QUIRKED

The Rise and Fall of Quirky — the Start-Up That Bet Big on the Genius of Regular Folks

By

Photo: Courtesy of Quirky

One of the start-up world’s favorite words, in addition to disruptpivot, and on-demand, is community. Kickstarter identifies as “a community of people committed to bringing new things to life.” “The heart and soul of Etsy,” begins the About Etsy page, “is our global community.” Airbnb calls itself “the world’s leading community-driven hospitality company.” You’re not, in other words, just joining a platform where you can fund your screenplay, or hawk your hand-knit iPhone koozies, or rent your apartment — no, you’re belonging to something bigger than yourself.

But back in 2009, perhaps before the word had lost all meaning, a small-time-invention start-up called Quirky built a community that really acted like one. It told the first-world-problem solver in all of us — the one who thought up single-serve French-fry-makers and foldable coffee mugs and musical footballs while out walking the dog — that she no longer had to innovate in a vacuum. Anybody could join. On Quirky’s website, users would assess and workshop each other’s inventions. The most successful ideas, as determined by a vote, would be designed and built by the company. In some cases, the inventors made a lot of money. And it is for that tiny dreamer that the company’s recent death spiral feels like a true loss.

It all came to a head on what seemed like a typical Thursday evening this July, during the weekly Quirky ritual known as Eval. A studio audience of about 100 people gathered in the company’s former-rail-car-terminal headquarters in Chelsea. Lit by webcams from above and a bank of futuristic equipment behind, Quirky’s 28-year-old founder, Ben Kaufman, stood at a lectern in his usual black V-neck tee and announced a panel of product-evaluation experts by nickname: Anna “Make a Buck” Buchbauer, Justin “J-Bomb” Seidenfeld, Aaron Dignan, a.k.a. El Presidente. Ideas submitted and voted on by the Quirky community — watching the livestream from their living rooms — were presented via pitch videos and commentary from Kaufman: a voice-activated lightbulb, a paper-thin Bluetooth speaker that fits in your back pocket, an on-the-go beverage carbonator. The masterminds who won majority approval would hear the rallying mantra “Congratulations, you’re a Quirky inventor!” and have the chance to be like fellow Eval winner Garthen Leslie, a 63-year-old IT consultant from Columbia, Maryland. Leslie came up with the idea of a smart air conditioner during his morning commute, uploaded a rough diagram of the idea to the Quirky platform, and found the community waiting to help him refine it, suggesting additional features and weighing in on the sizing, specs, and the name, which would be Aros. And keeping with Quirky’s leave-the-rest-to-us business model, the company then patented, manufactured, marketed, and sold the unit into Walmart and Amazon, returning 10 percent of the profits to the inventor and those that played Watson to his Graham Bell (in this exceptional case, that’s amounted to more than $400,000 for Leslie and more than $200,000 for the community).


Quirky founder Ben Kaufman, center.

But this Thursday, July 16, it would turn out, was not an ordinary Eval. In fact, it would be the next to last one Kaufman ever did. Following the broadcast, he tacked on what he called an “after-party” — a.k.a. a crisis-management session aimed at addressing recent bad press that the company had gotten. In June, in a sweaty interview onstage at the Fortune Brainstorm conference, Kaufman admitted the company was all but “out of money,” which had once amounted to $185 million in funding from investors like Andreessen Horowitz and GE. In July came the news that nearly the entire New York City staff would be laid off. By August 1, Kaufman would officially step down from the company he started at age 22. It so happened that for every Aros-type success, the community had waved in many more duds like the Beat Booster, a wireless speaker with a built-in charging station that by one account cost the company $388,000 to develop but only sold about 30 units.

It’s not surprising that Kaufman used the word transparency no fewer than three times in the first five minutes of that after-party, the bottom line of which was that he frankly didn’t know if the company would survive — Quirky’s fate was in the investors’ hands. Because, for all the aspirational, rarefied Bushwick-bar vibes telegraphed by the Evals, Quirky was, of course, all about being real. Its cluster of a million members included folks like — to cite some of the most recent inventors featured on the website — Tony Lytle, a welder and proud grandfather from Larwill, Indiana, who’d dreamed up the Pawcett, a step-on drinking fountain for dogs; and Hadar Ferris, a licensed cosmetologist in Oceanside, California, responsible for decorative muffin-top molds called Bake Shapes; and Pennsylvania-based Navy veteran Jason Hunter, who gave birth to the Porkfolio app-enabled piggy bank. (In the age of artisanal everything, just as we want to know where our pickles were brined and our former-church-pew coffee tables were carved, here, too, was the meaningful personal backstory behind your magnetic bottle opener.)


Aros was a rare commercial success for Quirky.

