Welcome back to the Part 2 of frequently asked questions(FAQ) on how to start and build a business. If you haven’t read part 1, click here to access it.

FAQ About Starting And Building A Business (Part 2)

• What are some telltale signs of an amateur businessperson? Doing any of these things:

  1. Having fights with partners in the first year. Fire them or split before anything gets out of control.
  2. Worrying about dilution.
  3. Trying to get Mark Cuban to invest because “this would be great for the Dallas Mavericks.”
  4. Asking people you barely know to introduce you to Mark Cuban.
  5. Asking people for five minutes of their time. It’s never five minutes so you are establishing yourself as a liar.
  6. Having a PowerPoint that doesn’t show me arbitrage. I need to know that there is a small chance I’ll see a hundred-fold return on my money.
  7. Catch-22: showing people there is a small chance they’ll see a hundred-fold return on their money. The secret of salesmanship is getting through the Catch-22.
  8. Rejecting a cash offer for your company when you have almost no revenues. Hello Friendster and foursquare.

• What are some signs of a professional?

  1. Going from bullshit product to services to software as a service (SaaS) product. (Corollary: the reverse is amateur hour).
  2. Cutting costs every day.
  3. When you have a billion in revenues, stay focused. When you have zero revenues, staying unfocused and coming up with new ideas every day.
  4. Saying no to people who are obvious losers.
  5. Saying yes to any meeting at all with someone who is an obvious winner.
  6. Knowing how to distinguish between winners and losers (you know in your gut, trust me).

Access part 3 here.

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Good Luck!!!


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