Dan W Bliss

Meet a Fashion Icon

Ed Hardy and Christian Audigier fashion brands are among the hottest in the world.  Fashion icon Christian Audigier is the man behind these explosive brands.

He has signed on to give the closing remarks at The Perfect Pitch 2009 Conference.  The conference takes place in Los Angeles on Monday, October 26th, 2009.

Aspiring fashion designers and entrepreneurs will have the chance to see Christian in person, and learn the secrets behind his explosive fashion lines.  What sets his brands apart?   How does he build awareness and momentum for new brand launches?

You won’t find out, unless you are there!

Christian Audigier joins Virgin’s Richard Branson and more than 30 powerful speakers for a full-day entrepreneur conference.

CLICK HERE TO VIEW THE FULL LINEUP

See you there!

The Entrepreneur Event of the Year

Today we announced the Top 50 pitches for The Perfect Pitch 2009 conference.  Congratulations to all of these amazing entrepreneurs.  Here is a link to the Top 50 entrepreneurs:

THE PERFECT PITCH 2009 TOP 50

This is a great lineup that includes a broad range of entrepreneurs.

The Perfect Pitch 2009 Conference tickets are going fast.  This event will be sold out soon.  As you know, Virgin’s Richard Branson is our keynote speaker, and we have 20 other amazing speakers, including big-name entrepreneurs and investors.  This event will change lives.  CLICK HERE to order your tickets.

I hope to see you there.

We came up with a fantastic idea that’s resonating with Twitterers.  (Damn, that’s hard to say!)

Our Twitter Icon

We are offering a $2,500 trip to Los Angeles for the best “microPITCH”.  We figured that Twitter invented micro-blogging.  We’re going to invent “microPITCHING.”

The winner of our competition wins airfare, hotel, PerfectBusiness Gold membership, consulting services and tickets to The Perfect Pitch 2009 Entrepreneur & Investor Conference.  Sir Richard Branson will be the keynote speaker, so this adds to the excitement.

We launched this competition just two days ago, and it’s spreading like wildfire.  I’m starting to gain a fonder appreciation for what Twitter is capable of.  We posted the rules and a feed on our conference site.  It’s fun to watch all of the activity.  You can see it here: http://www.perfectbusiness.com/theperfectpitch/twitter.cfm

If you are a Twitter user, please tweet the following:

@perfectbusiness Tweet a creative business idea under 140 characters & win a $2,500 trip to LA. http://bit.ly/micropitch #micropitch

I have always loved off-the-beaten-path marketing tactics.  It will be interesting to see where this goes.

He'll be here - in person!

If you haven’t heard yet, we are organizing a conference in Los Angeles with some really big hitters!  Richard Branson of Virgin will be our keynote speaker.  Here’s the basics:

The Perfect Pitch 2009 Entrepreneur & Investor Conference

October 26th, 2009 at The Ritz-Carlton in Marina del Rey

We are allowing entrepreneurs to submit online pitches for a chance to present their businesses to our live audience.  We have an amazing group of speakers, and more will be announced soon.  Stay tuned!

For more info, go to www.ThePerfectPitch.com.

Persistence pays off!

I’m a big admirer of Thomas Edison.  His unrelenting effort changed the world.

His persistence is legendary, but I believe that his unwillingness to recognize failure is the source of his enthusiasm.  He believed down to the bone that every failure was a positive learning experience.  He once said, “If I find 10,000 ways something won’t work, I haven’t failed.  I am not discouraged, because every wrong attempt discarded is another step forward.”

When I was getting started in business and trying to raise capital, I thought about Edison every day.  Maintaining the right attitude about rejection after rejection allowed me to move forward without even a notion of quitting.

In 1995, I had no money, extended credit and had just opened my first restaurant on a shoestring budget.  My business partner and I began negotiating to buy a famous concert venue AND the building it occupied.  Frankly, we had no business even inquiring about it, but we began negotiating anyways.

I vividly remember one particular lunch with the sellers.  I cleaned my suit with a lint brush, because I couldn’t afford the dry cleaning.  I had no gas money, and I was praying that they would pick up the check, because I certainly couldn’t afford it.  Yet, I was supposed to be buying their business and building!

After writing my business plan, I worked feverishly to secure investors.  After talking with over 110 investors, I landed 13 people to get on board.

We weren’t out of the woods yet.  We also needed to get a bank loan to buy the building.  Keep in mind that banks don’t like to make loans to businesses in the “restaurant/bar” category, and they certainly don’t like financing real estate with a single restaurant/bar tenant.  It only made it worse that the tenant was me!

I convinced the sellers to carry a note and subordinate it to a 2nd mortgage position.  This meant that the bank would have a 1st mortgage and a strong position.  Easy, right?

I personally met with 43 banks!  No after No after No after No!!!!!  These were respectable bank executives telling me that I lacked the creditworthiness and reputation needed to finance a single-tenant restaurant/bar property.  What kept me going?  Thomas Edison.

