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INTRO Starting over- Want to merge Traction, Fastlane, and One Simple Idea

Discussion in 'Forum Introductions (Who are you!?)' started by LynetteP, May 13, 2018.

  1. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hi All!
    I'm thrilled to have found this forum and fans of the Fast Lane mentality.

    My entire life, people told me I "thought too big."

    About 5 years ago, I gave away most of the farm to get out of a marriage to my biggest naysayer. Until last August, I was trying to go about things the conventional way- because that's what everyone wanted me to do. I'm done making everyone happy but me. My job was sold last August, and that was the final proof that I am supposed to do what I've always wanted to- be in charge of my own future.

    I've been trying to figure out how to go about it since then (some of my business ideas I've been wanting to do over 10 years). I have read everything under the sun, and spoken with any wise person I already knew that has sold companies. Thanks to an idea sparked from a mentor friend in Austin, I'm doing consulting for a financial literacy company in California (when I told him I was considering it instead of a "regular" job, he told me any potential VCs would love it- so, done deal.). I've also got a joint venture in the making with an engineering/small manufacturing company for my line of hardware, just trying to line up the right licensor for branding and jumpstarting sales.

    I read Fastlane last week, and One Simple Idea years ago and again this year. I took Stephen Key's course on licensing out ideas to companies since August, and was not satisfied with the inefficient method of approaching companies (everything else was spot on, however). His way is fine for people with a couple of good ideas, but I have no intention of calling 100 companies to find the one interested in one of my 150 product ideas. How do I know mine are good? I quit counting the products of mine I've seen on store shelves- those that someone else made a ton of cash on, 2-10 years after I thought of it. I quit counting after 25 products early last year.

    Last week I read Traction by Gino Wickman, took the assessment, and realized the reason I've had "trouble" is that I'm a visionary. He wrote an entire book on that, lol. I need an integrator for several of my ideas. I'm excellent at innovation, but pretty useless without someone to work with- I need someone waiting on me so I can get less interesting things done too.

    So, has anyone else here read Traction?

    Also, does anyone put their LinkedIn profile on here? I believe it would be a better nuts and bolts intro. I have a masters in accounting from University of Texas, but most of my work experience is marketing and branding. I speak tech, but I don't code. I did wire framing before they ever had a name- with paper. :D

    ENTJ on Myers-Briggs. Gallup Strengths Finder top 5: Learner, Relator, Intellection, Analytical, Responsibility.

    If anyone can point me at what to read on the forums first for someone like me (with 10 new ideas a day), I'd appreciate it.

    I believe in paying it forward, and hope to do a lot here after I get my own ducks in a row (or at least in groupings!). Anyway, have a blessed day, ya'll!
     
  2. ZF Lee
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    ZF Lee Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Welcome!

    Thanks for the great intro.
    I can imagine that was quite the harrowing experience.

    Thanks again for your review of Stephen Key's methods and book.

    When it comes to selling your own product, and you need distributors and suppliers, the phone calling still comes into the picture.

    Have you worked alongside tech startups before? Where did you need wire-framing for?

    The GOLD and NOTABLE threads are a great starter for you.

    Search Results for Query: **** | The Fastlane Entrepreneur Forum

    Search Results for Query: **** | The Fastlane Entrepreneur Forum
     
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  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Excellent intro. So great to have you Lynette!
     
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  4. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thank you ZF Lee and MJ for the welcome and info! Just started reading Unscripted today. :D

    Yes, I believe phone calls are the way to go, via original contact on LinkedIn or other referrals when possible. I'd like to beef up my contacts on the distributor end so I can pre-sell more easily, and I don't have suppliers lined up except in the case of my engineering/small manufacturing firm guy in NC. He has several companies he outsources to in China for larger runs and he's open to outsourcing with others. Forgot to mention we are starting with a single product/small handful to see if we like working together.

    Bottom line, I'm hoping to find a few people like him, who I end up working with longer term in various industries.

    Why tech?
    1. There's a lot of money to be made in it. There are still opportunities out the kazoo, that apparently not everyone sees.

    2. I was the marketing director for the "internet division" (LOL-it was a division!) at Jewelry Television when their website was a baby. They are still using my basic wireframe from almost 15 years ago because it works well (needs some updating though). I did UI, UX, art directing, changed the database to accommodate needs, and all web marketing. Before that, I redid the entire internal programming design with a PHD student in astrophysics- after re-engineering all the company processes with a 4 person team. I can figure out where programmers made a small logic error in code that created "unintended consequences" when they couldn't find it themselves.

