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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 8 Apr 2018
    • Report Tweet
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    Patrick McKenzie Retweeted Victoria/V.E. Schwab

    I feel like I’m closer to the businessman end of the spectrum then the creative end of the spectrum, but since I talk to a lot of folks who are in business but have a self-conception of being artists: My consultancy was really good, and closed one pitch out of four.https://twitter.com/veschwab/status/982297660089659392 …

    Patrick McKenzie added,

    Victoria/V.E. SchwabVerified account @veschwab
    Raise your hand if you’re a successful/established creator who STILL GETS REJECTED.
    Show this thread
    7:31 PM - 8 Apr 2018
    • 4 Retweets
    • 60 Likes
    • Mustafa "Moose" Paksoy theatre of christi James Quarantyre unfortuNate (dad)jokes 🧙‍♂️ Tony Garvan Hillel Danny Neville Ran Reichman Andrew Duval
    3 replies 4 retweets 60 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 8 Apr 2018
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        I sympathize with the deep seated desire to avoid having one’s ego on the line with every deal. The way to avoid this is not closing 100% of deals. That will not happen; you would not want it to happen anyway.

        1 reply 1 retweet 19 likes
        Show this thread
      3. Patrick McKenzie‏ @patio11 8 Apr 2018
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        When you’re in business — and if your job includes pitching people then you’re in business — you’re running a portfolio strategy. Some conversations, some pitches, some signed contracts will not turn into work that is delivered and paid. Price this in, literally and figuratively

        1 reply 4 retweets 33 likes
        Show this thread
      4. Patrick McKenzie‏ @patio11 8 Apr 2018
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        You don’t have to love being told no, but you should probably calibrate your expectations such that you learn to love exploratory coffees / Skype calls even when they don’t lead to pitches, and learn to love pitches, and love contract negotiations. These are part of the job.

        1 reply 4 retweets 30 likes
        Show this thread
      5. Patrick McKenzie‏ @patio11 8 Apr 2018
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        If you love creating and don’t love selling your output, become an employee. You will be partially insulated from market pressures that way. There’s nothing wrong with being an employee. But if you put out a shingle, eyes open on the consequences of that.

        2 replies 7 retweets 38 likes
        Show this thread
      6. Patrick McKenzie‏ @patio11 8 Apr 2018
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        “Why do I want to get rejected?” Bah, artist talk. It’s not a rejection; it’s a close rate below 100%. You target a close rate substantially below 100% because you only want to do the best possible work for the best possible clients on the best possible terms at the best prices.

        2 replies 17 retweets 92 likes
        Show this thread
      7. Patrick McKenzie‏ @patio11 8 Apr 2018
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        Tradeoffs abound: You could always pitch clients in the same segment, at the same level of sophistication, asking for the usual engagement. If you do that, you're trading off certainty for constraining opportunities to grow practice / rate / etc.

        1 reply 1 retweet 19 likes
        Show this thread
      8. End of conversation
      1. New conversation
      2. JOHN DOHΞRTY  🤓 Denver entrepreneur‏ @dohertyjf 8 Apr 2018
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        Replying to @patio11

        I still get rejected about 1 out of 5 times, but that also means my close percentage is 80%+ for projects I pitch. Why was yours 1/4?

        1 reply 0 retweets 0 likes
      3. Patrick McKenzie‏ @patio11 8 Apr 2018
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        Replying to @dohertyjf

        (I think we're probably just having a definitional issue on where we count the opportunity as being opened; I'm being very handwavy here with a very loose definition of live opportunities.)

        3 replies 0 retweets 3 likes
      4. 1 more reply
      1. New conversation
      2. Tom King‏ @tomking84 9 Apr 2018
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        Replying to @patio11

        One out of four is amazing. The success rate for pitching an idea for an invesment banking transaction is an order of magnitude lower than that if you’re good at your job. But it’s the size of the wins that matters over time... another argument to price appropriately.

        1 reply 0 retweets 0 likes
      3. Tom King‏ @tomking84 9 Apr 2018
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        Replying to @tomking84 @patio11

        The other trick in low probablity pitches is to try to make it informative enough that it’s seen as free value vs just advertising. Over time, a few of those will result in calls back for good business you wouldn’t have known to pitch.

        0 replies 0 retweets 0 likes
      4. End of conversation

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