Are You Lucky or Unlucky?


 

I have two close friends that are very much alike.

They both grew up playing the same sports. They both look fairly alike. And they both went to the
same college and got nearly the same grades.

But one of them is now wildly successful, while the other is still sort of just getting by.

I had my hunch regarding why they have achieved such different outcomes in their careers. But it wasn't until the other day, when I picked up "The Luck Factor" by Richard Wiseman, that the difference became crystal clear.

In his book, Wiseman described an interesting experiment.

In the experiment, a researcher filmed two people, Martin and Brenda. Both had volunteered to participate in a study, even though they didn't really know exactly what the study was about. Prior to the study, Brenda described herself as an unlucky person. On the other hand Martin considered himself an extremely lucky person.

Both Martin and Brenda were sent to a coffee shop and told to wait for a researcher to arrive. The research team put a $5 bill on the ground in front of the shop. Martin saw the bill, picked it up, went in, sat down at the counter, and had a nice conversation with a businessman sitting there (who was actually the researcher).

Brenda, on the other hand, failed to notice the bill, stepped over it, sat down next to the businessman and did not say a word.

After the experiment was over, the researchers interviewed both Martin and Brenda. Specifically, the researchers asked each if they thought anything lucky or unlucky had happened
to them that day.

Martin was thrilled about having found the money and about his nice conversation... while Brenda described her day as uneventful.

What's so interesting is this:  Both Martin and Brenda had the SAME EXACT OPPORTUNITY, but only Martin, who started the day feeling lucky, enjoyed and got value from it.

The point is this:  How you feel about yourself, be it lucky or unlucky, WILL shape your success. Particularly your success as an entrepreneur. Because feeling lucky allows you to better see and act upon opportunities.

Importantly, the author's research found that luck has nothing to do with mere chance. And studies show that lucky people cannot predict good fortune, like winning the lottery, any better than unlucky people.

Also, people who consider themselves lucky do not score higher on IQ tests than unlucky people. And they are less superstitious than "unlucky" people.

But lucky people expect their lives to be full of luck, and are thus always on the look-out for more. They don't see setbacks as final outcomes. Rather, they look for opportunities and start working optimistically again toward positive outcomes.

And importantly, the author believes that with commitment and steady work, anyone can retrain their thinking and habits to improve the quality and quantity of luck in their lives.

I would venture to guess that virtually all successful entrepreneurs consider themselves to be very lucky. More importantly, I bet that BEFORE they became successful entrepreneurs, that they considered themselves to be very lucky. Because you must be able to see opportunities and act on them in order to be successful.

So, if you find yourself thinking negative thoughts, zap them. Everyone has obstacles to overcome en route to entrepreneurial success. Know that you can overcome your obstacles and achieve
your dreams.

If you want personal mentoring from me and my senior team to overcome any obstacles you face, and to successfully capitalize on opportunities, join Growthink University today.

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"Venture Capital Bootcamp" Opens Thursday


 

UPDATE: Venture Capital Bootcamp is now live.

Click here to register for Venture Capital Bootcamp



This Thursday, June 3rd at 12pm EST, we will be opening the doors to Venture Capital Bootcamp, our 4-week online venture capital coaching program. You’ll receive step-by-step training walking you through the entire venture capital process from start to finish. 

Here's an overview of what we'll be covering each week...

Week 1: Preparing to Raise Venture Capital 

During Week 1, you’ll learn:
* The pros and cons of debt vs. equity capital (and unique advantages of VC)
* Key venture capital terminology you must know to get funded
* How angel investors can help you raise venture capital
* What venture capitalists will want to see BEFORE writing you a check
* And more...

Week 2: Finding and Contacting Venture Capitalists 

During Week 2, you’ll learn:
* How to create a targeted list of VCs who will actually want to hear your pitch
* Top mistakes to avoid when contacting venture capitalists
* 6 ways to get tons of VC meetings (even if you don’t have ANY “connections”)
* How to tell if a VC is serious about funding you (or just wasting your time)
* And more...

Week 3: How to Pitch Venture Capitalists 

During Week 3, you'll learn:
* How to protect your business ideas when meeting with VCs
* The 10 things you must cover in your VC pitch
* Top venture capital presentation mistakes to avoid 
* Effective follow-up strategies for after your VC meeting
* And more...

Week 4: How to Negotiate with Venture Capitalists 
* When to hire a lawyer 
* How to maximize your valuation (so you keep control of your company)
* What terms to watch out for in your venture capital “term sheet”
* How to prepare for venture capital due diligence, so it goes smoothly
* And more...


Also: Weekly Q&A Call-In Sessions

The weekly training modules will answer most of your commonly-asked questions about how to raise venture capital. However, as you really get into the venture capital process... and you start contacting and meeting with investors, you’ll likely have questions about what to do next. 

That’s why I’ll be holding Four 90-Minute Q&A Sessions during VC Bootcamp, at the end of each week. Each session will last approximately 90 minutes.

Here’s the Weekly Q&A schedule:

Week 1 Q&A call: Friday, June 11 at 12pm EST.
Week 2 Q&A call: Friday, June 18 at 12pm EST.
Week 3 Q&A call: Friday, June 25th at 12pm EST.
Week 4 Q&A call: Thursday, July 1st at 12pm EST. * 

* (I’ve scheduled the last call for Thursday, rather than Friday, so we won’t conflict with the Fourth of July holiday weekend.)

You’ll receive the dial-in instructions after you register for VC Bootcamp. And each Q&A session will be 90 minutes long, so you’ll have the opportunity to ask me any and all questions you have about how to raise venture capital.  

And, if for any reason, you’re unable to attend one of the sessions, we’ll post recordings of the Q&A calls in the members’ area for you.

