Making Friends

Question: 

How do you deal with an investor who listened to your pitch and is trying to duplicate your start up?

Gary's Answer: 

Make friends with him if you can. Keep in touch. He obviously liked your ideas, but didn’t like doing it with you. What can happen in the future?

  1. You make the idea work and he doesn’t. In this case, he was wrong about you and, if you are more friendly, he could still get involved.
  2. He makes it work and you don’t. In this case, he was right about you. Learn from him what he saw that you didn’t.
  3. You both succeed. In that case, you are competitors and in business it is important to know your competitors so you can understand how to position yourself against them.
  4. You both fail. This is the most likely scenario. Most business ideas don’t work out. In this case, you can commiserate with each other and maybe work together on the next idea.

In business, good ideas are a dime a dozen. What most people lack are the skills to make them work.