I would say a good idea is 5% of the equation

[OperationMyWay]

2. Negotiation. My wife and I are both great negotiators, and because we did this better than our competition, we were able to create and expand margins where they otherwise didn't exist (hence the reason our competitors weren't successful). Through strong negotiation, we were able to generate extra profit on the purchase side, on the rehab, on the sale and on the holding costs.

@JScott

Do you have any resources or suggestions that you credit for becoming a better negotiator? For example, the book Never Split the Difference by Chris Voss has definitely helped me in my endeavors, but I'm looking to further develop the skill as it will benefit my Fastlane plan immensely. I'm a good relationship builder and part of that stems from being a people pleaser. My struggle is to temper that emotion when it comes to getting what I want in deals, litigation, etc. I know it's something I need to better develop, but have yet to come across someone that strongly recommended a particular resource/resources over another.

Also, thanks for all your valuable posts. You are someone that has been there and done that and are kind enough to share your experience with the rest of us.

Cheers!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Do you have any resources or suggestions that you credit for becoming a better negotiator?

I think he's written a book on the subject...

Search Amazon ... Negotiation, J. Scott, although focused on RE, I'm sure it pertains to any negotiation.

EDIT: Indeed...

https://www.amazon.com/dp/0998848204/?tag=tff-amazonparser-20

 

[million$$$smile]

I think young entrepreneurs overly focus on creating a new product rather than just taking an existing product and creating a new application or use for it.

Unless one has been gifted with an unusual flair for creating a completely unique product, it seems to me, (at least in my limited experience) that it usually is easier to take an existing product or system/process and refine it or find another application for the existing product.

There are incalculable great ideas that lay in the graveyard of failure, and mediocre ideas that have merited great success.

For me, I would much rather focus on delivering a new application to an existing product/process/system than trying to create a completely new product to the marketplace.

I don't mean a me-too product, but a new application for an existing product and then refine it to a new or broader audience. That to me is where new ideas come into play.

The application of existing products/processes/systems. And of course, the execution of the new idea.

I have been able to do this multiple times and even have a thread on the inside of a few simple products that I market in a new unique way and they have been highly successful.

Existing product + new application/process + execution = a new idea

In summary, most new ideas are built on existing ideas and applying or executing it in a new way.

I don't believe there is one resolute recipe for everyone. Whatever works for you may not necessarily work for me...

 

[Dami-B]

I remember having an idea about 3 years back.

It was a great idea.

I didn't properly execute and The business failed. I remember blaming the idea and moving to something else which was successful.

2 years back another company had the same idea, executed the hell out of it and just recently got funded with $1mill. Revenues... Great, profits... Fantastic.

Exact same idea.

Difference was execution! Ideas leave you with stories, execution leaves you with results. Talk is cheap!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.