    I have a few tech startups in mind I've been chewing on for awhile- one in the food industry, one for crowdfunding, and one for education. My tech mentor guy in Austin seems to think I am well suited for it.

    Thanks for pointing me to the two threads- I had started on Gold already but was distracted by a post on licensing...

    And by the way, if ever I don't make sense, or seem to have left something out, please just let me know- my brain is often far ahead of my mouth. :)

    Thanks again, ya'll!
     
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  5. Late Bloomer
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    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Welcome Lynette! Great to have another big-picture visionary, who wants to find if the Fastlane has a branch that goes clear around those darn hundred phone calls. :eek:

    Sounds like you are now free to organize your life and your business however you like. Time now find out what works well for you, and to learn how to surround yourself with positive, encouraging, helpful people.

    There are people who would be thrilled if all they have to do to jumpstart licensed sales of 150 products, is to call a hundred companies! Perhaps you could team up with someone who loves marketing and could get paid mostly, or even entirely, on performance. (I might like to get into something like this myself!) Maybe you should be the CEO or CTO, and add a CMO and COO to get a full team. Maybe it doesn't have to be that formal.

    I'm not familiar with Key's or Wickman's work.

    Other forum members can recommend lots of ideas to add to your already overflowing basketful of great ideas. But what would be most helpful for YOU, is clarity on the top 3 outcomes you would MOST like to achieve within one year... what are the top 3 outcomes in the next 90 days MOST likely to be powerful milestones on those paths... and what top 3 results this month, and this week are MOST critical to move you forward?

    Of those, what is the #1 thing you should push forward on today until it's done?

    I'd be happy to talk that over with you, and other forum members probably would too.

    But only you can be sure that your own priorities and task list, are aligned with your own most cherished values and dreams. I think that is actually your single most powerful thing to ask yourself throughout the day.
     
  6. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thank you!
    Well, if it was 100 calls for all the products, ok. But it's 50-100 calls for each of my 300 or so products, lol. Yeah, not enough hours in the day. And I detest it. I'm a marketing person, but not really a salesperson. I sell tons of other company's stuff to people, but only enjoy it when I just happen to be talking to someone and helping them out. If it's required for a job, I don't enjoy it a bit.

    I'm going to be going through my list and categorizing them better- I think I've got a JV partner for household, kitchen, and hardware items, but I have to do a Kickstarter for funds to start (and to show consumer interest and traction to the big boxes- my end goal). Took me forever to figure out to do it this way, lol. Then I can be the new OXO.

    I think there are some products and other categories that just don't make sense to try and manufacture myself- I'll let you know what I come up with. Those should be licensed out, but I don't want to do it. Stephen Key's course tells you to avoid getting someone to do it for you- which totally makes sense if you have less than 10 good products. I have dozens, so it didn't make sense to me at all. I was also considering if there was anyone here on the forums that would be interested in licensing products from me. It seems there are plenty of people here looking for products!

    I've looked at threads on sourcing from China, for setting up a website myself, etc., and while it's all fascinating, I don't want to actually do it, lol. I'm much better at coming up with new products. People want you to execute because you "should" but the Traction book assessment said I'm in the 3% of people who are visionary, and don't do execution well. It's what I already knew, but absolutely nobody likes to hear it, lol. I execute fine if someone is waiting on me though. I need partners, plain and simple! Before I read it, I had already intuitively found my manufacturing/engineering guy in the states and was looking at a joint venture with him. I'll take half of something over 100% of nothing every day of the week. And I've got a ton of somethings. I just don't fit the mold at all, and I'm more analytical, so I'm still learning to trust my gut.

    It's funny you say 3 things- because that's kind of what it's been coming down to if I ignore the licensing of the products that don't fit in a product line. I'm just now at a point where I know what to work on for each of the 3, because I had to re-do the goals. The first business line, I was waiting on my colleague at the old company to get me in. The second, what to do about most of the products I've created (no longer licensing out, new goal of manufacturing without managing day-to-day stuff, and how to fund it). The third thing is for a client in California where I'm acting as the fractional CMO. I think that's about right, since I like to read about 3 books at a time, too. LOL. The other business ideas are all on hold for now, but still in the back of my head. Which was my original plan: throw everything at the wall and see what sticks, lol!

