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      01-15-2011, 10:32 AM   #6
MediaArtist
There is No Substitute
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Drives: Audi A6, 997 GT3 RS, E90 335i
Join Date: Apr 2010
Location: Laguna Beach, CA

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Remember, funding doesn't always have to be "cash" too. You may run into someone who may offer you a service in return for what you do. Remember that service they offer can be looked at with a cash value. It's up to you to determine the value based on your needs and numbers. Always think of things in numbers, strip emotion or personal values away if possible.

For instance when I first started out, I worked with an intelligent client who had very little reserves or working capital at all. But I could sense she was legit despite this and had the skill to really move forward with her own business. So I built a prototype of "interactive media" that she commissioned from me for peanuts with certain promises attached. 2 months forward, she offered to show the prototype at a large conference, with my companies logo strategically placed on the entry screen for the software, as well as other places, and within a few weeks I had offers to license the prototype for fairly large sums of money. Additionally, I entered into a long term contract with her company, that was now properly funded. It was a gamble, but I don't think I could've found those type of high paying clients myself based simply on my advertising budget.

If it helps expand your business, and potentially adds "cash" to your pocket, don't overlook it simply because the reward isn't immediate. Patience in many cases is a virtue.

In addition to getting a good accounting system, I would also suggest investing into good legal counseling. Protecting your brand, and IP is very important, and it goes both ways, you'd like to know if you're stepping on other people's toes with what you're making or marketing.

Lastly, learn how to filter idiots and posers. Early on, you will get a lot of noise from people who want to partner with some project, or ask for your help in some random "joint venture", or even offer to help "take your business to the stars". I've gotten exceedingly good at learning how to filter wannabes from legit people. Listen to what people say carefully, if the fundamentals and numbers make sense, and most importantly if the person has a proven record of trustworthy transactions, they may be legitimate. If what they're saying is based more on dreams and "enthusiasm", avoid at all cost. I know in the U.S, this is the land of dreams and potential, but that's only a small part of the equation. Execution, and the skill and resolve to get to that point are more important IMO. Dreamers rarely have the latter, and it can waste a lot of your time (and money).
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'13 Audi A6
'07 Porsche GT3 RS
'08 BMW E90 335i

Last edited by MediaArtist; 01-15-2011 at 10:47 AM..
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