EP 38 - F*ck Average, Be Legendary with Fred Cary

The Alchemy of Business Show

In this episode, we sit down with the legendary Fred Cary, the founder of the highly successful venture capital firm, IdeaPros.

Fred is a true maverick in the world of entrepreneurship, having coined the phrase "F*ck Average, Be Legendary" to inspire entrepreneurs to push beyond their limits and reach for greatness. In our conversation, Fred shares his journey of deciding to work for himself instead of "working for the man," and how he used his passion for innovation and risk-taking to build his business empire.

We also delve into the reasons why business ideas fail, and Fred shares his insights on what entrepreneurs can do to avoid common pitfalls. As a seasoned investor, Fred offers valuable advice on learning as you go along as an entrepreneur and how to get the attention of investors.

Guest Resources:

1. Bring Your Great Idea To Life! - We bring your raw idea to life and teach you how to be a killer entrepreneur.

2. 1. We research and analyze your idea's potential

   2. You learn to operate like a seasoned pro

   3. Together build a strategy that investors love

3. Start, Launch, Grow your Business & Get timeless business and life advice from Fred - Facebook | Instagram | TikTok

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Top Golden Insights

1. Everybody wants extraordinary results, but we do average things. If you want to have an extraordinary life, you have to do extraordinary things

2. Why do business fail? Number 1 basis for failure, is the founders have created something that nobody wants.

3. When you check for competition, what problem are you solving? And how are people addressing that problem now?

4. Looking for perfection is looking for death. One of the biggest destroyers of entrepreneurship, is the insatiable knowledge to get things perfect. Prove out your model as fast as you can.

5. Incorporate your purpose into your work early

6. When getting investors’ attention and money - Every single slide you present, has to have financial element to it.

7. You can’t have it all in a year. Set long term goals, but be consistent in doing the short term tasks.

Timestamps 2:28 - F*ck Average, Be Legendary! where did that come from?

• Everybody wants extraordinary results, but we do AVERAGE THINGS.

4: 55 - Deciding to work for myself instead of working for the man

6:50 - Entrepreneurship is really hard, but I’m all in all the time.

10:10 - Why Businesses Ideas Fail.

• If you look at the stats, a lot of businesses fail
• Number 1 basis for failure, is the founders have created something that nobody wants
• People don’t do their research

14:02 - Looking for Perfection is Looking for Death

• One of the biggest destroyers of entrepreneurship, is the insatiable knowledge to get things perfect

• I want to have 21 features in my new app, just like airbnb has.

• In reality, airbnb started with 2 air mattresses, in a 1 bedroom apartment, that they rented out on the weekends in San Fran during conventions

• If you have 1 thing, and you do it well, focus on that one thing and don’t think about the 21 other features

• What’s your core value proposition? If you can figure that out, it doesn’t have to be perfect, it just has to be compelling

19:19 IdeaPros was created to level the playing field for entrepreneurs

25:58 Purpose Driven Business Leaders -Core values & North Star being unified with the Business

• The advantage that you’ll have, is when you can align what you’re doing as a business.

27:14 Incorporate your purpose into your work early

29:32 - How to Get Investors’ Attention

• And most of our slides talk about how great we are, our company, only 5% is the financia part

• It has to be the other way around

• Every single slide you present, has to have financial element to it

33:18 -IdeaPros- What you can easily get for free or cheap, won’t always get you to succeed

37:25 - Pitching anything & getting investors to buy into your idea

• You gotta catch people’s interest (they need to buy into the problem, & understand emotionally)

• Don’t lose sight of the most important part, the ASK. but don’t be NEEDY

• Cross examine your investors at the end

45:00 - IdeaPros Case study - The MOVE App

52:40 - You can’t have it all in a year.

• Make your long term goal, but do your short term tasks that you need, 1 step at a time, and celebrate those victories