by Hoogie Espinosa . July 17th, 2014
Earlier, a Redditor named iSkat3 started an Ask Me Anything on Reddit. Although they stayed anonymous and aren’t regular at any business subreddits, they gave good insights and have been pretty spot-on with their answers. They claim to have taken nearly 50 products from concept to reality, two being great successes. One is related to automobiles, and the other is related to the mobile industry. They also claim to have had multiple awards for design and products in major stores, managed a supply chain, sold a business, had one blown up, and spent months in federal court to defend against someone doing something to them.
If you want the whole thread, there’s a link at the bottom of the article. But if you don’t have the time to go through 400 comments or are inexperienced with the posting format of Reddit, please feel free to read on. As the list of questions tackled is quite long, here are a few that I enjoyed reading.
My best days:
As for the S/O… My fiancé and partner of six years left me because she thought I was a dreamer. She also said I was doing it for me and didn’t care about her. Most people can’t fathom writing $100k checks, and the idea of someone doing it isn’t real. It’s a tough road; if you succeed, you don’t know why they are there. If you’re together and it collapses, you don’t know if they will stay.
In the end, I made it, and guess who came back? I fantasized about the evil ways I’d say go away, but in the end, I showed mercy, and we parted as friends. I’m really glad I went that route.”
Find someone who knows the market landscape. You must have mentors.
I don’t know anything about many industries I’ve been in. However, I know how to assemble a team, measure results, and manage money.
You have to present yourself like you’re the real deal. You must make them want to be a part of your actions. Don’t seek help; look for people who want to join your adventure. Does that make sense?
What will help is if you define the type of person you seek. Then you figure out where they go and go there and network. It’s ok to be awkward. I was so awkward at first. Just say you are new and what you want to as many people as possible. You are bound to find someone.
Also, if your idea is rejected, who cares? I’ve had so many ideas rejected that it’s not even funny. It’s not personal.
You fire people very quickly. You test them on critical thinking, decision-making, knowing when to ask for help, going the extra distance for the sake of pride, etc. Give a person a week if they aren’t striving to achieve NEXT!
I have custom inventory control software.
I feel weird answering that first question. As for the second, I don’t give a shit about money. It’s just a means to an end; I’ve lost tons of it and was more pissed off that I didn’t get to do whatever it was that I wanted to do.
Stop letting it go to your head by looking not at yourself but who you have in your life. If your squad is all on your level, then rock on! But if you have cling-on, you will realize you are buying friends.
Here is the strategy I used. This is based on the salary you pay yourself and not bonuses.
Save 20% right off the top. Maintain an overhead that allows you only to use 50% of the rest to pay bills Take the other 30% and do whatever you want so you’re motivated to do it again.
When you get a fat bonus, save 50-60% of it and just go nuts with the rest.
My friends didn’t get me anymore. But I also didn’t get them. They wanted me to stay and play, and I wanted to go to the next level. So we parted. Years later, we got back together, and they are very proud of me.
It’s not that I will do “nothing” forever. It’s that I have escaped having to do something. Now I’m an investor, the guy above the CEO. I make huge decisions and take huge risks. It excited me like you wouldn’t believe.”
If you want to read the whole thread, here’s a link. What did you think of iSkat3’s replies? Would you have answered differently? Comment below.
image sources: kalexanderson