Thread: Do You Have A Successful Entrepreneurial Premise?

That's a great post! I think it explains what you need to do to create a business of lasting value!

My first business (which was successful) violated some of your rules. I created it solely because I needed the money (credit card bills). I took something I loved and parlayed it into something that made money.

I only planned to have a two-month business (to pay off the bills), instead I've had it for nearly 20 years. It's been successful but the problem I've had is that it is not scalable. It depends on me to be successful. I can't hand out most of the work to others. When I really work the business, I make huge amounts of money. When I slack off, I make none. Feast or famine.

Anyway, that was a really good post. Much rep++ to you!

Great post

You hit the nail on the head once again.

Can't wait for the book

+++ rep speed

Originally Posted by willymo

Great post

You hit the nail on the head once again.

Can't wait for the book

+++ rep speed

I can't wait for it either ... WTF is taking so long ... ha ha

I will make a follow-up thread about how to change your entrepreneurial mindset.

I registered and haven't posted yet..until now. Great post - you've done this before haven't you

Thanks MJ.

I think it is really true what they about Maslows hierarchy of needs if your basic needs are not being met, you'll never be able to focus on the self-actualizing needs...like serving others.

Great post!! Rep speed for you MJ!

Awesome post. I printed this one out and am going to re-read and reference it many more times. Great work. Rep speed +++

MJ, awesome post! i once heard some say, "you will be remembered for 2 things, the problems you solved or the problems you create!"


i agree with you one hundred percent!!! great reminder!!!

I love this thread! MJ is right on the money with this. In fact, the core of the message is even stated in the Bible. Proverbs (written by King Solomon, the wisest and richest man who ever lived) 11:24-25 "One man gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous man will prosper; he who refreshes others will himself be refreshed."

Originally Posted by CACTUSWREN

This definitely needs to be a sticky!

It is...in the general business forum.

Having browsed some of the posts, I can see this site is going to be one of the best I have ever seen. This post is fantastic, full of helpful tips and insights, and I am now filled with idea's on how to make a good business applicable with the people. Thankyou so much!

This is by far some of the best advice I have ever been given. MJ I cant wait till your book comes out, I think its going to change a lot of peoples lives, and you are the epitomy of someone who "practices what they preach".

Speed+ for you, thanks again.

Originally Posted by PhxMJ

I can't wait for it either ... WTF is taking so long ... ha ha

I will make a follow-up thread about how to change your entrepreneurial mindset.

Does anyone (or MJ) know if MJ made this post (the HOW) somewhere and I just missed it? I searched, but didn't find anything....he may not have had time just yet. Thanks!

Agree. Sometimes you forget the fact though. I believe everyone has a selfish side as well as a generous side. Sometimes the selfish side takes over too much. But the market soon detects it and in that situation you either correct it or fall out.

I made that blunder myself as I guess many has discovered already on this forum. I corrected and that is the difference between losers and winners.

Do as PhxMJ so kindly mentions in this thread: Start a business around a real demand. If there is a real demand you can soon hire managers to run things for you. Things will be easier from that point on.

Originally Posted by aptohosting

School Tuition- $80,000 (4 years)
Money spent on books/materials- $6,000
Time wasted in business school - 4 years

Logging and getting the best piece of financial advise free from a multimillionaire...priceless

i'll one-up this... School Tuition- $100k+(5yrs... 2 at expensive engineering school and 3 at state school studying completely different and harder to apply major... German)

Time wasted- 5yrs

Joining these forums, reading, and sharing- priceless

While I feel that my education in itself was a waste, I would not trade the path I have taken in life as there are many winding roads that ultimately take you to where you are going, i.e. say I stayed in engineering and got a "safe-secure" job making $50k out of school... would I have the motivation to go for the next level or would I still be making $50k 10yrs later since it is a "decent" salary. OR say I got a decent translating job in my field(German) making oh $40k/yr and it pays my bills and starts to make a dent in these darn CC's and student loans, what motivation do I have to achieve those dreams of my childhood(owning a Porsche, seeing the whole world, being able to do WHAT I want, WHEN I want)???

now I can use my time more productively and reading this thread is just a reminder of whatever you think you know, there's still so much to learn... obivously I was stuck in the selfish mindset of "do something I like" or "do what I am good at" and everything will fall into place, well unfortunately, I need to think about what those who my financial aspirations are aimed at like and need... otherwise they won't want to give me THEIR money, for my goods/services...

Originally Posted by EricThePilot

I love this thread! MJ is right on the money with this. In fact, the core of the message is even stated in the Bible. Proverbs (written by King Solomon, the wisest and richest man who ever lived) 11:24-25 "One man gives freely, yet gains even more; another withholds unduly, but comes to poverty. A generous man will prosper; he who refreshes others will himself be refreshed."

great quote, but also remember "he helps those who help themselves"... while being generous is a great quality you can be so to a fault and be the victim of those who just want to take advantage of you, at the same time though, being greedy is a sin for a reason and it usually ends up being the undoing of those who are guilty of it!!!