Entrepreneurs Helping Each Other Create Systems for Business

What does the co-founder of Oculus and the co-founder of Priceline have in common? They have both attended an event by today’s guest Eliance founder David Cogan. David is a serial entrepreneur who, even though he has an MBA, says that he knows more about making money than he does about math. He also understands the importance of getting the right people together and putting the right systems into place to create a cash machine. He is here today to talk about his community for entrepreneurs of all sectors to help each other build better businesses and a better world. You can find David here: Ask Loral David Cogan on LinkedIn Eliances Loral Langemeier Interview Show Notes: [01:46]  David comes from Chicago where he worked for IBM. Then he moved to Atlanta and had an amazing experience working there. [02:12] He didn't work for Arthur Andersen which paved the way for his success. [02:35] His MBA was actually funded by IBM. [03:28] David started a number of companies, he always had a passion for electronics. He started an online company that sold mid-range speakers. [04:17] His product was featured in a magazine. Next thing you know, things blasted off. [05:07] David is so passionate about startups and businesses. [05:27] Seeing other people be happy with what you're providing is the key to success. [05:58] Eliances is a community of entrepreneurs. The group is by invite only. You have a room full of people who are passionate about what they do. [06:59] It's really about what the community can provide to others. [08:20] Got, give, get. It's the Eliance 3G philosophy. [09:40] This is where relationships are developed and business deals get paid. [11:07] The founder of Dippin Dots is actually working with other Eliance members to form a new product. [12:01] They have over 30 Eliance members who sit on bank boards. [12:49] It's like the Disneyland for entrepreneurs. [13:20] When starting a company, you are doing everything. There are a lot of challenges. You have to move forward and build processes along the way. You need to have a revenue model, because it won't last without that. [17:04] David called one of his customers who gave him a no and asked him why. It was a non-threatening call that gave the people an out, but he cleaned so much information. [18:29] Understand why things aren't working and fix them. [18:57] Take notes and be capture every word. [20:47] Everything is going to be more expensive than you thought it would be. Be resourceful. Your price will always be the wrong price. Feel out the market and adjust and be flexible. [22:09] Be able to shift. Always be open. Anything you are going through, someone else has also gone through it. [23:58] Everyone is human, and we all feel the same emotions. Links and Resources: Loral’s Real Money Talks