As the list of banks grew, I proudly checked off each bank that rejected us and noted the reasons for the rejection.  In my mind, I successfully narrowed the field of prospective banks!  I was getting closer to identifying the ONE BANK that would say “Yes.”

Of course, I found that bank, and the deal went through.  Two guys with no money, no credibility and little experience made it happen through sheer will power.

To this day, I fall back on this memory each and every time I struggle.  Most people would have given up after talking to 10 investors and 5 banks.  Sometimes, I think it was the hardest thing I’ll ever do.  Consistent rejection from over 100 people is hard to overcome!  Without the attitude borrowed from Mr. Edison, there’s no way I would have done it.

Feel free to borrow it for yourself.

Are you listening to the right people?

I hate to be the bearer of bad news, but not every business plan will work.  Maybe your business isn’t destined for greatness.  Your idea may have been done a hundred times before.  Perhaps there’s too much direct competition.  Your business model could be flawed.  It might be impossible to raise capital or execute your plan as it is written.

Guess what?  You can get feedback, and you can adapt.

Your business may just need a few little tweaks to become a homerun!  It might even be a homerun as it is!  How will you know?   Well, nobody ever knows for sure, but you will certainly never figure it out on your own.

As you develop your plan, talk to people.  Get genuine feedback.  Constructive criticism and brutal honesty is better than head nodding.  Would you rather learn about a big flaw now, or would you rather discover the mistake after wasting time and money going in the wrong direction?  (This is a rhetorical question… the correct answer is NOW.)

Everyone has friends and family members that are pessimists.  Sometimes, even optimistic loved ones can become cynical, jealous or protective when evaluating your business ideas.  In their minds, they are just looking out for you.  Don’t blame them.  They can’t help it.

How do you differentiate emotion-based negativity from honest criticism?  How can you get constructive feedback from problem solvers?

The best way to get honest feedback is to tell a little white lie.  Here’s the secret… DON’T ADMIT THAT IT’S YOUR BUSINESS.  Share your concept with other people and tell them that you are helping a friend or a cousin with their business.  Pick their brains!  Dig deep.  (Here’s the fun part.)  Tell people that you are trying to talk your friend or cousin out of it!  Then, make an argument about all the ways it won’t work.  See if the person agrees with you.

Once you’ve criticized the business idea, see if the person has any ideas to make it work better.  Maybe there are more effective ways to execute your business concept.  You might discover whole new opportunities that are far bigger than your original plan.

You will come up with some great ideas using this method.  At the same time, you will test your confidence in your business model.  If you can make an argument for the failure of your business and still feel certain that it will work, you will move forward with more passion than ever.

Empty Pockets?

Not having money is no excuse to put off your business dreams.  As they say, there is more than one way to skin a cat.  Whether you are unemployed, or employed and overextended, you CAN start a business without any money.

I know some of you are saying, “No way!  I’m completely broke, and my plans are big.”  Here’s a little dose of reality for you…  It’s not always easy.  An investor or lender isn’t going to swoop down out of the sky and give you a million dollars with a little pat on the back!  You are going to have to WORK, and you’re going to have to THINK.  Based on your circumstances, you may need to adapt your business to match your circumstances.  This means that you may need to start Phase 1 on a modest level, then Phase 2 on a bigger level, etc.

I’ll give you an example of an early business I started with $0.  After college, I struggled in commercial real estate (mostly because I couldn’t convince businesses to hire a rookie to represent them in buying or leasing property).  With a friend, I started a house painting business.  Our only costs were the DBA registration, business cards and estimate forms that we printed at Kinko’s (total cost less than $100).  We generated clients by contacting homeowners with peeling paint outside – a perfectly targeted audience.  We did some estimates, and we used the deposits from our first two clients to buy ladders, brushes, etc.  We then ran some newspaper ads to hire workers.  In our first month, we went from $0 to $26,000 in sales.  We soon had four crews and more work than we could handle.  We were in business!

If you need to start a business that requires more significant capital, well I’ve done that too.

Here’s a list of ideas on how to launch a business, starting with nothing:

1. (This is my favorite.)  Instead or starting a new business, buy an existing business and improve it.  The seller will often finance more than half of the cost.  Plus, you will be able to use the track record of the business to gain immediate credibility.  Once you buy it, you can change the business to match your vision.
2. Find customers that will give you an advance for future products or services.
3. Talk to your suppliers or manufacturers.  Ask for terms, so you can pay them in 90 or 120 days.  They may even invest in your company.
4. If you are in the restaurant/bar business, vendors who supply pool tables, jukeboxes and video games will often lend $2,000 to $15,000, just to get your account.  The best part is that they will be repaid from the vending income, so you don’t have to worry about making any payments.
5. Good credit can come in handy, and not just for credit cards.  You can often finance furniture, equipment, carpet and building materials to renovate your business.
6. Speaking of renovations, recruit your friends to help you paint and spruce up your business.  These are the only people that will work for pizza and beer.
7. Look for barter opportunities.  Make a list of the things you need, and try to negotiate a fair trade.  Some deals may even require a three-way trade.
8. If your budget requires expensive equipment, consider leasing instead of buying.  This will reduce your startup costs.
9. If you site requires extensive web design and programming, consider giving your programmer a stake in the company or simply ask to pay over time.  If your programmer needs the work, you might get favorable terms.
10. Write an amazing business plan and find investors or partners to participate.  Before approaching anyone, think about it from the investor’s perspective.  Is it worth the risk to invest in your business?  How will they be repaid?  Is the payoff high enough?