A few weeks after he was ousted, Kaufman emailed with me from his first-ever personal email account: “It’s weird waking up one day and not even having an email address,” he later said on the phone. “This had been my whole life.” He was a small-time inventor himself at first, for a range of iPod accessories he started in high school that went on to become the company Mophie. At the 2007 Macworld Expo, he handed out pens and sketchpads and asked people to help design Mophie’s 2007 product line (sound familiar?) and then held a vote for the top three ideas. That same year, he sold Mophie, reappropriated the Macworld crowdsourcing schtick, and tried to launch a similar concept to Quirky. What helped Quirky finally get off the ground in 2009 was the recession-driven push for alternative incomes (no coincidence that Kickstarter as well as the entrepreneur-competition show Shark Tank, another bastion of scrappy innovation, also launched in 2009). Plus, there was more of a universal comfort with the practice of online sharing: We were now very used to telling our Facebook friends what we ate for breakfast, and by extension, we might as well tell the Quirky forum about our concept for a better egg-yolk extractor. Our notion of community, then, was evolving, and Kaufman — Mark Zuckerberg wrapped in a teddy-bear build, with the mischievous smile of your son or younger brother (depending on where you fell in Quirky’s wide-ranging age demographics) — was a relatable leader.

On the consumer end, seeing these ordinary tinkerers immortalized on the shelves of the Container Store (a big Quirky perk was that inventors’ names and faces appeared on their products’ packaging) was like watching the Spanx lady on QVC for the first time in the early aughts — a humble fax-machine salesperson from Clearwater, Florida, who just wanted to wear control-top pantyhose without the hose. Inventors were just like us! And now everybody could be the Spanx lady (albeit for only a tiny fraction of the profits), because unlike her, we didn’t have to side-hustle all alone. Next it could be my cousin in Westchester, who had four kids but no one to help her prototype her idea for a mother-baby bath towel. Next it could be my semi-retired father, who was in a private war with his never-shuts-properly pantry door and needed a constructive, supportive outlet for his aggression. Next it could be my friend Sarah, who was full of lightbulb moments — an Oreo-dunking robot claw, a universal key for all your locks — but was too stoned to sort through the mechanics by herself.

Quirky was catnip for the press: The Sundance Channel produced a short-lived reality show on the company in 2011. Kaufman appeared on Leno. This magazine featured it as a Boom Brand of 2013, noting, “It’s a pretty rare company that’s so hippieish — Let’s have everyone get a say! — yet so purely free-market.” The Times devoted several thousand words to a piece called “The Invention Mob, Brought to You by Quirky” just last February (by then its financially unsustainable business model had given way to a pivot — a smart-home subsidiary called Wink — that was too little too late).\

Another Times piece, from this past April, cited Quirky as a springboard for the realest of all Real People: older people. “There’s a boom in inventing by people over 50,” John Calvert, the executive director of the United Inventors Association, told the paper. And indeed, Quirky had plenty of them in its hive — like 59-year-old Lorin Ryle, a full-time caretaker for her dementia-stricken mother. When her clip-on baby monitor for the elderly won at Eval, she says she cried, watching from her Hutto, Texas, home. It never actually made it to development (in fact, only about half of the Eval winners ever do), but for Ryle that didn’t take away from the experience of “working with people to make something work,” she says. “I’ve made lifelong friends on there.” (Another Quirky boomer, Marc Rumaner, who came up with a nifty little wine-bottle anchor called Vine Stop, has even gone so far as to host barbecues for fellow community members in his Chicago area.)

Of course, the inmates didn’t always like running the asylum. There was much talk in the forums that the Eval system seemed too democratic. “I failed to see how any of us could know what a product scout from a company like GE or Mattel could know,” says one community member. And indeed, when you look at misfires like the Drift, a $200 wooden balance board that simulates snowboarding and surfing, or the $80 Egg Minder, an app-enabled egg tray that signals to your smartphone when you’re running low on eggs, it would appear that the company’s raison d’être was also the reason for its downfall, a colony of amateurs green-lighting unscalable solutions to nonexistent issues. Quirky brought more than 400 products to market in just six years.


Inside Quirky’s workshop.

Yet Kaufman points out that the community had much less say than all the high-pressure voting would suggest; the real decisions were made when the cameras stopped rolling and he and the actual experts did the math on a product’s marketability. (So, maybe not so much power to the people, after all.) But, he adds of Eval, “There had to be a thing to look forward to on a regular basis — otherwise how are you going to keep the community engaged?” Quirky steered the ship, you might say, but the community was still the North Star.

Steering the ship — handling all of the engineering, manufacturing, marketing, and retailing, even when you’re taking 90 percent of the subsequent profits — was ultimately too expensive of a proposition, especially in comparison to other, less-handholding-oriented start-ups. “The reason why Kickstarter makes a ton of money is they don’t have to do anything besides put up a website,” Kaufman notes. After that, the failure (and let’s face it, many Kickstarter-funded products go on to fail) is all on the individual. Which is not meant to be a dig, Kaufman clarifies. He won’t confirm his next venture but says, “I love Kickstarter.” And: “I will likely use it.”

PROPER MONEY MANAGEMENT from THE BUSINESS, CAREER, AND WORK OF MAN

When you engage in proper money management even the seemingly impossible often becomes certain in time. When you engage in improper money management even the probable becomes impossible in time.

MARK CUBAN’S ADVICE

Simplistic, yet very sound and useful advice.

Mark Cuban’s 3 fundamental rules for running a business

Mark Cuban is the billionaire investor best known for his roles as a “Shark” and the owner of the Dallas Mavericks.

Throughout his career, he’s made over 120 investments, from large companies like Landmark Theatres to startups on “Shark Tank.”

