Business Cliches and Bad Advice

In this episode: Advice people give all the time that we think is stupid ** Fake it until you make it means setting yourself up for failure and bad relationships in the future ** I hate it for the relationship builds and it sells a dream that isn't reality ** Why are you trying to bring your idea to market? ** You need working capital but that doesn't mean being a million dollars in debt ** Everyone is on a journey and sometimes people use these cliches ** Use the right resources you have now as wisely as possible ** The best way to raise money is to sell product ** You need to surround yourself with complimentary skill sets ** The story about Steve Jobs and the iPhone launch ** At some point you have to stop raising money and just sell product ** If you are in positive cash flow to sell equity to buy equipment would be very expensive ** Dyson only uses debt funding ** Build it and they will come ** Kevin Costner ** Mr. Fabricator ** The number one thing people discount is distribution ** You're in love with the "instant traction myth" as a theme ** What are the distribution channels of your industry? Where do your customers buy? ** You build the prototype ... and then what? ** If you can't get your product into the hands of your target market then nothing else matters ** Should you get IP first? ** IP and disclosure ** I believe an IP portfolio brings the most value ** Enforcing your patent ** You have to learn how your customer is going to buy ** When you're building your team, you have to know what you do and what you don't do. Sponsor this Podcast