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About the Episode
Are you feeling stuck or that success is just taking too long? Well today’s guest found his success by never quitting and doing the next right thing. Also, if you are thinking about raising money then listen to the part of the show where he shares two tips on how to get started.
How to Do the Next Right Thing the Right Way
- Narrow down the project to what needs to be done right now, right here– JR had already the best possible break early in life – his dad’s magnificent example of how hard work, persistence and honesty can lead to success. JR has an interesting theory of doing the next right thing the right way. This may sound ambiguous but the analogy he presents is anything but that. He likens doing the next right thing to eating an elephant. You don’t eat an elephant all at once. Sometimes you do not even know you are taking bites out of the elephant. But if you do the next right thing, no matter how small it may be – whether it is a simple please or thank you or doing a small courtesy even before it is asked of you. If you do the next right thing in front of you every single time then the big decisions are being made for you and you will be able to look back and say, “Oh my gosh! I just ate an elephant!”
- Stick to the task on hand, do not give up – The one thing that works all the time is never giving up. If you have a product you believe in, ignore what other people think; go for it. Stay true to your beliefs and always remember what got you excited about it in the first place.
How to Raise Start UpMoney
- Put your money where your mouth is – before trying to ask for money from someone, if you can afford it, put your own money into it first. This may not work for everyone but this really goes a long way towards credibility. You show the potential investor that you believe in it, you actually have something of yourself invested in it.
- Build on brick and mortar – make sure to have a good executive summary, good logo, a good brand and have a good spreadsheet. The spreadsheet should have a projection that goes on for several years. If you want to change data, you can get projections for years. This is operating from a place of power because you are showing the potential investor that you are living this project, you have invested a part of yourself in this project. You show the investor the risks but put in such a way as to make the risk look so good, it is worth it.
- Take the road less trodden – make sure to approach the right people. Sometimes we get intimidated because these people we want to approach are so successful. JR advises not to bypass these guys because a lot of them do not get approached exactly for this reason. If you can get through, do it because you might be the only one who actually has presented them with a proposal.
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