I want to create a company and sell it ASAP

[MattUCF]

Hello,

I am in college and have come up with an extremely unique company that I know will be successful. I have some great connections that I have gotten help from and mentoring. I also have a great connection with a very successful PR firm. I am currently working on this company and getting ready to launch it in about 3 months, once everything is where I want it to be and it is ready.

I have this great idea that I have never seen before. It will be successful but I am in college... therefore I don't want to run a company while I am playing sports, having fun, etc.. I think I can make a huge name for this company however and get it running extremely strong as well as make it extremely popular immediately. So what I am trying to ask is... how do I get this company going and sell it as fast as I can? Do I get approached by a larger player in a similar market or do I have to go out and contact them?

 

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[ChasingPaper]

So your basically saying your sacrificing potentially millions of dollars to stay in college...ok. Maybe rethink your decision. If I was you I'd wait till launch and if it is successful i'd dropout.

 

[Vigilante]

Wait until it launches, see what trajectory it takes off in, and you will be in a better position at that time to evaluate your options.

If it is as successful as you think it might be, hire someone to run it while you are drinking cheap beer, chasing sorority girls, and playing in co-rec sand volleyball tournaments (you know... essential college stuff.)

 

[Vigilante]

Have you read The Millionaire Fast Lane? First three chapters available for free here :

http://www.themillionairefastlane.com/download.php

 

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[MJ DeMarco]

https://www.thefastlaneforum.com/co...rrari-should-i-buy-i-have-twenty-bucks.52834/

 

[MattUCF]

Wait until it launches, see what trajectory it takes off in, and you will be in a better position at that time to evaluate your options.

If it is as successful as you think it might be, hire someone to run it while you are drinking cheap beer, chasing sorority girls, and playing in co-rec sand volleyball tournaments (you know... essential college stuff.)

I never thought about it like that. Thats why I posted the question even though I thought I might get some some harsh answers for a stupid question. Its just that I have a lot of ideas for companies and I have learned through all of this that I need to focus on one idea at a time. I also have a scholarship and play sports at a Divison 1 school. With the possibility of going pro that is the reason that I would stay in school, not the cheap beer.

 

[IceCreamKid]

So what I am trying to ask is... how do I get this company going and sell it as fast as I can? Do I get approached by a larger player in a similar market or do I have to go out and contact them?

Step 1. Get ONE sale. Most don't even get to this point. They abandon ship and jump to the next idea.
Step 2. Get more sales.
Step 3. Start creating little systems within your company for production, sales & marketing, admin(inventory, payroll, invoicing customers, document management, etc), and HR. Turn it into a well oiled machine.
Step 4. Get bought out by a larger player.

Please finish the first 3 steps before trying to jump to step 4. The devil is in the details.

I'm convinced the #1 reason why people fail is due to unrealistic expectations which cause them to not respect PROCESS. They go out then buy a suit, biz cards, and logos from Fiverr thinking that's all it takes. I'm not saying you're that guy since I've never met you, but by golly please don't try to skip straight to step 4.

 

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[MattUCF]

Step 1. Get ONE sale. Most don't even get to this point. They abandon ship and jump to the next idea.
Step 2. Get more sales.
Step 3. Start creating little systems within your company for production, sales & marketing, admin(inventory, payroll, invoicing customers, document management, etc), and HR. Turn it into a well oiled machine.
Step 4. Get bought out by a larger player.

Please finish the first 3 steps before trying to jump to step 4. The devil is in the details.

I'm convinced the #1 reason why people fail is due to unrealistic expectations which cause them to not respect PROCESS. They go out then buy a suit, biz cards, and logos from Fiverr thinking that's all it takes. I'm not saying you're that guy since I've never met you, but by golly please don't try to skip straight to step 4.

I agree with you completely. I guess what I was also wondering was if I can create the blueprints for this company and sell it. Without actually making that first sale. There is nothing like my idea out there and I believe that with the right amount of work and connections it will work. Am I ready to do that right now while playing a division 1 sport and going through college?... I am not sure about that right now. But if I was able to create a firm business plan and blue prints for this company would I be able to go out and try to sell this to someone. I also understand that I could wait and do the work myself and try to build it, but Im just wondering also. Kind of like inventing the windshield wiper and selling it to Ford.

 

[Vigilante]

Except the guy that invented the windshield wiper literally had his invention ripped off by Ford. Not exactly what you want as your analogy.

 

[RogueInnovation]

Ouch this hurts a little when reading between the lines

On the surface it looks fine "I'm confident in its success"
But when you open it up... It stinks...
"I fail to see the purpose of creating longevity for a company, I have no emotional or effort based investment in this and see no reason to, basically its an idea I'm hoping will pop into an immediate success and take me away on a magical carpet ride".

Not so great.

Of course my interpretation is exageratted, I'm not jabbing at you, I'm just making an intellectual point.
The point being
- longevity is the key to quick sales, because everyone looks for longterm investments, not flipping businesses (debateable but I'll stick with it)
- effort IS the business and without it everything is low quality junk... the guy that buys it is buying problems YOU could not bother with
- magical carpet rides is not what BIZ is about, business is about you not flinching at the workloads that make everyone else burst into tears, cuz when you see how easy it can be you won't NEED to sell, and that will increase the likelihood of offers

Point is, change your mind
Because going on with this delusion is the same as accepting failure


Chin up, keep pluggin away, time and effort at business will shape you.

