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and make sure that your product or service actually can do that you can get it to do what you're promising and make sure that you can sell it because if it doesn't work and you can't sell it then you have no business everybody Greg winter egg here for Matterhorn business development and welcome to the next in our series of business startup aptly named the business startup series and I want to go over something's very important as you're getting things started you have to have proof of concept now what does that mean you have an idea that you think is amazing like this idea and just let's say this represents something other than you know a Yeti coffee mug you have so you have this idea and you think it's amazing and so you start throwing a bunch of money into it and you take your life savings and you're throwing money into it and now you have this prototype prototype means like this is the only one that exists this is our test product but wait a minute you just put your entire life savings into it you cashed in your 401k you got a home equity line on the house and you dumped it all into this but you haven't proven that you can sell it you haven't proven that anybody wants it and probably from watching other videos you know that I really enjoy watching Shark Tank because entrepreneurs come in and they bring their idea and they pitch it to the Sharks and they either get money or they don't get money but just start watching that if you're if you're starting a business start watching that you can learn so much so I was watching an episode last night and someone shows up not only had they put in two hundred thousand dollars of their own money that they had gotten eight hundred thousand dollars from an investor and they got the product rolling they got everything rolling and in ten months they did like a hundred thousand dollars but all of a sudden they're out of money wait a minute you've got two hundred thousand of your money eight hundred thousand of somebody else's money and you weren't sure that it was even going to work so I suggest as Mark Cuban's suggested on the episode last night you need to go slower and it's fine to think big you want to have a company that's going to dominate the world okay that's not going to happen in your first 12 months so let's be sure before we go all-in on this product or service that people want it and you can sell it we tell the story Neal has told the story before that as they were growing up my oldest son Vince started making pens and he got a lathe and the equipment that he needed and he would make pens out of wood and Vince was the...