Ep 020: How To Take Hits and Get Back Up w/ Mornee Sherry
Mornee Sherry is a former United States Marine and Google employee. He is a self-starter with a passion for changing things and the way we approach life. His latest venture, Lume Cube, offers the world’s first off-camera flash and video light for iPhone, Android, GoPro, and other casual capture devices.
STRATEGIES USED TO FUND BUSINESS
To fund it, we went through Kickstarter, but to fund the Kickstarter, we had started a few businesses beforehand that were mildly successful bringing in a few hundred dollars a week. We also utilized a great idea and the future of that through equity. We enticed a branding firm to give us their services in exchange for equity. That resulted in a great engaging video and raised $229,000 in 30 days.
“No man is an island,” is a very good saying. Every great CEO should recognize their strengths, not lie to themselves, and realize their weaknesses. And they should surround themselves with people who are strong in their weaknesses.
DESCRIBE A MOMENT WHEN YOU FELT LIKE GIVING UP
We developed a product through Kickstarter and very close to our initial launch of the product; the product we were getting from the manufacturer at that time was not meeting our standards, but requesting the order and the money. I had this gut feeling and I knew it was going to upset a lot of Kickstarters, a lot of my coworkers, and this manufacturer. Nothing wrong with the manufacturer, but my gut feeling was that you don’t release a product you don’t want to put your name on.
Lume Cube is a great level of success. I’ve started five of my own companies from scratch and they’ve all been successful within 18 months. I look at those as battles won, but I haven’t won a war yet.
I believe I read people incredibly well through people’s body language, through people’s language and eye movement. I feel like I am good at reading and adjusting who I need to be to succeed in that room.
Sometimes you can take on too much, and I’ll say for me, my kryptonite is initiative. I come up with new ideas to change this world every day. I definitely have focus, but you have to make sure that other ideas don’t become a distraction.
For any people out there crowd-funding, start your outreach at least 60 days prior to launching your campaign.
Do you. People who encourage you are good. But don’t believe them. People that discourage you are bad. But don’t believe them. If you are an entrepreneur, you are a stubborn, intelligent, self-motivating, self-starter, and arrogant individual. It’s all about being on time.