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I've seen this mentioned in the past on the forums.
I'm not going to talk about if you should or should not use OPM.
(I personally believe its better to try every route possible before turning to investors)
If you have decided for yourself that you want to use OPM to start a business I will give some tips.
Networking is huge in business. Most of the time business owners, wealthy people ect ect are connected together in some form.
For example. When I was first beginning I reached out to ONE business owner whom I had never met. Nor did I know anyone that knew him. I called to see if we could do some business together. We ended up doing business together and a good working relationship developed.
He does business with A LOT of other business owners in my city. Because I had a working relationship with him I had access to people he knew. He introduced me to someone he thought I should meet. I became friends with that person as well and then that person introduced me to someone he thought I should meet. That meeting also went well. That third individual alone knows about 7 millionaires and offered to get my foot in the door with some of them.
It all happened organically as a result of me executing and putting myself out there. I was not talking to people with the goal of gaining access to their network. Gaining access to their network was a byproduct of proper execution. It just fell into place. Most people call that luck, entrepreneurs call that probability.
If you are meeting a genuine investor for the first time to pitch them you better have your s*** together. They are going to want to see specific things. For example an ROI. How are they going to get their money back? If you don't have solid plans and information for them you are wasting their time.
@MJ DeMarco wrote a great book "The Millionaire Fastlane " I highly recommend this book. It is packed with useful and practical advice.
You should also go to YouTube and type his name in. You will see tons of content from him which is also filled with great information!
I'm not going to talk about if you should or should not use OPM.
(I personally believe its better to try every route possible before turning to investors)
If you have decided for yourself that you want to use OPM to start a business I will give some tips.
Networking is huge in business. Most of the time business owners, wealthy people ect ect are connected together in some form.
For example. When I was first beginning I reached out to ONE business owner whom I had never met. Nor did I know anyone that knew him. I called to see if we could do some business together. We ended up doing business together and a good working relationship developed.
He does business with A LOT of other business owners in my city. Because I had a working relationship with him I had access to people he knew. He introduced me to someone he thought I should meet. I became friends with that person as well and then that person introduced me to someone he thought I should meet. That meeting also went well. That third individual alone knows about 7 millionaires and offered to get my foot in the door with some of them.
It all happened organically as a result of me executing and putting myself out there. I was not talking to people with the goal of gaining access to their network. Gaining access to their network was a byproduct of proper execution. It just fell into place. Most people call that luck, entrepreneurs call that probability.
If you are meeting a genuine investor for the first time to pitch them you better have your s*** together. They are going to want to see specific things. For example an ROI. How are they going to get their money back? If you don't have solid plans and information for them you are wasting their time.
@MJ DeMarco wrote a great book "The Millionaire Fastlane " I highly recommend this book. It is packed with useful and practical advice.
You should also go to YouTube and type his name in. You will see tons of content from him which is also filled with great information!
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