Spell check

There have been two business disasters that have helped shaped my perspective on raising money and doing consulting project.

One was many years ago when I worked for a small consulting firm in Connecticut. We were doing a potentially huge project for AT&T, that is if we could get past the first hurdle. The first hurdle was for an executive who could follow from a to b to c. If we went off course, we were doomed. After staying up all night preparing a really good presentation with all the numbers etc., my boss went to the presentation and everything was going well when all of sudden the executive got lost in the meeting. It seems a page had inadvertently been left out of the presentation handed to him. Game over.

The second was when I was presenting to a VC. Everything was all perfect and on my bosses computer (with back up on mine). Unfortunately the hookup for the big screen didn’t work. We had no paper copies. Game Over.

Which leads to today’s what not to do — Never assume you got your bases covered. Always check at least twice and think of what can go wrong, so you can prepare.

If you can’t dazzle…

One of my favorite lines (my memory fails me when I try to remember from where it came), is, “If you can’t dazzle them with your brilliance, baffle them with your bullshit.” Of course this does not apply to people you to whom you are asking for money.

So I’ve getting closer to having a good business plan. The gaps are fewer and less obvious. However, now it is time to make sure that any gaps that I tried to gloss over are cleaned up and made brilliant.

Today’s short message is to not overestimate your ability to BS people. Could be a lesson that proves to be painful, especially if you are asking for money.

concise, compact and confusing

So I’ve got this great idea that I am raising money for and now I’ve got to find people to back me. Got a decent start on my business plan. Still need to fill some holes in it, but I think I know what I am doing.

However, I am having a lot of trouble trying to tie everything together in a few paragraphs for potential investors / partners. As is part of every blog entry I make, today’s focus on what not to do when starting a company is — do not confuse with words, charts and too much information.

I know I’ve got something, but if I can distill it down to its core, no one else is going to spend the time to really understand my idea. Is it complicated, no. Should I be able to fit it in a tweet, yes. As a friend of mine used to say when he was selling TV, think of Harry Potter meets Pokemon. It should be simple, and elicit an immediate image and reaction in someone’s mind.

My assignment for the day

To Couch or not to Couch

One of the best things about working out of your house and without need to attend meetings is that you are in control. You can plan your day any way you want. You can take a break any time you want. You can even take the day off any time you want.

Of course, my point of the day of what not to do is exactly what I wish I could do, be a lazy blogging blob. Sitting on the couch can be very rewarding if your idea of a good day is to see how much TV you can watch or games you can play. However, if you are starting up a company, my guess is that setting work related goals each day might be a good idea. Of course if your start up is related to gaming and entertainment, maybe watching TV or gaming can be considered work.

Commitment

No this is not dating advice, but if one is going to do a startup, they need to commit, at least that is what all the experts say. However, I have not figured out if this commitment means that I should not be looking for other work. Does it mean that all day every day all I can think about is my vision for my company. Should I dream in ‘monetization’? Should I practice my pitch in the shower?

This brings me to yet another point of what not to do when starting a company. Do not come up with your idea after you have already burned through your savings. Timing really is key. Make sure the commit required fits with your financial reality.

Get Away

Point #4 is don’t work at home. Problem with working at home is that you spend most of your time finding reasons not to work. Snacking is a huge problem. Today alone I have had 4 time outs to grab something.  Get away. There are reasons that people hang out at cafes — they get more work done.

After a day of working on my concept for a content site that includes online games, I tend to feel good about myself. Then of course I remember that I am neither making any money nor have I raised any money yet. Point three of what not to do when starting a company is do not think you are a world beater. My idea is not that original. My management skills are probably not better than the hundreds of others in Bay Area, let alone the rest of the world, looking to start something new. My connections, though good, are not unique.

Now that I have succeeded in bringing myself down, why do I forge ahead. Simply, confidence in my abilities, right timing and pure stubbornness.

Now I got the idea what do I do

After sitting in the cafe with a smile thinking this is actually a good idea. I now had to figure out how to move forward. One good thing about an idea is that it is just that. Businesses are created by those who can turn an idea into something that functions, people want and/or people think they want.

For the last few months, I have been honing my idea into a presentable business plan. But… how not to start a business point two is try to pick something you know really well. An outsider’s perspective is good, but in-depth knowledge should trump it.

Why did I pick online gaming? Besides the obvious reason of strong industry growth, I saw an underserved area that can be exploited. I have enough confidence in my business skills and ability to put together a good team that I am not so worried about my lack of gamer cool and knowledge. Hence, point three, if you do pick an industry in which you are not so experienced, partner with people who are.

Tools ‹ Ready, Set, GO… — WordPress

As a first blog post, I guess the opening line would be I hope someone reads this. Or maybe, it is better that no one reads this. This blog will be about my quest to get a business off the ground. It may end up being a substitute for a shrink, but I hope once the my business is live or dead, it provides insight into what not to do (or what to do).

The ultimate advice, if such an expression exists, is do not undertake a startup without a job. As everyone knows it is hard to pay one’s mortgage, a kid’s school, etc… without actually bringing in some money. However, I will let that rest for now.

A few months ago in a cafe (yes, that is somewhat cliched) I finally got the idea that had eluded me for so long. I was going to get into the online gaming world with a few twists that would distinguish my company. My background in the entertainment/media industry and my experience in strategy and business development has, in theory, positioned me for this undertaking.