For all of the businesses he’s been a part of, he’s developed a set of “rules that have been almost infallible,” he writes in his 2013 book “How to Win at the Sport of Business.”

We’ve summarized the three he’s used “religiously.”

1. Understand the difference between adding value and benefiting from a bull market.

In the same way that some stock market investors think they’re geniuses when they keep picking stocks that go up, failing to acknowledge that all stocks are doing the same thing, Cuban says entrepreneurs can fail to recognize that a good deal of their success is due to a fad or trend.

“There is nothing wrong with going along for the ride and making money at it, but it will catch up with you if you lie to yourself and give yourself credit for the ride,” he writes.

Cuban says that he saw this happen with professional sports leagues in the aughts. He says that many team owners became enamored with rising revenues from television rights deals, crediting it to their own “brilliance.” He says, however, that he and his Mavericks partners recognized that revenues were actually rising due to competition among cable and satellite providers. Cuban couldn’t become complacent.

“It’s a bigger challenge to recognize that the bull market may end and our programming needs to be of sufficient value to our customers and viewers for it to maintain or continue to increase in value,” he writes.

2. Win the battles you’re in before moving onto new ones.

Cuban writes that he had a chance to take Landmark Theatres international but that any time spent on developing a global presence was time not spent growing its national presence, and so he decided against it.

“You do not have unlimited time and/or attention,” he writes. “You may work 24 hours a day, but those 24 hours spent winning your core business will pay off far more. It might cost you some longer-term upside, but it will allow you to be the best business you can be.”

3. Don’t drown in opportunity.

“If you are adding new things when your core businesses are struggling rather than facing the challenge, you are either running away or giving up,” Cuban writes. “Rarely is either good for a business.”

Melissa Carbone, president of horror attraction company Ten Thirty One Productions, tells Business Insider that after the $2 million deal she made with Cuban on “Shark Tank” went public, she was flooded with partnership and investment offers, some of which were quite attractive.

Cuban told her to take a step back and not let emotions make her impulsive. She says she still hears Cuban’s voice in her head reminding her, “Don’t drown in opportunity.”

THE LETTER

I have read Buffett’s books as well as several books about/with/sponsored by Buffet, including The Intelligent Investor. Which I have in my personal business and consulting library.

I do not consider Buffett either that brilliant, or that great of a man, except when it comes to investing. When it comes to investing and how to maximize the inherent capacities of any given business he supports he can be, and is indeed, far more often than not, quite incredibly brilliant.

Therefore I found the letter Bill Gates spoke about in the article quite interesting. I downloaded a .pdf copy to study.

Bill Gates recommends you read this specific part of Warren Buffett’s letter

warren buffett bill gates ping pongREUTERS/Rick Wilking Buffett and Gates.

Bill Gates is a big Warren Buffett fan.

Gates’ charity, the Bill & Melinda Gates Foundation, was gifted shares of Buffett’s Berkshire Hathaway, worth almost $30 billion back in 2006, and Buffett serves as a trustee of the foundation.

In a tweet on Tuesday morning, Gates highlighted what he thought was the most important section of Buffett’s latest letter to shareholders, the 50th edition of the widely circulated missive.

Gates links to page 23 of the letter, where Buffett walks through the earliest days of Berkshire (as well as the “monumentally stupid” decision Buffett made over $0.125 back in 1964).

In a YouTube video posted Sunday, Gates talked a bit about why he liked this passage from the letter so much — it’s about the history of Buffett the investor and Berkshire the company.

In the video, Gates says what works about what he calls the “Berkshire system” is that it maximizes the potential of businesses by giving them autonomy as well as the explicit support of the whole Berkshire organization, even if mistakes are made.

Gates added: “What really struck me this time about the letter was the value of experience. [Buffett] is better today than ever because he’s seen so many businesses and he understands business profitability so incredibly well.” Gates says this is the most important annual letter Buffett has ever written.

Read Buffett’s full letter here »

NEW PUBLICATION SCHEDULE

NEW PUBLICATION SCHEDULE

Recently I have been involved in a number of different projects that have left me little time for blogging. I have been writing the lyrics for my second album, Locus Eater, I have been writing and plotting my novel The Basilegate, I have been putting together a crowdfunding project for one of my inventions and one of my games, I have been helping with and compiling material for my wife’s new career as a public speaker, and helping my oldest daughter prepare to enter college. In addition I have been speaking with and seeking a new agent. I have even been preparing a new paper on some of the work of Archimedes and what I have gleaned from it. Finally I have been preparing my Spring Offensive, which is now completed.

All of which have kept me extremely busy.

However I have not been entirely ignoring my blogging either. In background I have been preparing a much improved Publication Schedule for all five of my blogs, my literary blog Wyrdwend, my design and gaming blog Tome and Tomb, my personal blog The Missal, my amalgamated blog Omneus, and this blog, Launch Port.

Now that most of these other pressing matters are well underway and on an even keel this allows me more time to return to blogging.

So below you will find my new Production Schedule which I’ll also keep posted as one of the header pages on my blogs.