Talk to everyone you know.  Seek ideas and referrals to help you formulate ideas to get your business off the ground.  Watch some videos on PerfectBusiness, especially interviews with entrepreneurs in your industry.

Some businesses just need a little bit of seed money for web design concepts, legal costs or even the entire cost of the startup.  I can’t tell you how many people contact me looking for investors of $2,000 to $5,000.  It’s just crazy!  If you don’t have credit or friends that can kick in this amount, then you might simply have to do it the old fashioned way… EARN IT!

1. If you want it bad enough, you’ll do it.  Try these ideas on for size:
2. Sell your car and buy something cheaper
3. Move into a more affordable apartment
4. Get a roommate
5. Sell your giant flat screen TV
6. Pack your lunch and stop drinking $4 coffee every day
7. Quit smoking
8. Get a side job on Saturdays

Sure, it hurts.  But, if you need a little bit of seed money to get your business rolling, you may need to sacrifice.

On a final note, you might want to check out peer-to-peer lending services, such as Prosper.com.  If you decide to borrow from family or friends, but are concerned about awkwardness in your personal life, check out VirginMoney.com.  Virgin Money will act as a middleman to collect payments on behalf of the people that lent you money.

So, now that you know how to solve your lack-of-cash dilemma, get to work!

I’ll try to tread lightly on this subject, but it may not be possible. So, here it goes.

Woman Thinking Like an Investor

It is common for women in relationships to believe that they can change a man for the better. Of course, it is not very easy to do. Men will be men.

In the movie Jerry Maguire, there’s a famous line where Renee Zellweger’s character says, “I love him for the man he wants to be. And I love him for the man he almost is.”

It occurred to me that VC and angel investors often evaluate startups based on upside

potential. While investors may have more influence on a startup than a woman might have on her man (a whole separate debate), I thought the similarities deserved a closer look.

I discovered that women evaluate men similarly to the way investors evaluate startups. Here are six ways they are similar:

1. Women and investors get excited about the upside potential of a prospect.
2. Women and investors often follow their gut instincts.
3. Women and investors confer with a group of advisors.
4. Women and investors regret overlooking negative signals.
5. Women and investors believe that they can change an imperfect prospect.
6. Women and investors prepare an exit strategy before entering a deal.

Of course, this doesn’t apply to ALL investors, nor does it apply to ALL women. It is simply an observation.

I’d love to hear your thoughts on this list.

Looking forward to rainy days!

I was watching the Super Bowl with friends (amazing game), and one of my friends started complaining about the economy. Sure enough, others agreed and even expanded on his complaints.

As the contrarian in the group, I had to step up and say, “Things aren’t as bad as they seem. It depends on what you are doing. Some industries are doing well right now.”

Suddenly, people had varied opinions. This happens far too often in today’s society. It seems that it is OK to act like cattle and run with the herd until one person steps up and offers a divergent opinion. This is especially worrisome when the economy is going down the tubes, but it can be equally bad when things are booming.

Stick to the principles. When things are bad, there are opportunities everywhere! Just don’t run with the herd. When things are great, real estate, stocks and wages can all get a little crazy. People start believing their own hype. That’s not good either. As my Dad would say, “Use your head for more than a hat rack!”

Rather than dwelling on the herd mentality here, I’m going to share some thoughts on how to find opportunity in a down economy.

As an entrepreneur, it’s your job to fill a consumer need and provide value and customer service. This is especially true in a recession. If you are an individual or own a small company, this is your time to get excited! You are nimble enough to adapt to today’s environment. Large companies are far too entrenched and have far too much bureaucracy to react quickly.

While people struggle to find jobs, earn side income and cut corners, you can make it your business to help people find solutions. I’m not suggesting that you stray from your strengths. Instead, use your abilities and resources to help people make or save money.

Here are a few ideas:
1. What is your product or service? Create a cost-saving solution for your customers.
2. Focus on necessities. Affordable food, shelter and consumables will always be stable industries.
3. Give them a cheap escape. Entertainment, such as movies, video games and internet, often thrive when times are tough.
4. Recruit a sales force. Turn consumers into salespeople and share the revenues.
5. Stick to the basics. Good solid principles will hold up in any environment.

Of course, the real estate industry is a mess right now. Is that bad? Sure, for many people it is. On the other hand, a close friend just called me, because he is BUYING. He couldn’t be more excited! He just bought a foreclosed property, and he can’t decide if he should flip it for a profit or rent it out and enjoy the cash flows!

Although everyone seems happiest when the sun is shining, there’s always one guy selling umbrellas, and he laughs every time it rains. Maybe it’s time you got into the umbrella business.