    Thank you so much for your input- you also made a great summary of how to get things done. Feels like about 5 books I've read in a neat package. Hey, if you're a visionary, how did you get so well spoken? Send me a link to the manual please! :D Thanks again!
     
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  7. DustinH
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    DustinH Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Where are you in TN?

    I just bought Traction and Rocket Fuel. I am halfway through Traction. It was referred to me by a guy in my field who has built a great business and team. I am definitely a Visionary and not the Integrator. My first hire will be an Integrator. I like the EOS system so far. I don't have much use for it yet, but it is still an interesting read.
     
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  8. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hi Dustin- I'm in Chattanooga on top of a foggy mountain, trying to get the heck out of here! LOL. There's a map somewhere with all the FLF people on it- not too many in this area, which I could have told you without the map. I'd love to hear how you use the info from all these books together!
     
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  9. Late Bloomer
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    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

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    Hmm! I'd like to learn a little more about what you see as the difference between marketing and sales. Also, what is sales, if not talking to people and helping them out? And what good is a job where you don't get to talk to people and help them out?

    I wonder if there's some kind of hidden scripting here that might be keeping you from your full potential. Or, maybe you accurately see a distinction that's valuable. Maybe I just got confused, from the words you happened to use.

    I don't have the references available right now. But I've seen some very good material on how this is the "exit strategy," for many items pitched hard by infomercial. Over a span of two to three years, the goals are to make back the ad costs, then make a pile of profits from direct buyers. The promoters want to get those buyers onto a list, to sell them more stuff at lower direct marketing costs. Then they also want to use that "As seen on TV" success to get the product into retail distribution.

    The way you've described your personality and interests, I can't see you being very happy with the tasks to launch production, troubleshoot and optimize manufacturing... even if it brought a lot of money. I agree that having a team is a natural for you here. Whether that's in-house manufacturing run by someone who loves to run manufacturing, or outsourced to great vendors that someone else finds and coordinates with for you.

    There are some really helpful people on the forum who can give great advice on what you Should do, IF you want to follow a particular path that's effective for you. There are also some unhelpful people on the forum, mostly well meaning and a few who just seem to be always angry, who make a lot of demands based on what they imagine and assume Should be effective for you. Both can be very emphatic and insistent! I'm starting to learn the difference!

    That's true of me as well. I do my best work interactively, as part of a team. Not necessarily all in real-time conversations, on the phone or shoulder by shoulder. But with the opportunity to share conversations to build a shared plan, to improve it over time, and to delegate most of the tasks to people who are great and happy at doing those things.

    I've had enough experiences in life to know where my strengths are... and that sometimes, it's better FOR ME to wait for a traveling companion to be ready, than to start the trek alone. I'm currently hoping to hear back from some good people about that today and tomorrow, as I write to you now.

    I should be sure to not visit your startup restaurant!

    You're welcome and I'm really happy that my ideas are helpful. I've worked hard to develop communication skills throughout my whole life. I learn more all the time. Unfortunately there's no one manual that I could have read 20 years ago, to save myself a lot of trial and error as I learned over time!
     
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  10. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Ok, so marketing versus sales.
    Marketing is the strategy, message, and brand. I like to decide how to sell, what distribution channels, pricing strategy, what products and services will appeal to target customers, who are the target customers, advertising, ad channels, packaging, merchandising (for example buy 3 get 1 free, tables sold with chairs versus priced individually), brand story (bargain basement versus luxury, for environmentalists versus convenience shoppers), features and benefits, is it a lifestyle brand, etc.

    Sales and marketing in the digital world, to me, is basically one and the same.

    But for sales of products and services in person, it is different. To me, the salesperson becomes the brand ambassador, whether they are selling real estate, a pork sandwich, or getting agreement for a joint venture. So yes, you are talking to people and helping them out. Problem is, most people don't want help from the person who stands to gain from the sale. That's why people love reviews.

    This is more work than I'm equipped to deal with, because every word and gesture should reflect the brand. My standards are high, so I don't pass them in person, lol. I stumble over spoken words when describing really big ideas- my brain is on paragraph 5 and my mouth is still on the second sentence! I believe I see everything at once- all the possibilities and ramifications, and have difficulty speaking in a linear fashion. I also may forget to mention paragraph 2 because to me it was obvious, but apparently it's not to everyone else.
    So the unintentional aspects of my personal brand may obscure the benefits of the product and the sales message. At least I'm aware of that, I guess!