So, starting on Monday, March the 15th, 2015, and unless something unforeseen interferes this will be the Publication Schedule for this blog every week, including the Topic Titles and the general list of Subject Matters for that given day. That way my readers can know what to expect of any given day and what I intend to publish for that day. I will also occasionally make off-topic post as interesting material presents itself.

Launch Port – 10:00 – 12:00 AM

Monday: The Markets – Brokerage, Entrepreneurship, Markets, Marketing
Tuesday: Business of Business – Business, Entrepreneurship, Employment, Self-Employment, Start-Ups, Writing
Wednesday: Brainstorm – Reader Discussions and Commenting, Reblogs
Thursday: Invention and Investment – Innovation, Invention, Investment, Tools
Friday: Capital Ventures – Banking, Capital, Finance
Saturday: Reassessment – Reblog best Personal Post, Review
Sunday – Sabbath

6 ESSENTIAL THINGS

6 Things That Aspiring Entrepreneurs Must Consider and Do

Peter S. Cohan
December 17, 2014

This week I gave a final exam to 29 undergraduates in my “Foundations of Entrepreneurial Management” class at Babson College.

But a final exam is not the true test of what they need to know. They need to learn how to think and act to find and capture opportunities to make the world a better place.

This may sound overly rosy, but in my experience startups must make the world better in order to survive. To succeed at that, entrepreneurs must consider and do the following six things:

1. Find customers and feel their pain.

A passionate founder is often so determined to realize a vision that he or she can lose sight of other perspectives. Before going too far with plans, an entrepreneur should think about how the outside world would view the new product.

What are the different groups of people it could help or hurt? Which group of potential customers might it make better off?

Which talented people could the vision inspire? Which partners would want to work with the venture? Which investors would want to bet on it?

In a recent interview, Nutanix CEO Dheeraj Pandey tells me that empathy is the one word he invokes in almost all interactions with customers, employees and partners of his San Jose, Calif.-based company that combines the functions of servers, storage and networking.

“By empathizing with our employees, customers and partners we believe we can build a company that will create value for our investors because we solve their problems instead of dictating to them what we think they ought to have the way our competitors do,” he says.

2. Imagine and build a prototype.

Find an inexpensive way to build a model of a product.

Let’s say an entrepreneur has the idea to build an app that will make it easier for college friends to arrange an evening out on the town. A prototype might be as simple as a series of drawings of the app’s screens. If the drawings are clear, save the time and money of hiring someone to write code until after the next step in the process.

An example of this can be found in Ben Kaplan’s development of the Who is Going Out (or WiGo) app. As the former student at Holy Cross College in Worcester, Mass., tells me, “I was on campus my freshman year and trying to make social plans — figure out who else was going out at night, where and what time.”

But there were no easy way to do it, he says. “You could text other people or put a post on Facebook but you often wouldn’t get an answer.”

So he came up with the idea for WiGo and mocked up some screen shots on paper for how the mobile app would work. He found a systems developer who built the app in the fall of 2013 for his new company.

3. Receive feedback to adapt the product.

Next imagine the characteristics of the individuals who might eventually buy the startup’s product. Based on that, find individuals who fit that description. Show them the prototype and inquire whether they would buy it. If so, how much would they pay? If not, ask them to say what’s wrong with it or missing and what they would they change.

Repeat this process until a majority of potential customers say they are eager to use the product and want to know how long it will be until it’s delivered.

WiGo is an example of a product that launched in January got good feedback almost from the start, founder Ben Kaplan asserts, saying, “It became very popular within three weeks. Many of the people using it were friends on sports teams at Holy Cross.” Adds Kapan, “I started getting emails and Facebook messages from people at other schools like University of Florida and University of Southern California where I had friends who wanted to use it.”

If consumers say the product looks interesting but it’s not good enough or solves the wrong problem, change the vision or find customers who need the product now — or give up.

4. Build a team of people.

After receiving a positive reaction from from potential customers, think about the skills required to turn a prototype into a product with the benefits expected by customers. What type of sales, engineering, operations and service people are needed to operate the business well?

Figure out values to unite the team and use them to screen candidates and create an interview process and compensation package to hire the best people for these key jobs.

Kaplan, a visionary and salesperson, lacks programming skills. But he was able to use his skills to secure the ones he lacked. For example, he met with Jim Giza, executive in residence at Worcester Polytechnic Institute.

Giza introduced Kaplan to Kayak co-founder Paul English, who was opening the Blade startup incubator in Boston. “I gave him a demo of WiGo and he immediately got it,” Kaplan says, adding that he now has three or four employees and three to four Blade employees dedicated to WiGo.

English also led to Kaplan’s enlisting programmer and MIT grad Giuliano Giacaglia to be a WiGo co-founder.

5. Raise capital to achieve goals.

To accomplish all the preceding steps, a startup needs money. Give thought to the ways the startup capital could be used and how potential investors will receive a return on the investment. Then find people who will understand the venture and have the capital to invest in it.

The process of raising funds becomes more time-consuming and difficult as capital requirements increase. Bring in investors who will help the company achieve its vision rather than fighting to take control.

WiGo raised capital by bringing in investors who understood its market and could help attract others. The company brought in “about $700,000 from the founders of Kayak, Rue La La, and Tinder, and from professional athletes, including Vince Wilfork of the New England Patriots,” The Boston Globe reported.

