A Quote by Scott Weiss
One of the rookie mistakes first-time entrepreneurs often make is to be too guarded about their idea - in fact, many will actually spend their first $25,000 on patent lawyers without ever fully vetting their product.
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So many of my rookie mistakes could have been avoided by first-hand exposure to other, more experienced technology entrepreneurs.
That reminds me to remark, in passing, that the very first official thing I did, in my administration-and it was on the first day of it, too-was to start a patent office; for I knew that a country without a patent office and good patent laws was just a crab, and couldn't travel any way but sideways or backways.
The very first idea I ever had about making a film... my first thought about ever being a filmmaker was when I was sixteen years old and I wanted to make a Viking movie. And I wanted to make it in old Norse, which I was studying at the time. It's odd because at that age that's a stupidly ridiculous idea 'cause how will I ever be a filmmaker.
I can ask for a £25,000 advance, but then you spend a year writing the book, and £25,000 is a loan against sales, and you can easily spend five years earning out. So that's £25,000 for six years.
Most entrepreneurs don't need as many customers as they think. A lot of people think 10 is too few for a sample. But if all 10 refused a product, why is that not enough? If you want 100, 1,000 or a million customers, you first have to get 10.
When talking to first-time entrepreneurs, I often ask them: 'How do you know that people want your product or service?' As you can expect, the answer is often that they don't yet, but will know once they launch. And they're right. That's why it's critical to launch as quickly as possible so you can get that feedback.
Workers must root out the idea that by keeping the results of their labors to themselves a fortune will be assured to them. Patent fees are so much wasted money. The flying machine of the future will not be born fully fledged and capable of a flight for 1,000 miles or so. Like everything else it must be evolved gradually. The first difficulty is to get a thing that will fly at all. When this is made, a full description should be published as an aid to others. Excellence of design and workmanship will always defy competition.
The most frequently asked question I hear first-time entrepreneurs ask is, 'How do I know when to launch my product?' The answer, more often than not, should be: 'Now!'
My first year on 'SNL', I made $90,000 dollars. And I bought a red Corvette for $45,000 dollars. I'm thinking, 'I've got 45 grand left!' Taxes didn't even come into my equation. At the end of the first year of making 90 grand I was 25, 30 in the hole. We live in this baller, spend-money culture.
What do you first do when you learn to swim? You make mistakes, do you not? And what happens? You make other mistakes, and when you have made all the mistakes you possibly can without drowning - and some of them many times over - what do you find? That you can swim? Well - life is just the same as learning to swim! Do not be afraid of making mistakes, for there is no other way of learning how to live!
I think it's the first idea I ever got about doing something on my own, because it was the first time I have ever really felt the confidence to do it.
Too often, teachers assume that they are introducing a book or concept to students for the first time. In fact, many units are repeated over the course of a student's K-12 experience.
Entrepreneurs don't really make mistakes, though. We just make decisions that seem right at the time, but which sometimes turn out to have been the wrong path to take. For example, we allowed a buyer to place a huge opening order and later had to take some product back. We didn't have our sell-through programs in place, so in hindsight, it would have been wiser to sell in less product at the outset. The scary thing is you are always making decisions without knowing the future.
If a product costs $10,000 or $20,000 it has limited use. This is what the first computers cost! Only when almost everyone is able to afford it will it be a real thing.
I came close to signing Elvis Presley. I offered $25,000 for his contract and they asked for $45,000 and I just didn't have the other $20,000. I should have gotten the Beatles. But one of my lawyers kind of messed up.
I still can't quite believe it. Although there was something about the fact that it was a first-time writer, a first-time producer, and a first-time director all at the same time.
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