,BLOG 22: MISSED OPPORTUNITIES
No, we are not talking about the Vikings missing the Super Bowl in Minneapolis, which was a performance made and executed in-hell; however, it is a good example of how many MISSED OPPONUNTIES all of us let slip by, too often to count.
Our clients cover many different situations from start-ups to debt refinancing and capital infusion, so we are prepared for most issues regarding solutions for our clients; however, the one area that is the most frustrating is the company founder or the start-up/entrepreneur who consistently believes that their company or idea, usually converted into a patent pending is worth many more times that the market dictates.
This is an area where we should be hiring a Psychologist to deal with reality vs fantasy, which we struggle to commit, which begs the question, are we the last stop on the entrepreneur’s path to find someone who can promise what they cannot produce?
If that is the case we must recognize this dimension and kindly remove ourselves from any continuing discussion as we would be wasting our time and more importantly our perspective client’s time and money, which speaks to the title of the POST, simply because, though not yet, the client's million idea or invention, we still are reluctant to take on a project where we may not be able to help, especially if the project involves raising money, which is usually the case., even though we recognize that some of those project could eventually be the next HULA HOOP.
Oh yes, we ask for the basics-PROOF OF CONCEPT, PROTOTYPES, FIRM ORDERS, PROOF RESEARCH and PROMISING FINANCIAL PROJECTIONS but that can backfire if there isn’t any acquired instincts that can move the project forward successfully, other than an academic approach to the project.
So, we go to bed at night wondering if we should have signed a contract with the creator of the project and see if we can bring it to fruition or content in that we are better-off walking away?
The only compensation for us is that we have never been sorry for walking away, yet; however, sad we may be that we could not help the client achieve their aspirations and that is because we can take heart in that some clients just will not listen to us and go their own way, only to find out that their way was not successful either.
Here are just some of the failure checks that often lead to an aborted project, that are easily correctable if both parties can decide on a reasonable approach to reaching the goal of the client:
Even now we are in deep discussion, as we speak, since we have clients with whom we are discussing what direction they need to take to capitalize on their fully granted patents or their successful businesses or to launch a new business? The range of discussion covers such areas as an out-right sale, a license agreement, private labeling, synergy partnership and even continued research and prototype development/testing but the key issue is INSTINCTS.
So why am I writing this Blog when most of us are aware of the MISSED OPPORTUNITIES we encounter almost on-a daily basis? When is WAITING too long? what scenarios, should I have executed? Should I have taken that last offer?
It all boils down to INSTINCTS and EXPERIENCE in final analysis and NOT INTELLECT, which can cause over-thinking, maybe it’s EXPERIENCE, for sure it is probably a combination of all the above, but it is worth exploring these issues before a prospect becomes a client.
My only point I wish to make is no matter what your issue, cause or objective, analyze and scrutinize every opportunity before a final decision is made, since in most cases that decision is irreversible
Bottom-line, when it comes to hiring a consultant be sure they have the experience to give you the right advice. I often use the following example to prove my point;
“Let us say you are on the battlefield and a seasoned Sargent issues an attack order based on the circumstances at hand and a young second Lieutenant, just out of West Point issues a different order, aside from the Chain of Command rule, who would you be more inclined to listen to? The seasoned battlefield experienced Sargent or the young book trained Lieutenant. “
Well having been in the Infantry and armed with an ROTC/Reserve rank and never having been shot at, I will take the Sargent-hands down-enough said!
MITCHELLETTE AND ASSOCIATES, LLC
2730 WEST LAKE ST., STE.300
MINNEAPOLIS, MN 55416
CELL: 612 715 9217