6. Perceive and adapt to change.

Monitor all the changes to the startup’s environment. The entrepreneur must distinguish between signal and noise when it comes to considering new technologies, customer needs and upstart competitors.

The founder must decide how to respond — whether to alter the existing product line, add new items, change the organization’s structure, bring in managers or create more formal systems to manage people and finances.

Adobe Systems is an example of a company that has adapted to change. Since 2011, its CEO has led its transition from selling packaged software (to its 12.8 million users of Photoshop, Illustrator and InDesign) to providing software as a service, whereby customers pay a monthly fee and get the latest version from the cloud.

Adobe decided to sell Creative Cloud, a monthly, cloud-based subscription service. On Dec. 11, Adobe reported far more subscribers to its Creative Cloud than Wall Street expected and its shares gained nearly 10 percent on a day when the Dow plummeted.

Thinking and acting in these six ways can make the difference between startup success and failure.

THE NOVEL START UP

He’s absolutely right. You shouldn’t just market and “get on people’s radar” after you fund and start operations, you should do that to get funded and to start operations. As a matter of fact you should market continuously and at all times.

Richard Branson on How to Raise Money When You’re Just Starting Out

December 15, 2014

Editor’s Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. Ask him a question and your query might be the inspiration for a future column.

Q.: G’day Richard. I am a young engineering student with little to no practical experience as an entrepreneur. I think I’ve got a great idea, a ready and capable team, but have little money to pursue commercializing my novel product. I fear that potential investors will not take me seriously because of my age (21) and inexperience. How can I convince seasoned investors to believe in my team and invest in my idea? — Jordan Gruber, Australia

My friends and I came up with the name “Virgin” one day when we were 15 years old, sitting around in a basement. I was keen on the name “Slipped Disc” for our new music venture, but then one of my friends pointed out that when it came to business, “we’re all virgins; why don’t we call it that?” In our case, inexperience proved to be a huge asset — if we’d gone with the safer option, I’m not sure that many people would be working out at Slipped Disc Health Clubs or banking at Slipped Disc Money!

Innovation and entrepreneurship thrive on the energy of people who are dipping their toes into the water for the first time. Budding entrepreneurs with fresh outlooks have the freedom to think quite differently, which is tremendously exciting to potential collaborators. However, as you’re finding out, Jordan, translating a new concept into a product can be very daunting.

While you might not yet have the right connections or an “in” with major investors, other people out there do — experienced businesspeople, in your sector or in others, who were once in your shoes and went on to be successful. These people are potential mentors who can help you on your way.

Mentoring is a subject that is very close to our hearts at Virgin; I myself have benefited from many mentors throughout my life. However, don’t consider mentoring as a quick way to gain useful contacts. A good mentoring relationship is based on more than that — it’s a way to learn valuable lessons from the mistakes someone else has made.

Additionally, I noticed in your message an emphasis on convincing “seasoned investors” to back your idea. While securing huge sums of money from major business figures might seem like the ideal way to propel a business forward, the reality is that very few ventures win this kind of funding. A better alternative might be an online crowdfunding platform. Websites such as Indiegogo not only have the potential to fund the creation of a prototype to get your business up and running, but they also can result in significant publicity.

Another option is taking out a small business loan. In the U.K. we launched Virgin StartUp, a program that provides loans of up to 25,000 pounds to companies trying to get their ideas off the ground. It is well worth your time to look into similar initiatives in your area, and decide whether a loan is the right step for you. As an added benefit, both crowdfunding and small business loans will mean that you can retain full ownership of your business — you won’t have to give any equity away to investors.

Here are three steps that can help you discover which approach is best for you:

1. EVALUATE AND RESEARCH.

Always be honest with yourself about your abilities, the work you’ll have to put in to get your company up and running, and the amount of money you’re hoping to raise. Research all the options that are available, and evaluate how they would affect your end goal.

Ask yourself: Is your crowdfunding target realistic? How much of a stake in your business are you willing to give to potential investors?

And if you want to find a mentor who can help give you direction and guidance, make sure you find a suitable one. Find out what they do, whether they’ve mentored others before and which sectors they are interested in.

2. GET ON PEOPLE’S RADAR.

Attend industry events such as seminars and conferences. Talk to as many people as possible, and do not immediately launch into a pitch of your product. Be sure to listen and learn from what people have to say.

Networking doesn’t stop at face-to-face contact, either; interact on social media, join LinkedIn groups and keep the relationships going online. When you do approach potential mentors or investors, or if you launch a crowdfunding campaign, you’ll have a degree of visibility.

In fact, the more proactive you are in building your profile, the more likely it is that potential investors will feel confident enough to put their faith in you — and their money in your company. Remember that the more relationships you build, the better the chances that your network will put you in touch with the people who can help your business.

3. KEEP AN OPEN MIND.

Remember to be flexible. While winning investment might look like the best option now, don’t discount any other opportunities that come your way. For example, crowdfunding might not have the prestige of an investment from a big-time entrepreneur, but it will connect you directly with future customers, and you will have more control over the process.

