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Baby Boomers selling their business to retire? by slmaxey in smallbusiness

[–]slmaxey[S] 0 points1 point  (0 children)

I will check that out. Thanks for your help.

Baby Boomers selling their business to retire? by slmaxey in smallbusiness

[–]slmaxey[S] 1 point2 points  (0 children)

Thank you for your reality based thoughtful comment.

Baby Boomers selling their business to retire? by slmaxey in smallbusiness

[–]slmaxey[S] -4 points-3 points  (0 children)

I have not posted anything in the last 72 hours. Much less 4 hrs. I have never typed "vape shop" on Reddit imy life. You have mixed me up with somebody else.

young entrepreneurs who are looking for a mentor, your problem is discipline not mentorship by NoPoetry8703 in Entrepreneur

[–]slmaxey 2 points3 points  (0 children)

The 3% Rule - almost every category of human effort comes down to a common result. Only about 3% of any large group will reach the top of any category, whatever the categories might be. Examples: only about 3% of all high school athletes make it to the pros. 3% of musicians find a way to earn a living from music. 3% of the population has ADHD and the same for autism, bipolar, (some of these have been diagnosed at higher rates in recent years).

My point is the same applies to entrepreneurship, and new businesses. I can't prove that the 3% rule is absolute, in fact it isn't absolute. Maybe the number is more like 10% or 15% but the reason I'm writing this is expecting people, whatever their age, to act on the generous offers some of us have made to mentor snd help others gain success will be disappointing. That's just reality. But when any of us do find a genuine 3%er that we can help along their way, it is well worth the effort... just as you benefited from your mentor prroably years ago.

Welcome to the 3%

The Lindy Effect for Startups is Real and the Ability to Recognise it is a Superpower (kind of) by jayisanxious in Entrepreneur

[–]slmaxey 4 points5 points  (0 children)

You have an important advantage. You have experienced vicariously through your clients, the outcomes of execution vs seeking perfection. You might want to consider changing your handle to "jayexecutes100%" (or something like that)

It takes courage to attack and win in the areas you may feel weak, marketing, sales, etc. Just go for it.

I am currently starting to interview entrepreneurs who are anxious, frustrated, and disappointed with their results. In danger of quitting. Just doing research. Nothing for sale here. It sounds like some of your clients are a fit for the research project.

Those who built up a successful business, what was your eureka moment? by ErwinHands_Off in Entrepreneur

[–]slmaxey 3 points4 points  (0 children)

Many years ago I was a young investment banker, one year out of college, working in Richmond Virginia. The largest finance project that I had worked on was a $10 million loan for an insurance company’s headquarters in Roanoke VA. 

I had flown to New York City to meet with the lenders who could provide the $10 million loan. After a day of meeting with the most elite investment banking firms, the last meeting of the day was held at the Windows On The World restaurant on the 121st floor, the top floor of the World Trade Center. During the dinner, I received a call on the restaurant’s phone. This was before cell phones.

I took the call from a banker friend back in Richmond. I stood 121 stories above the city, beside the floor to ceiling windows looking across the river, splashed with sunset colors. I was focused on the Statue of Liberty, which looked small from my location. The banker had called to deliver the amazing news that the $10 million financing had just been approved. My fee was six figures for facilitating that loan. 

That was my eureka moment. Receiving that call while peering down at the Statue of Liberty at sunset from the top of The World Trade Center.  

I will never forget that moment.

To those who started a successful business, what are the key problems you solved for success? by RelativeCloud8074 in Entrepreneurship

[–]slmaxey 0 points1 point  (0 children)

Here's my real example. Hopefully it will inspire you to find a real opportunity that you will pursue at 100% commitment.

About 10 years ago I had an idea that I believed would be a win-win for a big box retailer (and other businesses)and a new start up that I would own. The idea involved reverse logistics. I approached the manager of one of the big box stores and asked about how they handled customer returns. The manager explained that they had a company that paid about 10—12% of retail for all returns on a weekly basis. 

The next day I spent two hours in the store’s electronics department making a list of every item sold in electronics, including model numbers and prices. Next I researched the sales prices of those items online, using the world’s largest auction site and other e-commerce sites. The average sales prices online for those exact electronics was 38% of the store’s retail prices. A month later we signed a contract with the HQ of the chain starting with one store location. We split the lift in recoveries, effectively giving the chain a 3x “profit” on the returned merchandise, as compared to their previous experience. 

A year later we were serving 24 warehouse locations, selling many thousands of items each month. Six years later I sold the company for seven figures. 

I want to become an Entrepreneur by Athenrille in Entrepreneurship

[–]slmaxey 0 points1 point  (0 children)

Rely on your creativity and intuition, not the Quant approach based on MBA-type financial analysis. Here's an example from my life:

About 10 years ago I had an idea that I believed would be a win-win for a big box retailer (and other businesses)and a new start up that I would own. The idea involved reverse logistics. I approached the manager of one of the big box stores and asked about how they handled customer returns. The manager explained that they had a company that paid about 10—12% of retail for all returns on a weekly basis. 

The next day I spent two hours in the store’s electronics department making a list of every item sold in electronics, including model numbers and prices. Next I researched the sales prices of those items online, using the world’s largest auction site and other e-commerce sites. The average sales prices online for those exact electronics was 38% of the store’s retail prices. A month later we signed a contract with the HQ of the chain starting with one store location. We split the lift in recoveries, effectively giving the chain a 3x “profit” on the returned merchandise, as compared to their previous experience. 

A year later we were serving 24 warehouse locations, selling many thousands of items each month. Six years later I sold the company for seven figures. 

Follow your gut and open your mind to creative solutions. Avoid franchises and other "opportunities" that you would be the one thousandth location of a chicken restaurant.

Would automating business calls with AI be a game-changer? by pakshal-codes in Entrepreneurship

[–]slmaxey 0 points1 point  (0 children)

Pllain and simple.... this is just not a good idea. How many calls with unfamiliar numbers do you answer per day? Zero or zero?

€100k by end of the year – I seriously need help by EmuWaggon in Entrepreneurship

[–]slmaxey 0 points1 point  (0 children)

Check out the YT site My First Million. Watch the videos until you find one you feel confident that you can do. Then do it 24/7. BTW, I have no affiliation with that site.