 

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[TaxLadyMaryEllen]

You would need to have a patent application to protect your idea before you try to sell or license it to the big guys. Don't try to take shortcuts.

 

[MattUCF]

Except the guy that invented the windshield wiper literally had his invention ripped off by Ford. Not exactly what you want as your analogy.

That was a bad analogy. You understand what I mean though.

 

[MattUCF]

Ouch this hurts a little when reading between the lines

On the surface it looks fine "I'm confident in its success"
But when you open it up... It stinks...
"I fail to see the purpose of creating longevity for a company, I have no emotional or effort based investment in this and see no reason to, basically its an idea I'm hoping will pop into an immediate success and take me away on a magical carpet ride".

Not so great.

Of course my interpretation is exageratted, I'm not jabbing at you, I'm just making an intellectual point.
The point being
- longevity is the key to quick sales, because everyone looks for longterm investments, not flipping businesses (debateable but I'll stick with it)
- effort IS the business and without it everything is low quality junk... the guy that buys it is buying problems YOU could not bother with
- magical carpet rides is not what BIZ is about, business is about you not flinching at the workloads that make everyone else burst into tears, cuz when you see how easy it can be you won't NEED to sell, and that will increase the likelihood of offers

Point is, change your mind
Because going on with this delusion is the same as accepting failure


Chin up, keep pluggin away, time and effort at business will shape you.

Thank you for the advice. I really didn't mean this whole thing to be interpreted as "I have this great idea, ill just sell it and make some money instead of doing the actual work." I purely meant it as a question about this concept as a whole, not in this specific case. And i completely agree with you, thinking of something and trying to sell it as a short cut is not what an entrepreneur is. I think the best part about myself is my willingness to work at something. I would love to wait until the right time to turn this into a real company and work through it... more of a what if question.

 

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[sparklyshadows]

I am in college and have come up with an extremely unique company that I know will be successful.

It's good to be confident, but fact is that amazing ideas aren't worth anything by themselves and do not translate to success. Everyone comes up with "the most amazing idea ever" once in a while but only the ones that implement the idea, and implement it WELL end up getting the success.

t will be successful but I am in college... therefore I don't want to run a company while I am playing sports, having fun, etc..

Honestly, you don't have to worry about this as much right now. You should try to devote as much time as you can to your idea if you truly believe it's such a fantastic idea. By the time your idea actually grows to the point where it starts interfering with your college life, for all you know college won't even hold that much appeal for you or you might have some other college epiphany that helps you resolve this question. But it's futile to think about that right now.

how do I get this company going and sell it as fast as I can? Do I get approached by a larger player in a similar market or do I have to go out and contact them?

Have you read TFLM yet? You should. In the beginning, when MJ has his company running successfully, he ends up selling it for a million (or maybe it was a couple million- I don't remember the exact amount) bucks. But then later on, he actually ends up buying the company back for like half the price and grows it to heights never reached before. The point is that trying to get your company going and selling it fast might not even be the best decision for your company once it reaches that stage. You might discover your business taking new directions and you might want to grow it in ways you didn't think of before. This is something Derek Sivers talks about in his book in detail. (A great short read for any entrepreneur in my opinion)

Also, maybe I'm wrong, but I just get the feeling that somewhere deep down you have a bit of fear which is something all entrepreneurs deal with. If you do, you should definitely check out some of the threads on this forum that deal with that- there's some great info to be found.

In summary, dude build the boat and sail around in it for a bit before you think of auctioning off to the highest bidder <- don't worry you'll get there if you give it your best and never give up

 

[sparklyshadows]

http://startupbros.com/should-entrepreneurs-go-to-college/

 

[contract]

It will be successful but I am in college... therefore I don't want to run a company while I am playing sports, having fun, etc.. I think I can make a huge name for this company however and?

You are not ready.

Don't take it personally...

 

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[MattUCF]

It's good to be confident, but fact is that amazing ideas aren't worth anything by themselves and do not translate to success. Everyone comes up with "the most amazing idea ever" once in a while but only the ones that implement the idea, and implement it WELL end up getting the success.



Honestly, you don't have to worry about this as much right now. You should try to devote as much time as you can to your idea if you truly believe it's such a fantastic idea. By the time your idea actually grows to the point where it starts interfering with your college life, for all you know college won't even hold that much appeal for you or you might have some other college epiphany that helps you resolve this question. But it's futile to think about that right now.




Have you read TFLM yet? You should. In the beginning, when MJ has his company running successfully, he ends up selling it for a million (or maybe it was a couple million- I don't remember the exact amount) bucks. But then later on, he actually ends up buying the company back for like half the price and grows it to heights never reached before. The point is that trying to get your company going and selling it fast might not even be the best decision for your company once it reaches that stage. You might discover your business taking new directions and you might want to grow it in ways you didn't think of before. This is something Derek Sivers talks about in his book in detail. (A great short read for any entrepreneur in my opinion)

Also, maybe I'm wrong, but I just get the feeling that somewhere deep down you have a bit of fear which is something all entrepreneurs deal with. If you do, you should definitely check out some of the threads on this forum that deal with that- there's some great info to be found.