Keeping an open mind is especially important when it comes to mentoring. Don’t see mentorship as a quick fix for problems, and do not brush off advice. Consider your connection with a mentor as a long-lasting business relationship that can teach you lessons and reduce the potential for failure. But also remember that, as with anything else, you’ll get out of mentoring what you put in.

Making sure that your potential business is a success is not contingent upon gaining a large investment. Many successful companies — including Virgin — started with modest funds. Right now, investors might seem like they are the gatekeepers between you and your dream, but the one person who can make your business succeed is not an investor, or even a mentor. It is you.

Good luck!
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Isuama Kennedy
Isuama Kennedy from Facebook8 hours ago

the one person who will make your business to succeed is not an investor or your mentor but YOU
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Meg Columbia Walsh
Meg Columbia Walsh from Facebook9 hours ago

Great Mr. Branson, then tell me a time to pitch my business that is doing well!!! Woman and gay owned…
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Silvia Khouzame
Silvia Khouzame from Facebook12 hours ago

Natalie Khouzame
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Samantha Binetter
Samantha Binetter from Facebook17 hours ago

Robbie Binetter
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Chandé Dusina
Chandé Dusina from Facebook20 hours ago

Nick Timmer
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Maria Petromanolakis
Maria Petromanolakis21 hours ago

Thank you very much Sir Branson!
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Alexandra Ferrer
Alexandra Ferrer from Facebook2 days ago

Thomas Caldwell
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Ryan Poh
Ryan Poh from Facebook2 days ago

Nitin Ahuja
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Duc Hoang
Duc Hoang from Facebook2 days ago

one story for strategy 😀
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Peachy Keen
Peachy Keen from Facebook2 days ago

Wont work in the south. These old geezers aren’t giving up their money unless its for an oil well!
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Kiều Công Bình
Kiều Công Bình from Facebook2 days ago

Duc Hoang Nguyễn Trung Kiên 😀
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Jason Lobo Sedillo
Jason Lobo Sedillo from Facebook2 days ago

Great insight
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stephen hardacre
stephen hardacre 2 days ago

O.K. THE RICHSTER DID YOU EVER WATCH JERRY MCGUIRE WELL RUMOUR HAS IT THAT IT WAS FICTIONAL CERTAIN GUYS ARE SAYING THAT IT IS ABOUT THEM BUT WHAT I AM ABOUT TO ACHIEVE IS REAL TIME AND WHILE I AM AT IT THE PLAN IS TO BRING THE CRIME RATE DOWN IN MY ALREADY ROUGH AS TOAST AREA YOU SEE IT IS NOT BRAINS I NEED IT IS BRAWN AND A FIGHTING HEART BASICALLY I WONT THE KIDS WHO THE TEACHERS SAY HAVE NO HOPE AND I WAS AND LIVE IN THE COMMUNITY ALL MY LIFE I KNOW THE KIDS THAT ARE DESTINED FOR A LIFE OF CRIME AS I WAS BROUGHT UP WITH THEIR PARENTS THE ONLY REASON THEY GO TO CRIME IS BECAUSE THEY ARE AT THE BOTTOM OF THE BARREL JUST BECAUSE THEIR PARENTS ARE A WEE TAD ROTTEN BUT THAT COMES HAND IN HAND WITH BEING POOR IT DOES NOT MEAN WE HAVE TO STEER CLEAR OF THESE FUTURE CRIMINALS AND THATS THE WAY IT IS I HAVE NOT “THROWN A BEVVY ON IT ” THAT IS HOW IT IS THE PLAN IS TO PAY THEM WHAT I CALL A ” WOW WAGE ” BEYOND THEIR WILDEST DREAMS AND HOPEFULLY THEY CAN LOOK AFTER THERE WAYWARD PARENTS AND HOPEFULLY THEY CAN CHANNEL THEIR KNOWLEDGE FOR ME THIS IS WHERE THE DIAMONDS ARE IN THE DIRT PEOPLE SAY I AM CRAZY BUT AS IT SO HAPPENS IT WOULD BE A SIN NOT TO PUSH FOR IT WITH THE FORWARD MOMENTUM I FEEL AROUND ME last but not least i must say it when i was a kid”I USED TO WANT TO BE YOU BUT I DON’T NO MORE I WANNA BE ME “IF YOU GET TO THIS WEE MESSAGE THINK OF US AND YOU WILL GET INTO HEAVEN THANKS

THE GAMECHANGER
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JDGO
JDGO 2 days ago

Great advise sir,
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RadoslavVujaklija
RadoslavVujaklija 2 days ago

Yeah kick it sir Branson!!!
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ELON’S LOSS

​Elon Musk Lost About $1 Billion In Two Weeks

​Elon Musk Lost About $1 Billion In Two Weeks123456

Low oil prices and cheap gas are cutting into the demand for electric cars and solar power, if analysts are to be believed. That’s no good if you’re the largest shareholder of Tesla and SolarCity, and some back of the napkin math says Musk’s pocket is about $1 billion lighter.
7

Musk owns over 28 million shares in Tesla, which peaked at around $284 in September and is now floating around $200 today. He also owns almost 21 million shares of Solar City, which topped out in February at $86 and is trading today at just over $50.89

According to Marketwatch:

On Nov. 26, the day before a decision by the Organization of the Petroleum Exporting Countries to stand pat on production suggested the group preferred to defend its market share than try to support prices by cutting output, Musk’s combined Tesla and SolarCity holdings were valued at around $8.2 billion. They are now more like $7 billion.

