[10.39] You got a great idea and now what?

• Do you think you’re an innovator?
• When I ask this question only five percent of the hands go up
• If you think of something that already exists and you want to do it better, then you’re an innovator.
• We’re all innovators because we think of things that can be done better.
• If you act, you are an innovator – if you don’t act, you’re not an innovator
• It doesn’t matter what I think about your idea, what your target market thing matters.
• What’s in the bullseye – what’s your actual target market?
• Don’t ask your family about what they think about your family.
• If you take the word “listen” and you move them around, it spells “silent”
• Sir Alec business idea [20.01]

[26.30] Process and steps to create products

• We created an innovation think tank
• We’re out seeking looking at markets ourselves
• How can we solve the problem of no one leaving the room and home?
• We typically go on and build a prototype
• We test it and get feedback
• Two questions:

1. Is it something that you see value in and that you can use?
2. Are you willing to pay for it?

• My mantra in life: No means not now.
• Sir Alec Story of “Not means not now” from [33.44] to [34.00]

[34.45] No in business

• Sometimes people are not ready to hear what you say
• I’d ask them, is it a good time?
• When you get a no – feedback is a gift.
• I’d just ask: “Why is it that this is not of interest to you.”
• Always keep the door open and follow-up
• Cultivate the relationship and turn that into a YES.
• The definition of small businesses is solopreneurs
• Anywhere in the world Main Street
• Small businesses are lifeblood of our economy

[44.33] How do I keep existing customers and acquire new ones?

• People always try to acquire new customers and they leave their existing customers behind while they go chasing
• Not realizing that their best prospect is their current customer
• When you get referrals that’s free marketing
• My mantra: “Accomplishments are something to build on not celebrate on”
• Use the energy of celebration to achieve more

Sir Alec Stern is an entrepreneur, speaker, mentor, and investor. He has become known as “America’s Startup Success Expert” for performing hundreds of keynote speeches worldwide and for his popular sessions at top conferences.

He’s been a co-founder or founding team member of 8 startups with 5 exits – 2 IPOs and 3 acquisitions. As a primary member of Constant Contact’s founding team Alecwas one of the original 3 who started the company in an attic. Alec was with the company for 18 years from start-up, to IPO, to a $1.1 Billion-dollar acquisition. Alechas also been a Co-Founder or founding team of several other successful startups including, VMark (IPO & acquisition), Reacher Grasper Cane, MOST Cardio and MetaClarity amongst others.