In summary, dude build the boat and sail around in it for a bit before you think of auctioning off to the highest bidder <- don't worry you'll get there if you give it your best and never give up

I really appreciate you going out of your way and telling me all of this stuff. I just downloaded the Millionaire Fastlane and can't stop reading it. I think this is the kind of thing I really need right now to get me to not just have an array of good ideas but actually put them to work. (one at a time.) I am in a really good situation right now. I don't pay for college, have a chance to go pro, and I am not lazy. From the second I wake up in the morning to when I go to sleep I am thinking about ideas for my current project, thinking about the next steps, and trying to find a problem that can be fixed throughout my day. I am going to start working on this much harder in my spare time (if my face isn't buried in the book). Cant wait to get started.

You are not ready.

Don't take it personally...

Your 100% right. I am not ready yet and I see that. I wouldn't want anyone to give me false hope, and I appreciate the blunt honesty. This book is making me more and more motivated and posting on this forum really helps as well. I am planning to really start working on this in Spring. I am extremely blessed and lucky enough to have free PR for anything I do as well as an extremely successful mentor that I am personal friends with. I think you guys pointed me in the right direction and helped me understand that there is no shortcut to an idea and selling it off for lazy money.

 

[Choate]

It seems that you are more interested in creating the event (selling the company) instead of the process. It seems that selling off a company is a novel idea to you and its something you want to try.

Well success is in the process, not the event.

Why do you only see this idea as something you'd sell off, and not work on yourself for the long term? That irks me.

 

[T14]

Matt, you seem like a bright individual after reading your responses to people's advice here. I think we can all agree that no amount of significant success comes from throwing a business model together in a few hours and slapping a million dollar price tag on it. This only seems to work with the internet marketing guys with big email lists and questionable tactics. I'm sure you've noticed this isn't that kind of forum

My advice: Start to chip away at the business plan. Write up a general outline, almost like a "mind-map". Once you have the basic business components written out (advertising/marketing, fund raising, LLC set up, sales funnel/follow-up), you'll be able to see which parts of the business need working on. You'll begin asking the right questions, to the right people (hopefully), fill in the gaps, and soon enough you'll have a legitimate business model you can begin putting into action.

You're gonna spend your first year refining that business model. It's going to take some time and a lot of hard work. You're a D1 athlete. This is nothing new to you.

How exciting is it going to be for you when you start acting on this great idea?! Just wait until you help out that first customer. All the hard work will have been worth it.

Just get started

 

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[SeanKelly]

Hello,

I am in college and have come up with an extremely unique company that I know will be successful. I have some great connections that I have gotten help from and mentoring. I also have a great connection with a very successful PR firm. I am currently working on this company and getting ready to launch it in about 3 months, once everything is where I want it to be and it is ready.

I have this great idea that I have never seen before. It will be successful but I am in college... therefore I don't want to run a company while I am playing sports, having fun, etc.. I think I can make a huge name for this company however and get it running extremely strong as well as make it extremely popular immediately. So what I am trying to ask is... how do I get this company going and sell it as fast as I can? Do I get approached by a larger player in a similar market or do I have to go out and contact them?

Thanks for the laugh buddy

 

[MattUCF]

Matt, you seem like a bright individual after reading your responses to people's advice here. I think we can all agree that no amount of significant success comes from throwing a business model together in a few hours and slapping a million dollar price tag on it. This only seems to work with the internet marketing guys with big email lists and questionable tactics. I'm sure you've noticed this isn't that kind of forum

My advice: Start to chip away at the business plan. Write up a general outline, almost like a "mind-map". Once you have the basic business components written out (advertising/marketing, fund raising, LLC set up, sales funnel/follow-up), you'll be able to see which parts of the business need working on. You'll begin asking the right questions, to the right people (hopefully), fill in the gaps, and soon enough you'll have a legitimate business model you can begin putting into action.

You're gonna spend your first year refining that business model. It's going to take some time and a lot of hard work. You're a D1 athlete. This is nothing new to you.

How exciting is it going to be for you when you start acting on this great idea?! Just wait until you help out that first customer. All the hard work will have been worth it.

Just get started

Thank you! Thank you for all of the advice. I think sometimes I just get frustrated because all I think about is business ideas or products everyday, yet I don't have the time to do it because of sports and commitments. I believe that if I was not a D1 athlete I would not have posted this, I would have been working on it... but I am owned by the school... not allowed to have a job, join clubs, etc... only my sport. With this being said, I am trying to do as much as I can in between time to set up everything and get the blueprint figured out. Really appreciate the good advice and look forward to all the hard work and seeing the pay off.

 

[MattUCF]

Thanks for the laugh buddy

No problem buddy!

 

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[SJVC]

Ideas are worthless without execution.