Our guest speaker for this week was Mr. Robert Coons. Mr. Coons is an entrepreneur and CEO of SCOUT: Military Discounts Application. Same as our previous guest speaker, Mr. Coons provided us different reasons and advantages on why you should be an entrepreneur. He graduated with sports management degree. He created an application that helps to find locations with a military discount. For him as an entrepreneur, the product comes first before the money. You should establish the product before asking for funding. In that way, you have something to discuss with the investors. If you don't have a product, it is easier is for the investors to decline. In their mind, if you are taking a risk, why would they? Also, even you have a general idea of what you want to create, try to narrow it down and create the different steps on how you want to tackle it. Always listen to your customers' reviews about your product.
Another aspect that I really liked was his explanation about when you are talking to investors, always have a detail on what you are providing so that doesn't change the focus of what you are building. Sometimes it is better to let go an investor in other to save your business. Some investors will invest in your company with a mind that they will buy the company from you in the long term. Also, he had an estimate of how long it will take for him to make a great profit from this product.
In all, I learned something new about conducting business and to be aware of those greedy investors. Also, to always believe what you have in mind and what you want to accomplish.
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