Nothing turns off an investor more than when an entrepreneur comes in with a ridiculous valuation.
I understand that finance can be very complex.
You only stay in front by coming up with ideas your new competitors haven't thought of yet.
One of the big problems entrepreneurs run into is they get too comfortable.
Being born into poverty does not mean you are condemned to spend the rest of your life in poverty.
When I was starting out, being a young entrepreneur was not fashionable. Parents would ask, 'When are you going to get a real job?'
By definition startups usually do not turn a profit.
I did something rather innovative that my competitors didn't like: I took out a full-page advertisement in the Yellow Pages that listed an office on the east side of Cincinnati, and another office on the west side, while every other heating/air-conditioning company had only one location and one phone number. I was the citywide company. In fact, our 'westside office' was just an answering service taking telephone message. From the start we appeared to be a big company.
I have seen entrepreneurs ask for hundreds of millions of dollars on a concept and try to sell because of 'their passion' for an idea. If the idea is that good, why wouldn't I cut you out and hire someone who is just as passionate for much, much less?
Reality TV is a totally different animal than the infomercial world.
People must be realistic when evaluating their business.
Ive spent over 25 years in the television industry, the direct response industry. I met a lot of people and certainly learned the power of commercials and their brand building potential.
