybe that market feedback could bring you clarity as to direction you should take things, and what should the next step be.
 

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He is correct.

It might seem obvious when I tell you why. This covers 99% of the time (in my untested opinion)

Whenever anyone is proposing something to 'true experts' in a market, they will immediately 'get' the concept you are describing and their line of questioning is to clarify it in their minds while the cogs are turning. They will have a good hunch on it's feasibility.

If you proposed a new gun to mates down the pub they would not 'get' it so comments would be neither here nor there.

If you made the same proposal to MOD Generals they would not need a prototype to look at. They would get your idea immediately and question you to clarify.

I am not sure what your idea is but if you pitched to me I might need a drawn out explanation, diagrams and product demos to even get what you are trying to solve. And then I would be unsure.

Chanel would not require this level of detail to understand what you are trying to do and no they would not steal your idea either. They would get it immediately. And understand it's potential or lack of.

Make sense?

Dan

Nice to see a fellow Englander on the Forum!

It's not that I don't understand or that it doesn't make sense to me - it was more about protecting the IP and taking a legal/protective stance before approaching a company. I'm comfortable with my market analysis based on sales of existing products: all I'm doing is proposing (a significant) improvement to an existing design so I know e.g. Chanel would understand which is why I didn't want to go with initial CAD file designer who wanted to charge a LOT to produce end retail-level of the product which I do not consider necessary.

I'm hedging my bets by getting the proposals for the CAD file and having a more formal meeting with licensing expert so feel comfortable about that. A lot of the legal/protective stuff I can do myself or rely on mates rates from those in my network so it's not burdensome.

I'll update once I've spoken to the expert (meeting is tomorrow so I'll have time to crystallise my thinking before update on Sunday).
 
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One thing I forgot to ask is: what do you/people feel about pursuing a number of ideas at any one time? I was reading this thread (you get a shout out there as well @SteveO!) GOLD! - Today is my 1 year TMF anniversary and when I spoke to a friend of mine about the fact that I have two more ideas in addition to Idea 1 & 2, he told me to focus on one thing at a time. However, I feel I have the capacity and the ideas are really interesting - one is about addressing an employment issue and the other is replicating an existing model in another continent to either here in the UK or Europe (I find the the 'Continent' model a bit difficult, despite seeing its huge economic potential as the sector is not unethical per se but I don't particularly like it - it would be in gambling). Anyway, in the above thread - the poster mentions working on 6 business ideas (albeit 5 failed)...so I just wondered if I should try to pursue the employment idea as Idea 3 in this execution thread...
What you are asking is the question that almost everyone has. Throw multiple rocks at a target and see which comes closest or toss one rock multiple times to see if you can hit it.

All businesses are different. There are some that would benefit from the scatter and others from practice of trying to focus into the bulls eye.

You are in a unique situation.... You make money now. That puts you at a serious advantage! You have the ability to go many directions. I know you have discussed this before.

Be careful that you don't go the direction of "action-faking". There are a number of definitions for this but the main idea is that you take steps that don't result in getting to the goal. Don't work on something that will take years to get traction. Work on something that will get you out of your job in the shortest time. This will give you experience and launch you into a world of working on your own schedule. Thus allowing you to work on the "big" project.

I don't know your product. Nor do I understand much about the business field you are working in. So, I probably should not be the person trying to provide direction
 

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@Get Right gave a presentation on this at the last summit. Perhaps he could comment.

Having tried many forms of this, I can without a doubt say - concentrate on 1 business. Your chances of hitting multiple profitable businesses out of the gate is very low. I recommend getting one business RIGHT before expanding to more. It took me a lot of attempts to get it right.

If you have time, look at examples of successful entrepreneurs. They almost always hit 1 home run before they diversified into several businesses. I'm not sure I have ever seen it done the opposite way.

Good luck on your journey!
 

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