Part 2 - Building a Business - Getting Buy-in

Part 2 - Building a Business - Getting Buy-in

At the end of Part 1 I indicated that this article would be focusing on how to land a business partner/investor for your great idea. I’m going to use myself as a case study but understand that every investor will have different motivations for wanting to spend their time in a new venture.

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Like any good business, it usually begins with something drawn on the back of an envelope. That spark of an idea that seems to ignite the very ether with potential and every time you think about it your heart skips a beat.

What am I looking for? In one word, passion. I’m sitting at the bar at NamesCon and you’ve come to me with your idea (I’m not going to steal it) and during your story telling about how you came up with the idea I’m looking for how much you want it. Are you going to crawl across broken glass, traverse a desert or swing across a chasm to see your idea flourish?

So many potential entrepreneurs pitch their ideas in such a boring manner that causes me to look for someone else to share a drink with. If your unexcited when your baby is about to be born, then what are you going to be like in six months when you’ve been up all night because it’s been crying? Get animated and make the story interesting!

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Saturday Musings – Disposable Relationships

Saturday Musings – Disposable Relationships

We live in a social age where friends are quantified by Facebook and their “closeness to us” by the number of likes received. So are personal relationships really important anymore or are they something we should put on and take off like an old coat?

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When I talk to the current generation that have grown up with social media as part of the way they manage their relationships it’s clear to me that something has changed. I’ve noticed that committing yourself to an event (eg. a birthday party) is something you leave to the last minute as there may be a better offer in your news feed. Or worse yet, commit yourself and then just don’t bother to go.

I know of a teenager that had a birthday party and only two thirds of the people turned up that said they would. Of the two thirds, about half a dozen cared enough to bring a birthday present. Sadly, birthday parties are now less about celebrating someone’s birthday and more about running an event that attracts your social peers.

I may be showing my age here, but I wouldn’t dream of turning up to a friend’s birthday without bringing a gift. It seems this courtesy has deserted the current generation in their self-absorbed focus on me, myself and I.

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Part 1 - Building a Business - Moving From the Idea

Part 1 - Building a Business - Moving From the Idea

So you’re having a shower (where all truly great ideas come from) and it suddenly hits you like a blinding light from heaven…..the most incredibly brilliant business idea to build out a domain you’ve ever had! There’s just one problem, what’s next?

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So many great ideas remain just that, a great idea and nothing more. Just today I was approached by a domainer to purchase a domain name and as a part of their pitch they told me that it would be fantastic as a particularly type of business. Based upon this “idea” they believed the price of the domain was justifiably inflated.

My immediate thought was to ponder, if it was such a great idea why didn’t they build the domain into a business themselves? Let’s face it, they were trying to price the domain based upon all the work that I would do to create a profitable business. That just doesn’t work for me….

A domain has value but don’t fall into the mistake of pricing in, not just the value of your domain but also the value of a mythical business that the buyer would have to create on it. Many domain owners make this mistake and wonder why they don’t sell any of their inventory.

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2017 - The Year of Innovation

2017 - The Year of Innovation

If I was to describe this year in one word it would have to be “innovation”. For a long time, the domain industry has been doing the “same old same old” with a tweak here and a tweak there but I believe this year is going to see some massive changes.

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For the last fifteen years, the domain industry has been caught in a malaise where landing pages look the same, domain market places are basically the identical to what they were and development has migrated up the content management systems version numbers. All a bit of a yawn.

While I was at NamesCon I perceived a growing sense of frustration and tension building in the air from people who wanted more for their domains. It was almost palpable. When there is a growing demand from the market then I’m a firm believer that innovative companies and individuals will seek to fulfil it.

I took a few days’ vacation immediately after NamesCon and one of the things I love to do is read. I picked up Elon Musk’s biography (Tesla, SpaceX, SolarCity and Paypal fame) and was stunned by the similarities between the markets he has entered and the domain industry.

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NamesCon Wrap-up

NamesCon Wrap-up

I’m writing this while I sit in a coffee shop at McCarran Airport in Vegas with my family. After the last few days at NamesCon the coffee I’m sipping feels so good and in my near stupor I find myself pondering why it doesn’t come in syringes.

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Like many of you, I found NamesCon a trial of endurance with four days of back to back 30 minute meetings followed by a brief respite with my pillow each night. And this is why it was such a great event.

I’ve never conducted so much business, secured so many agreements and made so many new contacts. NamesCon was where 1400 plus Internet entrepreneurs gathered together from all over the world to do business and not just have a talk fest.

It was great having my family with me on this trip and I want to thank everyone for making them feel so welcome. They loved NamesCon because they didn’t feel like outsiders thanks to your smiles and warm conversation. Sarah and Elise, also had a chance to see their Dad in action in meetings and at a couple of presentations…..which was pretty cool!

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