Since that OPEC meeting, Tesla shares declined 16 percent and Solar City dropped by 11 percent, and it’s even lower now. But really, what’s a few hundred million between billionaires?10

MONEY AND POWER 101

As a child my parents taught me almost nothing at all about money. (Other than earn and save it.) Despite the fact that my father was a successful tool and die maker, an inventor, and had owned and sold his business (at a nice profit) I nevertheless received a very scant education in money matters.

I remember many times, seeing my parents doing their taxes and asking them, “teach me about taxes, teach me about money, and how this works.”

They always basically told me, “You’re a child, you don’t need to worry about this right now, you’ll learn about this when you grow up – on your own.”

I guess that was simply the Weltanschauung of their generation and age. It is, however, not mine.

Because of that when I entered college, and for the rest of my life, I have been learning about business, capital, Capitalism, economics, finance, investment, money, and all other related money-matters. Money is a big part of my Personal-Education Plan (PEP Program), and my self developed IEA (Individual Education Account).

When I first got married I realized pretty quickly that my wife had no idea about money, how it operated, or why it worked as it did. She, likewise, had little to no real education on money matters from her parents either.

Determined not to let financial ignorance and bad money management work against her, me, our marriage, or in the lives of my children I have developed Economic and Monetary Educational Materials to use for their instructional benefit. Since I homeschooled my children for their entire primary educational period (pre-college) I made sure to incorporate both basic and advanced course materials on budgeting, business, Capitalism, career, economics, entrepreneurship, finances, investment, profit, etc. I also make sure they practice what they learn. Both are far better at money matters than I was at their age.

I am to the point now that regardless of what happens to me I feel confident that they are in possession of enough useful materials, and have been trained and habituated in such a way as to assure they will be successful in their own businesses, careers, and with money.

Below you will find a very basic summary of the most fundamental things I have taught them concerning money. They are well advanced beyond these simple ideas, but, in starting any venture it is always necessary to begin with the fundamentals. Often, over the course of time, it is necessary to return to the fundamentals as well.

Beneath the section on Money and Power 101 is a short document I developed regarding the Hoards I believe each person should develop over their lifetimes and how to employ and use these Hoards.

This “List of Hoards” is hardly exhaustive, but it does include most of the Hoards I consider most basic, except for the Word Hoard. Which technically could be a part of your Charisma Hoard, but really I consider a person’s language, linguistic, and vocabulary (Word) hoards to be an entirely separate set of treasures.

I offer these posts in the hopes that they may assist you, especially if you are just starting out in the world, to master your own Money and to develop the Hoards that you will find most useful.

I do not insist you necessarily agree with my definitions, but I do urge you to make your own studies of Money and the Power it engenders, I do urge you to master Money (rather than be mastered by it, wither as a poverty-stricken person or as a wealthy person), and I do urge you to develop and grow your own Hoards.

You will thank yourself for such efforts later on in life, and very likely the world will thank you for having made such efforts.

Comments are welcome.

____________________

MONEY AND POWER 101

MONEY is the financial power to do as you need and wish in the world. The more money your have the more power you have, the less money you have the less power you have.

SURPLUS is the amount of anything you have in excess to your actual or current needs. Your surplus should always be as great as possible of imperishable items.

PROFIT is the amount of money earned or generated in excess of expenditures.

INSURANCE is a money pool set aside for emergencies. If possible it is best to self-insure.

TAXES are the amount of money lost or exhausted to an individual by being seized by the government.

EARNINGS are the amount of money you generate for yourself through various actions of Work. Earnings are divided into three separate subcategories.

Income is the total amount of earnings one generates through all earnings sources. Originally it was that income (come-in) generated by investments.

Investments is the amount of earnings generated by whatever vehicles one is invested (vested) in. Investments are earnings or income vehicles generated by Risk.

Salaries or Wages is the amount of earnings generated by working for or laboring for others paid in the form of salary or wages. (Time or Work for money.)

SAVINGS – the amount of money already earned but not invested or spent but retained for long term goals or for emergencies.

EXPENDITURES – all monies spent to buy or pay for non-income producing items or services

Bills and Living Expenses – those monies paid to creditors or service providers for goods and services purchased. Bills and Living Expenses are monies lost to others.

Necessities – those monies expended for all goods and services of a necessary nature: food, shelter, power, necessary maintenance, etc.

Emergencies – those monies expended for emergencies and immediately unforeseen expenses, such as medical bills and repairs.

Entertainment – those mines expended for entertainment, recreation, etc.

GIVING – all monies given to the care and well-being of others to service their needs, also any resources given to others for their support.

Charity – giving to Church and/or Charitable causes with the intention of supporting the long term needs of an individual or an organization.

Philanthropy – giving to humane and other causes with the intent of addressing or solving specific needs or problems or projects. For instance one might found or support a philanthropic enterprise to support literacy, to build a hospital, to fund a scholarship, etc.