My Q&A calls are a tremendous opportunity for you to get all of your questions asked, so you can approach investors with greater confidence.  

Plus: 1-on-1 Venture Capital Coaching

When you attend VC Bootcamp, you’ll also be paired up with your own personal Venture Capital Coach, for three 1-on-1 coaching sessions. 

During these coaching sessions, your Coach will give you personal feedback on the three most critical elements of your VC campaign:

1. Business Plan Review

Your coach will review your business plan with you and give you feedback on how to make sure your business plan will impress investors. 

2. Venture Capital List Creation

Your coach will help you create the perfect list of VC firms for you to contact, and will also help you craft the message you’ll use to line up face-to-face meetings with venture capitalists. 

3. Venture Capital Pitch Feedback

Your coach will review your VC pitch with you, and will prepare you to answer all the tough questions that VCs are likely to ask you. 

Limited to 150 Attendees

We are strictly limiting enrollment in VC Bootcamp to 150 attendees.  

And that’s for a couple of reasons… 

The main reason is because we have a small coaching staff. We only have the staff to coach 150 entrepreneurs at once.  Our 10 coaches will be coaching a maximum of 15 students, each.  I’m limiting each coach’s workload to make sure you get the personal attention you need.

The other reason is that I want to make sure that the Q&A sessions are manageable, so you’re able to get ALL of your questions answered. 

Click here to register for Venture Capital Bootcamp

 

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What Were You Born to Do?


 

Not long ago, I drove from NY to Maryland to meet with 15 successful business owners for 2 days. Very cool stuff.

It's hard to realize everything you don't know until it's right in front of your face. You see, each of us took turns speaking. We each spent 30 minutes discussing things that were working well in our businesses, and then 30 minutes talking about things that weren't working so well and soliciting feedback from the group.

I walked away with 2-pages of great ideas to implement.

So, after the "Mastermind" meeting, I'm driving home from Maryland and something strange got my attention. This red truck sped by me. And it had a decal that really pissed me off.

The decal said: "Born to Hunt....Forced to Work"

Now I'm not upset about hunting. I'm not a hunter. And I know a lot of folks disapprove of hunting. But that's not my issue.

My issue is someone saying that they are forced to work.

You see, my decal would read:

"Born to Be An Entrepreneur...Happy to Work as an Entrepreneur"

Meaning that your work should be what you love. If you love to hunt, then make that your business. Sell hunting equipment or apparel. Set up a website for hunting enthusiasts. Become a coach that teaches hunters to improve their skills.

You get the point...

I just hate it when folks complain...when the answer is within their reach.

If you aren't running your own business yet, create your own decal. What would you say you are born to do?

And then figure out a business that you could start to leverage
your passion.

And then create your business plan.

And then raise capital.

And then you're off to the races.

Dave

P.S. It's so powerful to get together with like-minded entrepreneurs. It's the fastest shortcut to explosive business growth I know of....

You get to avoid the mistakes that others have made before you... But more importantly, you can make huge leaps and bounds by learning what's working in each other's businesses.

Frankly, I wish I hadn't waited so long to join a Mastermind Group.  And I'm even thinking about creating and running my own at some point in the future.

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Your First Idea Is Rarely Your Best


 

Do you know what Google, PayPal, Microsoft and Adobe Systems have in common (besides being successful tech companies)?

They all evolved substantially before becoming major successes.

Google started as a search engine. But only after it acquired Applied Semantics, did it realize its true business: text-based advertising.

Microsoft began by building programming software. Later, it found its business in operating systems, Microsoft Office and servers.

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What's Your High Concept Pitch?


 

Here's a great concept I originally learned from Babak Nivi, an entrepreneur and investor who also runs the website VentureHacks.com.

It's called the "High Concept Pitch," and this concept is critical to both your capital raising and marketing efforts.

So, what is a "high concept pitch"?

A high concept pitch is a single sentence that distills your company's vision. In other words, it's like a super-condensed elevator pitch.

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I Don't Do Juice


 

If there's one story that I don't like to tell, it's this one...

But, there's a great lesson in it, so I'll tell it anyway.

Years ago, prior to Growthink, I created a frozen smoothie product. Let me explain exactly what it was...

If you ever buy a smoothie from a juice shop, half of the product is essentially juice concentrate and frozen fruits, and the other half is simply water.

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The Birth of a Shoe Company


 

I think you'll like this story...

It was 1982, and a young man named Kenneth Cole wanted to launch a shoe company.

But, like many entrepreneurs, he had no money. He thought about going to U.S. banks and factories for capital, but feared that this was a long shot for him.

So, instead, he found a small Italian shoe production facility that had been hit hard by the 80s economy and desperately needed more clients.  The company offered Kenneth a line of credit, and they immediately started manufacturing shoes.

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Lessons Learned From Vodka


 

It's not very often that you hear someone say there is a lesson to be learned from vodka. However, that's exactly the case in the example I want to share today.

While alcohol is nothing new to the United States, surprisingly, vodka has only been here since Prohibition was repealed in the 1930's.

The first attempt to get vodka in the US market was by a Russian immigrant with the Smirnoff brand.

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The First Thing I Learned In My Marketing Class


 

I took my first marketing course nearly 20 years ago. And I absolutely loved it. I was in my third year at the University of Virginia, and my professor, Sandra Schmidt, was simply awesome.

She was one of those professors who loved what she did. She was always smiling, spoke with great emotion, and truly loved marketing and teaching. And on the very first day of class, I still remember to this day, she asked us two questions to test our knowledge.

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Calvin Coolidge Was Almost Right


 

For many years, I had a poster on my wall with a quote from Calvin Coolidge, the 30th American President. Coolidge believed persistence was the most important attribute you can have.

He said:

..............

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