Andrew: And you know what? The people who pay, I was so reluctant to charge, but once I did I realized that people who pay have a vested interest in the product. I remember asking investors, "Tell me about how advisors work in a company." He said, "Well, you get 50 successful people to come in and give advice and help out and you make phone calls to them often. If you can, do it on a weekly basis and you get continuous feedback from them. I thought, "Well, if they're so successful, do you even have to give them shares and to a man, every one of them said "yes" and they also said, "Get them to pay, if possible."
I said, "Why get them to pay? You're getting them shares and they're paying with their time." He said, "Once they pay, they feel a stronger vested interest, a stronger need to see you succeed once they buy some shares," and I found the same thing. Once people pay for my site, I used to think that they would say, "You, jerk, you're not giving me enough for my money. You could do so much more." What I found instead is that they think, "Oh, I'm going to help you do more. I want to help you improved the courses because I'm paying for them. I want to help you get more people in there because it's exciting and I think more people should see it." It's just been a dramatically, dramatically different reaction.
About the Guest:
Andrew Warner is an internet entrepreneur with a focus on startups.
When Andrew graduated from college, he founded Bradford & Reed, a company that ran a collection of startups. His biggest startups did online greeting cards. He was also known for launching Grab.com, an online game site that offered the chance at the world`s first billion dollar jackpot.
Now, Andrew is running mixergy.com where he invites proven entrepreneurs to teach how they built their startups.
Comment on the Interview:
Emotions Overrides in Entrepreneurship
Andrew Warner will tell us how get the full experience from your advisor
