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Quick question

DevIncredible

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I've been trying to balance "working", and reading TMF . I started doing what Grimaldo posted in his, "HOW TO Become An IDEA Machine", adding 10 new ideas to a list in notepad... Its helps a lot rather than my previous strategy. I am on chapter 19. From the list I have and the limited money I've got atm, and what I am getting from that chapter, for my FIRST business I should choose something that will generate passive income. Then start other projects, so on and so forth. Is that correct? Obviously, I can assume it would be. Just need a reassurance.
 
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Charnell

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Yes, figure out something you can create or do now that will continue paying for months or years down the line. What skills do you have that allow you to make something that can people want that will provide passive income for months down the line?

I started out writing ebooks, then began outsourcing ebooks from the profits I made from those books. I didn't know how to code, and didn't have the funds to create a physical product, so I started with what I knew how to do: write.
 

MMatt

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Many will first work on building capital. Few businesses have absolutely zero startup investment.

Most work a J.O.B (Just over broke) and save every dime possible while absorbing any and every ounce of entrepreneurial information they can get their hands on.

You can also look into the threads here that teach you how to buy and sell items (flipping, hustling) using craigslist and ebay. If you find a niche or live in a densely populated area this can make some decent money. If your local population is low, craigslist flipping is pretty difficult but ebay provides a larger audience.

If you find a need that happens to require little start up capital then go ahead and dive head first and learn through trial and error and skip all the b.s. that will only slow you down.
 

DevIncredible

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Yes, figure out something you can create or do now that will continue paying for months or years down the line. What skills do you have that allow you to make something that can people want that will provide passive income for months down the line?

I started out writing ebooks, then began outsourcing ebooks from the profits I made from those books. I didn't know how to code, and didn't have the funds to create a physical product, so I started with what I knew how to do: write.
Many will first work on building capital. Few businesses have absolutely zero startup investment.

Most work a J.O.B (Just over broke) and save every dime possible while absorbing any and every ounce of entrepreneurial information they can get their hands on.

You can also look into the threads here that teach you how to buy and sell items (flipping, hustling) using craigslist and ebay. If you find a niche or live in a densely populated area this can make some decent money. If your local population is low, craigslist flipping is pretty difficult but ebay provides a larger audience.

If you find a need that happens to require little start up capital then go ahead and dive head first and learn through trial and error and skip all the b.s. that will only slow you down.
For now, just put the bigger projects at the back of my mind, and hustle to get passive income flowing, correct?
 
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Charnell

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For now, just put the bigger projects at the back of my mind, and hustle to get passive income flowing, correct?
That's what I'm doing. I need a little capitol before I can go full steam ahead. The last thing I want to do is take out a $100k loan and fail.

I also think of it as a safeguard. Say I spend $100k of my own money and fail. I still have that money coming in, and the knowledge to get back to $100k.
 

DevIncredible

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That's what I'm doing. I need a little capitol before I can go full steam ahead. The last thing I want to do is take out a $100k loan and fail.

I also think of it as a safeguard. Say I spend $100k of my own money and fail. I still have that money coming in, and the knowledge to get back to $100k.
Right. I feel like a complete idiot for not realizing this DAYS ago. The last few days I've been just been writing down businesses and evaluating them. I'm trying not to get discourage from setbacks and just keep looking forward. It's all part of the learning process I guess.
 
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MJ DeMarco

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jesseissorude

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...for my FIRST business I should choose something that will generate passive income. Then start other projects, so on and so forth. Is that correct? Obviously, I can assume it would be. Just need a reassurance.

Nonononono.
First, I don't think "passive income" is what you think it is. Real passive income comes from a very mature business that you've built and employed people to automate yourself out of, or from investments that you've set up (we're talking about millions of dollars here, btw).

I think you misread something in the book, because he goes out of his way to say that "4-hr workweeks" and passive income only come about from a LOT of hard work on the front end.

So to answer your question, don't make your decision on business idea based on what you think can be passive for you, because there's no business like that when it starts. None. Choose your idea knowing that for it to succeed, you will have to put a lot of hard work in and out-execute the average guy.

good question though, it's a big mistake a lot of people make, so at least you're seeking out answers from people
 

Andy Black

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Your WHY is about your desires and goals. Sure, have them, but you will succeed when you work out how to help people.
 
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Bila

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For a newbie here, i strongly advice to read MJ articles...the 9 "slap you face lessons" is my favourite, and already read it at least 3 times.
That article is a masterpiece actually ( and i read a lot of business books ) and a must-read for any new entrepreneur
 

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