Click Here to see the latest posts! Ask any questions related to business / entrepreneurship / money-making / life NO BLATANT ADS PLEASE
Stay up to date! Get email notifications or |
|
SOWPub Business Forum Seeds of Wisdom Forum |
|
Thread Tools | Display Modes |
#2
|
|||
|
|||
Thanks, a brilliant post! Here are some other examples of this...
Hi Ankesh,
First, thank you for writing this post... It's an amazing and fantastic post! This post is a real eye-opener - for those who want to see how some of the "big players" really make things happen, even when they have few material assets of their own to fall back on! I've been meaning to reply to this for a while, so sorry it's taken me a while to do it (I've been a little bit ill recently)... Your post reminded me of what I read in Bob Reiss's book, "Low Risk, High Reward." One of the main lessons in his book is that you don't need to take big risks to be an entrepreneur... Thinking you have to do so is a bit of a fallacy. I've come across this lesson again and again... You can read more about how Bob Reiss put together his TV-Guide-based trivia game, with little risk, here... (It's a PDF file.) http://www.hbs.edu/entrepreneurs/pdf/bobreiss.pdf The important part is from "The Trivia Pursuit Bonanza" on page 6 onwards... He gives you the details of how he put everything together. He found a creative person to create the game (with successful experience in making such games), did a deal with TV Guide to use their name in return for paying them royalties, found someone to put in money for part-ownership of the business, found an inexpensive factory to make the game, etc. More details on this and his other businesses can also be found here... http://www.lowrisk-highreward.com/author.htm In the end, he and his partner made about $7 million bucks profit from the venture... I could go on and on about this, as similar lessons crop up again and again... You have to figure out who are the key players you need. Find out more about them, and what is it they really care about. How do you bring them to the table? Not everyone's main concern out of the venture is necessarily money (though of course they don't expect to lose money)... For example, director/producer Sam Raimi got investors to fund his first full-length film, "The Evil Dead." Most people funding it of course would have liked to get their money back - which he did apparently promise to them - though I read somewhere that one of their main motivations was to get a credit in the movie... Which was a bit of "glamour" and "movie excitement" in their lives! So you have to get to know people's deeper motivations... This initial success led to further entries in the "Evil Dead" series of movies... He then went on to direct many big budget movies, like all three "Spider-Man" movies... As Bob Reiss himself asks, why did TV Guide agree to do a deal with him to create the TV Guide trivia game? One reason was they had no risk. But another reason was because people get bored... and creating a game had a "fun factor." So money was most likely not their only motivation... Other people are deeply motivated by other concerns in addition to money... Everyone usually wants to make money too (so that element has to be there), but if you can include other motivations too it's like "icing on the cake"... Lots of very important lessons in Felix Dennis's experiences (as related by Ankesh)... Thanks Ankesh! Brilliant post! Best wishes, Dien Quote:
Last edited by Dien Rice : May 11, 2011 at 07:29 AM. |
Thread Tools | |
Display Modes | |
|
|
Other recent posts on the forum...
Get the report on Harvey Brody's Answers to a Question-Oriented-Person