Steve Varsano, who sells private jets to billionaires, says no doesn't mean no. He stresses setting clear targets, loving what you do, and having two years of runway before you need money. When capital runs short, build a plan and find partners to fund it.
So Steve, tell me, what's the biggest lesson you've ever learned in business?
A couple things. One, no doesn't necessarily always mean no. Never give up. Never give up, no matter what. And you have to set a target in order to reach one.
How old were you when you made your first million?
I actually don't have any idea, to tell you the truth.
What advice would you give someone who is just starting their new business?
I think they really just have to make sure they are doing something they really, really love. They have to make sure they have a plan, and they have to make sure they have enough money to get them through the first 2 years of their operations. This way you don't have to worry about where you're going to get the money to survive the next month or two. Really is important, or else you're going to be depressed and you're going to give up early.
So a lot of people won't be able to have the right amount of money for the first 2 years. What should they do then?
Well, if you have the most incredible plan and it's laid out and you think it's really, really a workable deal, get partners, get investors, and they can help you fund whatever kind of a business plan you have made up.
Steve, when do you know when is the right time to release your products in business?