PREPARATION – always keep your money growing, in motion, invested, and in use for worthwhile things. Always plan as far ahead as possible regarding expenditures to be made. Always have accurate and complete information about all aspect s of your money and how it will be used.

RISK – all enterprises require risk. Risk is the amount of danger required to service a worthwhile enterprise or investment relative to the potential reward or Return on Investment (ROI) the enterprise or investment will generate (in the case of business, financial, and monetary activity). Generally speaking the higher the risk the greater the return or reward, and the lower the risk the lower the return or reward. However measures should always be taken to favorably mitigate risk as much as possible.

REWARD – is the amount of gain generated by the successful conclusion or progress of a worthwhile Risk. Another term that is synonymous with reward in financial and monetary matters is Return on Investment, which is a measure of gain generated by risk relative to the danger of initial loss of the initial loss of the investment.

MONEY – having more than enough money needed to meet all of your needs and the needs of others should make you happy. Making money should make you happy, and having a large surplus of money should be associated with pleasant thoughts and feelings and with security. Money is a personal, physical, financial, economic, psychological, social, and spiritual force, or power, and should be treated and employed as such. Money should not master a man, either by having too little, or by being consumed and over-powered by it. Money is a servant, not a Lord.

CAPITALISM – is that form of economic activity, or that system of economics, that seeks to build and generate Capital Pools, or reserves of money, that can thereafter be employed to build businesses, funneled into investments, grow and expand enterprises, etc. and thereby generate even more Capital and ever larger reserves of Profits. Capitalism depends on the fact that money is constantly invested and employed and that new ventures and enterprises are continually started and grown so as to continually create New Wealth. Capitalism also depends heavily upon Free and Unfettered Markets.

 

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THE HOARDS

ACTIVE HOARDS

Always make ongoing use of and constantly develop your hoards for an unused hoard is useless and an undeveloped hoard has no value.

 

ABILITY HOARD – every ability, capability, skill, and talent that a person possesses and develops in life

ACHIEVEMENT HOARD – every good and worthwhile achievement or enterprise that a person ever accomplishes

CHARISMA HOARD – all beneficial influence and powers of persuasion an individual possesses to sway others to participate in worthwhile endeavors

CHARITY AND PHILANTHROPY HOARD – all charitable and philanthropic works that one engages in to assist others

CREATION AND WORK HOARD – everything of value that a person creates, and all of the valuable Work that one ever does over the course of life.

ESTATE AND LAND HOARD – all estates, lands, and real properties that one owns or controls

INVESTMENT HOARD – all good and profitable investments that a person is engaged in or is participating in

RELATIONSHIP HOARD – all beneficial relationships which an individual may rely upon for advancement, comfort, friendship, and support

TREASURE HOARD – all objects, things, or possessions that are of economic, monetary, and physical value

VIRTUE HOARD – all of the Virtues that a person possesses and can command within his person

BLESSINGS, HEIRLOOMS, LEGACIES, AND INHERITANCE – all of the blessings, heirlooms, legacies, and inheritances passed down by one individual or one generation to another

THE REINVENTION OF ENTREPRENEURSHIP

An excellent business lecture on Entrepreneurship, Start-Ups, Financing, Marketing, and general principles of Innovation.

I recommend it.

 

200, 100, 50, 370

Today is a sort of celebratory day for me. I have just submitted my:

200th post on my Literary Blog – Wyrdwend

100th post on my Gaming Blog – Tome and Tomb

50th post on my business and Capital Blog – Launch Port, and

earlier this week I posted the 370th post on my Personal Blog – The Missal

I want to thank all of my readers (all around the world) for your support and loyalty and I promise you continued improvement and even greater and more useful content in the future.

VISA CHECKS OUT

SAN FRANCISCO – Visa Inc. has launched its answer to online shopping woes for consumers and merchants alike – Visa Checkout, a new product that’s geared towards making e-commerce and mobile payments quicker and simpler.

On Tuesday, the payments processor and financial services giant announced Visa Checkout’s debut in the U.S. Right now, the biggest pain point for retailers is when consumers put items in their shopping cart but then abandon them, often because it’s tedious to enter their billing and shipping information. Visa Checkout is meant to tackle that problem, said Sam Shrauger, Visa’s senior vice president of digital solutions.

He demonstrated how consumers can quickly set up a username and password and instantly add Visa credit and debit cards to their accounts. When they go to pay for an item at an online store, they simply pick their card or use a default one, without being redirected away from the page they’re visiting…

http://www.itbusiness.ca/news/visa-checkout-to-simplify-e-commerce-and-mobile-payments/49999

THE SILK ROAD TO ELSEWHERE

Where is this going?
Offshore apparently…

bitcoins-660x439

“The nearly 30,000 bitcoins auctioned off by the U.S. Marshals Service last week will be put to use building digital currency businesses outside of the United States.

The bitcoins are part of a massive cache of digital currency seized by the feds in connection with last year’s bust of the Silk Road online drug marketplace. In a first, they were auctioned by the Marshals Service last Friday, but until today, nobody knew who’d purchased them. It turns out that the auction’s winner was venture capitalist Tim Draper, and he’s going to store them with a company he has invested in called Vaurum. The startup sells software and services to international companies that want to set up their own bitcoin exchanges…”

article continued

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