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How did I made my 1st million from $10,000

Postby thien63 » Fri Jan 16, 2009 11:14 am

thien63
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I have this idea about 7 years ago when I'm joining the video game forum. at the website ps2ownz.com . This website devote to a system called Sony Playstion 2. As you know, this system is from Japan. All of the new games is release in Japan first and then USA. I trying to find a way to play Japanese. It doesn't works because of region code. As you know the PS2 is a front loading DVD. When you insert the disc, the system will read the keycode to make sure it legit before it continue the operation. That's why copy game didn't have this keycode. Soon after, a company release a Cheat code. This cheat code allow you play the with unlimited lives, powers... I notice that once you load the cheat code disc in first, the PS2 read it and stop the disc so you enter option for cheat code. Wow ! I may have found a way to play Japanese games. So i inject the cheat code disc out and insert the Japanese disc in. But it doesn't work because every times you insert the disc, PS2 re-read the Keycode and region code again. So I took the top cover of PS2 out, put the cheat code disc in the front load of PS2. After PS2 read the code and stop the cheat code disc to wait for input. So I swap the cheat code disc with my Japanese game since the top is open. PS2 didn't know that I swap the disc because i didn't use the front tray. That 's how I invented the fliptop cover for PS2. This fliptop cover has a top door that allow you to open the console so you can swap the disc without let the PS2 know.

I start calling and meeting all the local mold companies in Minneapolis . The total cost is over $70,000 for all the molds. Plus each units cost about $3 each. That's way more than $10,000 that I had. I ask for help from all the people that I know, not only they don't help me but they even laugh at me.
I heard everything is cheap in China, so I flew over there since I have a friend that live in Guangzhou. The Chinese mold company quote me at $15,000 for all the molds and each piece cost me $1. That's a lot cheaper than in the state but it's still more than what I had. But I still told them go ahead and make the molds. I gave them $6,000 for down payment and went back to MN since it take about 3 months to finish the molds.
Two months went by, I still didn't have the rest of money plus I even spend some of my investment. Now I'm down to $1500. The balance to be pay for the molds it's getting closer. Still nobody help me and told me to drop the project. What will you do in my situation ? how would you solve this problem? this could be all the inventors will face sometime. It's like a test, what's your answer ? I will tell you guys tomorrow.

Postby thien63 » Sat Jan 17, 2009 7:07 am

thien63
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Posts: 65
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Thanks for your time, let me continue the final part. I know that I have a product that everybody needed in the forum. I'm mean that I have buyers are already, just produce theFfliptop cover. . Before and after the trip from China, I always in touch with the forum to let the people know that I'm making the molds for fliptop cover.Like I said before, the payment soon to be due for the mold factory. I have an idea so I call the mold factory and told them to take the pictures of all the molds progress so far and I post it on the video game forum so all the people can see the project. So I post the price of the Fliptop cover when it release is $35 plus shipping. But the pre-order sales price is $13+shipping. I posted this announcement to all video games forum. No advertise cost.
The orders start coming in hundred and then thousand. I have more money to pay for the molds and the products as well. I wholesale by the container to US and UK. Later spread to other countries. Just Google the word Fliptop you know what's I'm mean. I even got the video game magazine display my COVER on their magazine for free. Later the Hong Kong copy mine Fliptop, and then 2 more companies from Europe so I sold the company which reside in Orange County, CA.
I use the money and enjoy myself for 5 years without work. I spend time in R& D on the inventions. I hope that I can share some of my experiences to help your invention.

Postby makeworldbetter » Tue Jan 20, 2009 9:59 am

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makeworldbetter
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Location: Silicon Valley
Indeed you are very lucky. You know that people can cheat/remove region code restriction by install a new flash code, no need to replace any case.
But yeah, you know how to start a business, I will give you that. It's not easy to run the whole thing by just yourself. And you have guts to put your own money down for what you believe. A sweet success. Congratulation.

Postby thien63 » Tue Jan 20, 2009 11:12 am

thien63
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Posts: 65
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Luck have nothing to do with this. I already have customers begging to buy these covers. So it's like a walk in the park. No risk taken here. I'm was known to be as " trouble shooter " in the used car business. I solve so any problem that other give up. You have to be in the car business to understand. I used to own 2 car lots very successful for 15 years. But this business demand too much out of my time. I value time more than money. We all gonna die someday and the same way. Live your life as you only have 6 month left. I'm mean do what you like, not to slave for the money. Time is too valuable. Time is priceless.

Lets me get back about you are refer to a modchip on the PS2. How many consumer that know how to flash the chip ? needless install the chip with 42 wires. One wrong move can screw up the PS2. In the US and Europe, it will cost $100 to install the chip, it take time to send PS2 out and get it back. I knew my cover will be success because anybody can install the cover in 10 minutes.

You right about it's very hard to do business by yourself. But with the help of the internet, it help me to speed up my cover business beyond my wildest dream. Since i took so many risk in my life time, So many failures that I can't keep track of anymore. Each time I fail, I gain new experience. For me, failure and success have both POSITIVE impact on me. I just want to share this with you guys, maybe it may help somebody in this forum.

Postby makeworldbetter » Tue Jan 20, 2009 11:26 am

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makeworldbetter
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In my region, I know a Vietnam guy would do re-flashing for $20...
Well, that's here in Silicon valley

Postby thien63 » Tue Jan 20, 2009 4:59 pm

thien63
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Posts: 65
Joined: Mon Mar 10, 2008 9:26 pm
I did check your website, pretty nice, I liked some of your inventions. I will contact you to exchange in ideas.

The cover business is like I'm entering first grade. I make my money and sold the company to one of my wholesale buyer, because 3 other companies copy my cover and it's time for me to graduate to second grade. He still making money at. www.customps2.com . There you can see that I make many see-through covers for PSP, XBOX, XBOX 360.

With just this simple invention of the cover business can bring me million dollars in just 6 months. Imagine, my current inventions will surpass the cover revenue easily.

I always find the buyers first before I produce the product or even patent, once you have the buyers then you are already 80% achieve your goal.

To answer your question, The cost is not in the flash, the soldering to chip to the circuit board is cost $80. We have 90% market versus 10% in modchip. I'm very well known and trustworthy in the video game community . I have seven figures in Paypal account 4 years ago.