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

[FastNAwesome]

Thanks for the shoutout

Great to hear about your progress.

About idea 2 - could part of the saving be achieved by getting whatever goes into product at cheaper price?

The way this maybe could be achieved is talking with some vendors to see what best price they could give you based on quantity and/or agreement to buy certain quantity over a period of time.

On the other side, checking with producers what quantities they need.

And then, if quantity of their joint purchases could achieve a sweet deal with the vendor (including your margin), you could act like some sort of intermediate who makes this happen.

I've never done such deal so take it with a big grain of salt

 

[Dubidu]

Thanks for the shoutout

Great to hear about your progress.

About idea 2 - could part of the saving be achieved by getting whatever goes into product at cheaper price?

The way this maybe could be achieved is talking with some vendors to see what best price they could give you based on quantity and/or agreement to buy certain quantity over a period of time.

On the other side, checking with producers what quantities they need.

And then, if quantity of their joint purchases could achieve a sweet deal with the vendor (including your margin), you could act like some sort of intermediate who makes this happen.

I've never done such deal so take it with a big grain of salt

Thank you for this FNA! I think the approach you have suggested (economies of scale) is very valid and applies to most businesses (I think this is partly what @MJ DeMarco talks about in CENTS) but the sector is difficult to explain; I've thought about next steps and I think I'm going to reach out to that entrepreneur who has done something similar in the beauty industry; if I'm right they may be willing to assist on this because the market potential is huge. Idea 1 is very female focused but Idea 2 applies to both men and women so is inherently bigger - I just need to refine my thinking on this one.

 

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[Dubidu]

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.

100% agree Steve - In the short time I've joined I have learnt so much. @Vigilante's post on Licensing was reassuring. The lady who reached out to him/he helped (and in turn triggered the post) seemed to have launched, licensed (with Vig's help) and exited in about 12 months! I still think my idea is so 'obvious' why has no one else done it? There must be something I'm missing...but there is nothing else on the market. Between coming up with the idea in April and now executing it, I kept going in to stores to do a recon mission for new launches. I went to niche boutiques that have the most expensive versions to the drugstore. All have the same design (I'm interested not only in fashion/beauty but the business side of it as well so have done my research as thoroughly as I could; again not assuming I've missed something). One niche brand launched but again the core design is exactly the same.

My first 'failed' idea was last year when someone else got to market just as I was about to sign terms to get the MVP made. In hindsight I was lucky that I did not lose money but it definitely makes me think: what if someone else has thought of this one too and gets it to market first??

 

[Dubidu]

Update as at 1 August:

Apologies for delay in uploading update - I was quite poorly yesterday. Semi-good news: agreed proposal with CAD file designer so waiting for his design. I have also got a meeting lined up for October (there is a Licensing conference in London that month) and have decided to set that as my deadline for getting the protoype finessed and ready to discuss!

I've also been reading a lot and wondered what everyone's thoughts were on not approaching the top 2 companies but the one who is top 3 in my field. I was listening to a lecture and a very successful guy (legit businessman i.e. not a guru) said that is what his business did; they knew top 2 in the niche wouldn't be interested so they approached number 3 with the promise of their USP potentially getting the company they pitched to up the rankings. It worked!

I'm taking a few days off so next update will be Weds 8th. I've also got a meeting with a very interesting client who is IPO'ing soon. I'm hoping to learn a bit more from him - he's not exactly in my field (he's in fashion rather than beauty) but you never know what you might learn

 

[MTEE1985]

Great updates! Don’t sell yourself short, you are providing at least as much if not more in value to those who read your thread as you’re getting from the forum.

Keep posting, I’m a follower!

 

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[MTEE1985]

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?

 

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[MTEE1985]

Way to keep it up! I’m fully expecting a success story out of you.

 

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[Dubidu]

Way to keep it up! I’m fully expecting a success story out of you.

Thanks so much for caring MTEE; here's hoping! .

 

[SteveO]

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"!

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

The part of this post that I really like is where you talk about decisions that you are making and the changes that accompany them. The part about where you are putting yourself out where things can happen.

Where it seems to hurt is where you seem to feel unfulfilled. Or searching for something that you feel is beyond immediate grasp.

