Articles

Platinum Advice from Someone Who’s Done it

David Baxter & Gary Voigt
October 25, 2022

Platinum Advice from Someone Who’s Done it

Chris Hare, 

CEO of PRTI Inc.

A man who’s been involved in multiple, highly lucrative start-ups with other founders that have the same pedigree of success.

This is a guy you want to listen to if you’re serious about building a successful start-up.

He shared some of his best advice with for start-up businesses.

Multiple Start Ups with Experienced Partners Gives You Serious Competitive Advantages

Advantage #1: You Make Better-Quality Mistakes

When you’ve engaged in more than one start-up business, you come to realize that the thought, “This idea is so good! It’s the only thing I’m going to focus on” is not helpful.

You need confirmation that your great idea really is a great idea. 

  • Have you done market research? 
  • Have you tested it? 
  • Have you documented results?
  • Is there a need in the market? 
  • Is it fiscally viable? 

The sooner you’re open to being wrong, the better. It can save you a lot of wasted time, money, and resources, and help you move in a more successful direction.

Advantage #2: It’s Easier to Get Investments In Your Company

When you’ve made people money in the past because they invested in your idea, they’re more likely to say yes when you ask again for your new start-up business.

It’s a no-brainer for them because you’ve proven your abilities and trustworthiness. 

And you get to reap the benefits of your past successes.

Advantage #3: You Have the Luxury of Time

Aaah…time. 

Because you’ve learned from your past start-up businesses and made a decent profit, you don’t have to rush on your next start-up.

You have the advantage of time and finances to do deep research.

You can test an idea again and again. You can try different approaches. You can prove that it works, document it, and protect it.

You can avoid publicity and media attention before you’re ready, which can be a distraction and resource drain.

When you’re ready to announce a product that’s been proven to work and fulfills a market need, you’ll be the start-up company making the news instead of reporting it.

Best Advice for New Start Ups (Especially If You Don’t Have Many Resources)

Chris knows what it’s like to be a brand-new start up with no experience. 

This is what he advises:

  1. Find someone that is already successful in your space and ask them how they did it.

The key is to ask for advice; don’t ask for help.

When you ask for advice, most people are willing to give it because it shows that you’re eager to learn and requires a small amount of their time.

When you ask for help, you’re placing yourself in a victim role which says, “I can’t do this myself.” It also gives off the impression that helping you will require a lot of their time. For both these reasons, the person you’re seeking help from is unlikely to give it.

Stick to asking for advice.

  1. Find your own experts and mentors.

Experts and mentors can be incredibly valuable when you make serious mistakes or want to avoid serious mistakes, like losing borrowed money and then having to report back to the lenders what happened to their money.

The great thing is your experts and mentors don’t have to be in the same field. In fact, sometimes getting advice from someone on the outside can be more valuable because you can take something they’ve done and apply it to your business in a way that’s unique and effective. 

Even if you act on only half the advice they give you, you’ll still be way ahead of others who are trying to figure it out in their basement by themselves.

  1. Find Like-Minded People

When you’re working with people who have similar values and purpose, then figuring out solutions to problems can be easier and more cooperative.

  1. Keep Updated on World Events and Changing Markets

As much as humans don’t like change, it’s a reality of life.

Embrace change.

Because, whether you like it or not, it’s going to affect your business.

Staying up to date helps you determine if you need to pivot in your business.

  1. Make It Fun and Profitable

And lastly, the work you engage in as a start-up should be enjoyable to you and profitable. 

Why?

Because there will be dark days. If you’re not enjoying what you’re doing or you’re worried about money, you’ll give up. 

The joy you get out of the work that you’re doing should sustain and see you through the challenging times.

Based on an excerpt from our BIZ/DEV podcast, Episode 54.

Biz
Strategy
Culture
David Baxter & Gary Voigt
October 25, 2022
Podcasts

Platinum Advice from Someone Who’s Done it

David Baxter & Gary Voigt
October 25, 2022

Platinum Advice from Someone Who’s Done it

Chris Hare, 

CEO of PRTI Inc.

A man who’s been involved in multiple, highly lucrative start-ups with other founders that have the same pedigree of success.

This is a guy you want to listen to if you’re serious about building a successful start-up.

He shared some of his best advice with for start-up businesses.

Multiple Start Ups with Experienced Partners Gives You Serious Competitive Advantages

Advantage #1: You Make Better-Quality Mistakes

When you’ve engaged in more than one start-up business, you come to realize that the thought, “This idea is so good! It’s the only thing I’m going to focus on” is not helpful.

You need confirmation that your great idea really is a great idea. 

  • Have you done market research? 
  • Have you tested it? 
  • Have you documented results?
  • Is there a need in the market? 
  • Is it fiscally viable? 

The sooner you’re open to being wrong, the better. It can save you a lot of wasted time, money, and resources, and help you move in a more successful direction.

Advantage #2: It’s Easier to Get Investments In Your Company

When you’ve made people money in the past because they invested in your idea, they’re more likely to say yes when you ask again for your new start-up business.

It’s a no-brainer for them because you’ve proven your abilities and trustworthiness. 

And you get to reap the benefits of your past successes.

Advantage #3: You Have the Luxury of Time

Aaah…time. 

Because you’ve learned from your past start-up businesses and made a decent profit, you don’t have to rush on your next start-up.

You have the advantage of time and finances to do deep research.

You can test an idea again and again. You can try different approaches. You can prove that it works, document it, and protect it.

You can avoid publicity and media attention before you’re ready, which can be a distraction and resource drain.

When you’re ready to announce a product that’s been proven to work and fulfills a market need, you’ll be the start-up company making the news instead of reporting it.

Best Advice for New Start Ups (Especially If You Don’t Have Many Resources)

Chris knows what it’s like to be a brand-new start up with no experience. 

This is what he advises:

  1. Find someone that is already successful in your space and ask them how they did it.

The key is to ask for advice; don’t ask for help.

When you ask for advice, most people are willing to give it because it shows that you’re eager to learn and requires a small amount of their time.

When you ask for help, you’re placing yourself in a victim role which says, “I can’t do this myself.” It also gives off the impression that helping you will require a lot of their time. For both these reasons, the person you’re seeking help from is unlikely to give it.

Stick to asking for advice.

  1. Find your own experts and mentors.

Experts and mentors can be incredibly valuable when you make serious mistakes or want to avoid serious mistakes, like losing borrowed money and then having to report back to the lenders what happened to their money.

The great thing is your experts and mentors don’t have to be in the same field. In fact, sometimes getting advice from someone on the outside can be more valuable because you can take something they’ve done and apply it to your business in a way that’s unique and effective. 

Even if you act on only half the advice they give you, you’ll still be way ahead of others who are trying to figure it out in their basement by themselves.

  1. Find Like-Minded People

When you’re working with people who have similar values and purpose, then figuring out solutions to problems can be easier and more cooperative.

  1. Keep Updated on World Events and Changing Markets

As much as humans don’t like change, it’s a reality of life.

Embrace change.

Because, whether you like it or not, it’s going to affect your business.

Staying up to date helps you determine if you need to pivot in your business.

  1. Make It Fun and Profitable

And lastly, the work you engage in as a start-up should be enjoyable to you and profitable. 

Why?

Because there will be dark days. If you’re not enjoying what you’re doing or you’re worried about money, you’ll give up. 

The joy you get out of the work that you’re doing should sustain and see you through the challenging times.

Based on an excerpt from our BIZ/DEV podcast, Episode 54.

Platinum Advice from Someone Who’s Done it

A man who’s been involved in multiple, highly lucrative start-ups with other founders that have...

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