    Sorry if this is clear as mud- it's been a long day, lol.

    Guess I need a communication book list! Not that I haven't already read a ton. I am going to also try the Talk Like Ted book, and see if that helps. I just found out my colleague has pulled a muscle and will be out a few days, so I've got a bit more time.

    Thanks for the insight! You are on the money with my happiness with manufacturing. Visionaries do not like day-to-day management. Today I got an agreement with my engineering/manufacturing joint venture partner so we can go ahead with that (it's an entirely different category of products). Now I just have to find all the threads about selling on Amazon and creating a website... I've done a site before and know SEO decently, but I've never tried PPC or FB ads. My knowledge there is lacking. Thanks again!
     
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  11. Late Bloomer
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    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

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    How's it going Lynette? Did you have a follow up post or thread about your own strategy? Were you the one with the big pitch meeting to present yourself as a fountain of profitable new business ideas? How did that go?
     
  12. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks for the inquiry! :D Well, I don't have a follow up post on my strategy, but I'm still moving forward!

    The Big Guy delayed scheduling The Big Pitch meeting until after the fourth of July due to his vacation, so I am hoping to get that appointment set in stone today, actually.

    For kitchenware, I am continuing my path with the JV manufacturing partner I found- I got a revised contract yesterday that I will sign. I'm planning to send him some other products too.

    I have another person interested in licensing out one of my other products for me, which would be great. I have no contacts in that industry. I have to do the patent application on it first, lol.

    I bought Walter's sourcing book, and also the Proven Amazon Course, but haven't gotten very far in either yet!

    I am still struggling with distribution channel and marketing for startup products. I know Amazon can be a piece of the puzzle, but certainly don't want all my eggs in one basket.

    All of my marketing experience is not helping me here, because my experience was with a company that already had an audience.

    I need to get my head around what needs to be done with a website and sales funnels for a startup- it's a completely different animal to start from scratch. I'd like to get this done by the time I get my products sourced. I know it's in this forum somewhere, lol. Any suggestions where I should look?
     
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  13. Late Bloomer
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    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

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    This all sounds promising!

    I know I saw some forum threads from people who sold their products on Amazon, and they were talking about how to diversify their distribution. I don't remember right now who was involved. The forum search can probably help you there.

    I see marketing as all the steps to get people from strangers who don't know you, into a sales conversation or presentation. Here's the funnel model I like, combined from a few different sources:

    * Lead generation - Letting people who might be interested, know that there is something that might interest them - with an invitation that they learn more. Unfortunately includes sending your message to people who aren't your good prospects, but you can't know that until you ask everyone in the audience or on the list if they might be interested.
    * Lead capture - Receiving the information for those people who are interested and are willing to learn more. Once you have their email address, phone number, postal address etc. and permission to contact them, you can switch to a more direct way to tell them more.
    * Lead development - Telling people more after they've already expressed initial interest. Continuing to reach out to them with more information and updates, unless they say they don't want to hear from you any more, or unless it's no longer profitable to continue working with this list of leads.
    * Lead selection - A way for people to say that they are ready NOW to learn exactly what it takes to buy. Could go directly to the order form, or could go to schedule a sales presentation. Also a way for you to pick some people who haven't asked for the next step, but you figure you've done enough lead development, or you know enough about them, to take a guess that they're ready.
    * Initial qualification - Confirming that someone who said they're ready to learn how to buy, actually is worth it for you to do a sales presentation. They have the need, budget, interest, and are ready and capable to seriously make a decision NOW.
    * Sales presentation - Optional diagnosis of their situation, if that's part of a custom offer. Optional creation of a custom offer. Presenting your offer and dealing with objections. Asking for the order.
    * Order handling logistics, and the handoff to delivery and support.

    A model this detailed would be appropriate for a big ticket consultation or six figure deal. On the other hand, a pitchman with a kitchen gadget at the state fair can go through all of these steps, new crowd to sales, every ten minutes.

    Hopefully this outline will help you identify which parts were already provided at your previous work, that you'll have to do on your own now.
     
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  14. LynetteP
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    LynetteP This will be car photo when I get a rocket again Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    LOL- I love it, but I need the kitchen gadget version, quite literally! I've got kitchen gadgets out the wazoo!! But I can't go to the state fair... :D
     
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