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This is a Q&A session, where we answer the question sent in by Bill Parravano about “Angel Financing”.
His question is: “What is your approach? How do you approach an angel investor? How do you find angel investors? What do you need to have prepared when speaking with them?”
An angel investor is typically a past entrepreneur who has high net worth and wants to invest in ideas, management and things they believe in. The size of angel investment can be from $5,000 to $10,000 to up to $2 million. Know that, angel investment is not just a typical financing arrangement for getting returns on investment. It carries with it some mentoring, advice and control. Angel investors come together as groups to form angel investment groups. They make decisions as a group but the investment is done on an individual basis.
— Summary —
In this episode, we continue our discussion of the key decisions you need to make as an entrepreneur. Specifically in this episode we explore how to gain market distinction through your core strengths.
Of the three phases of business and product life framework, the first stage of the Think Up phase is the Decide stage and it comes before Idea. In this episode, we dive a bit deeper in the decisions you need to make as an entrepreneur. We dig into the decide stage which relates to the concept of core strengths.
This concept of core strengths deals with three factors:
- What are your Abilities?
- What are your Interests?
- How to connect these with the Market Needs that you’re going to serve?
We really never know how close our success is, it could be with the very next steps – that’s why you can never give up!
Keep moving, keep learning and most of all keep your vision vibrant and alive in your heart and soul
Everything in life is a value exchange, be it relationships, business, transactions, interactions and even hobbies. The key is to make sure that you are always bringing more value than the other side. Then everyone wins. Think about it. How much value did you you bring to your last interaction or transaction? Were your truly present and were they better once it was done.
— Summary —
In this episode, we begin to dive into the three phases of business life or product life framework. This is the process that we use to take a product and business, and bring it to life. In a previous session, we talked about the concept that there are three phases that every product or business must go through: Think Up, Get Up and Reach Up phase.
The first phase Think Up has three stages Decide, Ideation and Model. As opposed to popular belief idea doesn’t come first and there are a whole lot of decisions and choices that come into play before an idea is generated and turned it into reality.
— Summary —
People say that we are on the edge and near disaster but actually, we are in the greatest times filled with opportunities. So much is happening and so many things are changing. At a time like this, it is really important to set the stage for what it is that we are going to do. There are two paths that you can take.
The first path is what the society believes it should be. You get a degree, then a job and wait for promotions to climb the corporate ladder, slowly. This has been done since a long time by a lot of people. But just because everyone does it, is it the right way to do it? This road is filled with stress that can negatively impact our health and well-being.
The second path is to design your life the way you wanted while having the courage to do so. Do it your way as long as it is moral, legal and you’re not hurting anyone. It takes courage, boldness and the ability to step out of your comfort zone to take a different route than the rest. There will be people that laugh at you, torment, fight, ridicule, and criticize you. You need to be okay with that. You need to move forward and reach the other side that contains all the joy that you were looking for.
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- As an entrepreneur, you might get sucked into your business so much that you miss out on the other important aspects of life. If this happens, it won’t be worth it – as having your own business should actually allow you to create a community, support the society and live your dreams.
- Make sure to take a time off every 90 days or so and do three things: Reflect, Reconnect and Rejuvenate.
- Reflect: Take a vacation or a long weekend, and block out your work and schedule. Reflect on the things that you experienced. Think about both the good and bad experiences. As you look back, recognize and celebrate your wins. Also reflect about the missteps that could have been improved.
- Reconnect: You are able to do great things because of the people that support you. Take your time to reconnect with those loved ones and talk to them. Also, reconnect with the purpose, mission and vision of your life; as it keeps you on track.
- Rejuvenate: After reflecting and reconnecting, you are naturally rejuvenated. A lot of energy builds up in you and you are ready to take on the next 90 days. To make rejuvenation more meaningful, make sure to be grateful for the things that you have and that have happened to you. Be prepared, make your commitments and get ready to take on the coming days.
- Practical takeaways to change your life:
- Handwrite with a pen on a card and send it to the people that matter, thanking them for being in your life.
- Journal every ideas, the things that you’ve learned and the experiences that you had. Make it a weekly habit.
- Block your time out for a retreat, 12 months in advance. Plan this ahead and mark your calendar. Plan your trip and the experiences you want to have.
— Summary —
In this session we talk about the three phases of business life which is the process I go through when I have to launch a new business or service. They are required to build a business but even before the three phases, get the concept of customer promise. Know how the life of customers will shift and change because of your work, products and services.
Before your customers you must be truly, emotionally and passionately behind your products and services, and only then you will be able to create emotions in your customers, team and vendors.
Now comes the three phases of business life which are:
- The Think Up Phase: You choose a design in this phase.
- The Get Up Phase: You literally move forward and start the business in this phase.
- The Reach Up Phase: The final phase that deals with scaling, growing and building.
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In this episode, we tackle the myths or the old world views of business which are completely gone due to the accelerating development in technology.
These myths need to be put aside:
It takes money to make money.
There is some truth to this statement. But when compared to the industrial age, we don’t need a large amount to start businesses. Businesses can be started at a grass roots budget. Use technology and you have so much access through your fingertips.
Additionally, funding sources have also expanded. For instance, there’s crowdfunding and angel funding that support your entrepreneurial ideas. You just need to expand your horizons and become resourceful.
— Summary —
There are basic fundamental principles about business that you need to understand. Mastering your business requires mastering the basics. It will drive your business and escalate your success. There will be changes and shifts in market dynamics, legislation, preferences and other factors that influence a business. If you build a strong foundation for a business, we can easily respond to the changes that enable us to handles the downslopes and take advantages of new opportunities.
Business Mastery Roadmap Framework
When it comes to business, five basic things must be figured out.
1. Marketing: Every business needs marketing and sales process. This is the process by which you will reach out to your customers.
For marketing, these are required:
- Customers: Who are your customers and what do they really want? We need to identify their habits, demographics, location and every other specific detail.
- Communication: Create messages that allow you to communicate with your target market from a logical as well as an emotional stand point.
- Connection: Understand how you will connect with your market. It is necessary to connect with them at a visceral emotional level by understanding every little detail about them.