And their value proposition, as even they realized later, was pretty unclear.

We should be charging for it from day 1, or Wait a minute.

How big is this and what's the percentage marketshare realistically you could get?

Not really, because the next thing we want to look at is, what we call the served available market.

Sell, sell, sell.

In other words, how are we going to make money?

So, you're selling costs were embedded here, this was the commission or direct sales costs or whatever you were paying your direct sales people and you made 37 selling directly.

And distributors might sell to dealers. Most dealers are just simply storefronts.

What do you sell?

Now, when companies first started, there were essentially manufacturing concerns and they hired agents, outsiders to be their sales channel, and the first types of companies we had made physical products and therefore, had physical channels salespeople, stores, etc., but with the emergence of the web, we now have web and mobile channels.

You are going to start thinking about, well, if I have a direct sales force, how much can they sell in dollars, or if I'm using an indirect channel, what's realistic number they sell for other customers?

But this is, of course, an optimistic scenario. Let's think of other scenarios.

But remember, our costs were lower.

Sold

PHOTO RELEASE

My dad sells tractors.

We call it a select opportunity .

And the marketing complexity, would simply just say toner for you printer.

This is the PC guy over here.

Our liquor license!

What's so awesome about a queensize futon sale?

This guy is a Bible salesman.

But it wasn't until the mid 1990s with the emergence of the Internet that we were able to distribute physical products through a virtual channel.

So you might be selling hundreds or hundreds of thousands of cases of toners, but you might be doing ten large system integrations a year.

Now what's really interesting is pre 1990s, the only channels to get to a customer was at physical channel.

And so therefore on the x axis, we see increasing complexity of what each channel can actually have.

He's like, you know what, we have to match his prices.

And that's better than what you get out of treasury bonds.

So that's what sell side means.

October is inventory time.

Cell phone salesman.

He could also be a Bible salesman.

In a physical channel, a direct sales force are sales people that work for you directly and typically sell directly to the end user.

By the way, the how many is a classic question, and the answer is it depends.

Really?

Web Telesales, almost no value added. Retail maybe adds a little support.

I'm a salesperson.

I had to break a machine open.

He's going to be selling Nerf footballs.

Cell phone salesman.

Uniform supply company on the internet.

If it turns out you're right, we could sell dealerships now, which sounds crazy.

And then the next question, obviously, is who are they selling ads to?

And they thought their value proposition was going to provide a cheaper way to officially license sports jerseys to a game, eliminate the risk of owning a player whose jersey is traded, and to provide alternatives to purchasing counterfeit jerseys.

And the reason why they're the sell side is because they're always selling you stuff.