The grass is not always greener on the other side. How many people are in relationships they want to get out of?

Keep working on you and what you enjoy. Gather up opportunities as they present themselves. Focus on what you have and what you want to do. Keep your thoughts off of what you don't have.

As for the business direction, I don't know enough about it to give you any guidance. But I do have general thoughts about business.

I personally like to improve what someone else has mismanaged. Mismanagement shows up in many forms. So, I selected a couple and focus on them. Opportunity can be found in the vortex. The slow flushing from people being too cheap to inject capital when needed. I personally benefit from injecting funds to improve. Once it gets to the time for cost cutting and making efficiencies, I get bored. Then I sell and move to the next project.

The buyer sees opportunity for improving value and cashflow by cost reductions and I may have a shot at buying this again down the road.

 

[Dubidu]

The part of this post that I really like is where you talk about decisions that you are making and the changes that accompany them. The part about where you are putting yourself out where things can happen.

Where it seems to hurt is where you seem to feel unfulfilled. Or searching for something that you feel is beyond immediate grasp.

The grass is not always greener on the other side. How many people are in relationships they want to get out of?

Keep working on you and what you enjoy. Gather up opportunities as they present themselves. Focus on what you have and what you want to do. Keep your thoughts off of what you don't have.

As for the business direction, I don't know enough about it to give you any guidance. But I do have general thoughts about business.

I personally like to improve what someone else has mismanaged. Mismanagement shows up in many forms. So, I selected a couple and focus on them. Opportunity can be found in the vortex. The slow flushing from people being too cheap to inject capital when needed. I personally benefit from injecting funds to improve. Once it gets to the time for cost cutting and making efficiencies, I get bored. Then I sell and move to the next project.

The buyer sees opportunity for improving value and cashflow by cost reductions and I may have a shot at buying this again down the road.

@SteveO - thank you for your kind words as ever; you motivate me to carry on more than you'll ever realise!

I do know about people in relationships wanting to get out or generally being miserable in their slow lane but not doing anything . One example sticks out: one guy at my current place of work has been there 10 years! But he is lazy, presents badly (he's a good guy though) and unmotivated (Slow Lane Extreme if you will). We were talking about death and he said if he died tomorrow (he's 40 as well) his tombstone would say "what a waste" (i.e. he knows he's wasted his life so at least he's self-aware...). I said mine would be: "what a crying shame" because I feel like I've done everything I can to make stuff happen and it's not worked yet no-one can tell me where I'm going wrong either. Sometimes this plays heavier on my mind than others - I spent the day in the park today; just returned and the amount of families/babies/children/couples I saw made me think of what I don't have despite having a lot to offer someone. I have had moments of sheer gratitude as well though, for what I have achieved, pretty much solo.

Re: your businesses - you kindly posted your business MO (I remember the purchase of the golf club ) in response to one of my other threads when I first joined the Forum about whether it was possible to invest in other businesses as a way to Fast Lane as I'd had a couple of clients who'd bought 'distressed' businesses, tidied them up and then exited (these were entrepreneurial individuals rather than Private Equity guys); I remain on the look out for one myself but I have to confess I've not been active at all on that front.

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...

 

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[SteveO]

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...

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

 

[Dubidu]

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

Honestly @SteveO - even though you don't know my exact product (Idea 1/2), your input on this thread and other threads of mine have been invaluable

My reason for focusing on Idea 1/2 was that Idea 1 would give a decent amount in royalties (if I get it right) to supplement the income which would then allow me to focus on Idea 2 (which has by far the biggest financial return; no question).

I will, for now, keep my focus on Ideas 1/2 & put remaining ideas on the back burner!

Hopefully I'll have a substantive update on Idea 1 (licensing) after the meeting on Weds.

 

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[MTEE1985]

Thanks for the shout out!

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.

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.

 

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[Dubidu]

T

Great updates! Don’t sell yourself short, you are providing at least as much if not more in value to those who read your thread as you’re getting from the forum.

Keep posting, I’m a follower!

Thank you! It means a lot that someone thinks they are learning something from my posts...so I'll keep updating

 

[Stargazer]

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

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