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Luck is the Intersection of Preparedness and Opportunity: Notes from Gaming Icon Fred Schmidt

Updated: Nov 8, 2023

Fred Schmidt starting in the early days of the gaming industry, rose to the top of the industry and he shares his knowledge and passion for business in his current work in international economic development. His advice for those wanting to start a gaming company, “Don’t quit your day job. It is possible to strike it rich quick, but it is hard to start up unless you get really lucky. Joining an existing company is much easier as you build out your skillset,” commented Fred.

Fred’s advice on being in the right place, and ready for the opportunity: do your research and your homework. Being diligent and persistent will position you for success. Many entrepreneurs quit a good job to work 100 house a week for no pay – you have a dream and it has to drive you.

During the early days, Fred worked on his independent projects while he worked for someone else. That combination of side hustle and day job can be taxing, but it provides both a steady paycheck and a chance to learn about important elements such as budgeting and staffing.

Managing the highs and lows of financing can be a challenge. Winning over potential funders, whether it is a few key players or a crowdsourced avenue, there is no magical answer. And when working on getting funding, you are not working on the product so it has to be a balance.

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