Thread: Focusing on the money vs. the idea

I pay for my own health insurance. I have the kind that I pretty much have to pay out of pocket for everything short of treatment of a bad disease or hospitalization.

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Originally Posted by PatrickP

REALLY great video! Thanks for posting.

I think it is a MUST see for nay sayers who use all those negative phrases such as 'How will it scale?' 'Where is your business plan?'

'You can't just come up with an idea and expect it to work.' 'You have no profit' and on and on.

Hope you don't mind but I am sure I will be re-posting this video.

Thanks again Darkside.

BTW, you've probably seen it but there's a part 2 in case anyone didn't realize. I've updated the post to include the second part.

Originally Posted by Darkside

BTW, you've probably seen it but there's a part 2 in case anyone didn't realize. I've updated the post to include the second part.

Thanks for the heads up. Yes indeed I did watch it.

BTW my friend/business partner came over to my house to talk about a possible new business. We took a ride to Daytona Beach. Life is not too bad, drinking a beer, telling him all about your video while watching the young ladies walk by on the sand

Originally Posted by Tony71

Ok so Job security is BS, but what about Health Insurance you get from the job?

I was planning to move to Newport Beach last autumn for a startup which we are doing, but somethings happened which delay the move. One was I was diagnosed with Kidney Disease, now if I didn't have my job and had moved before then I would have paid thousands of $$ out of pocket..

I'm planning to move in the next 2 months, the buisness is about to launch. I'm leaving a well paid job in DC to go to OC
with a few thousands in cash. I figured I need to get myself in an environment which I'm not comfortable in order to make me think sharp and start working on the project to get it off.

The only thing in back of my mind is if I ever need to see a doctor.

It is an issue. I have an auto-immune condition, so I can't get insurance on the open market either.

CA has the preexisting plan, the rates are not bad at all (considering).

PCIP Program - The California Pre-Existing Condition Insurance Plan (PCIP)

Sue

Originally Posted by biophase

It sounds still like you are not commited. If you were you would not be worrying about where you are in your career five years from now.

True... But doesn't a person need a plan B, in case plan A doesn't work out? What if I don't get a successful business, and stand there 7 years later with no income and no career?

Originally Posted by socaldude

1. Its OK to have a job while working a Fastlane business BUT you are going to have to dump it to go full time.

2. It shouldn't take five years to know if a business is going to work out or not. The market will tell you if your product or service is worthy of their money. Either the consumers want it or they don't it shouldn't take a long ass time to figure that out.

Absolutely! I will definitely dump the job once I see some traction in my business. That is the whole plan :-)

Originally Posted by socaldude

3. STOP being "afraid of being left behind". Entrepreneurship is not a race. Who cares if your buddies make big money, it doesn't make them any better or superior. I would suggest to celebrate other people's success. Put a smile on your face next time you hear about some guy selling his business for millions, it will make it easier for you to move ahead in your journey to becoming successful TRUST ME. You are important and adequate regardless of your financial status.

I have to explain this part a bit.. Being afraid of being "left behind" is only one piece of the equation. And you are right. I will look into myself next time I get that feeling. Thanks so much for pointing that out.

I just want to clarify that even though a part of me gets "scared of being left behind" when my friends are successful, overall I am very happy when my friends achieve it. I always help my friends reach their goals, regardless of the "fears" I have inside. First of all, I like my friends, and I get joy from them being successful. When I read about my friends selling their business, I felt great joy in my body - it was surreal, and really woke me up to the reality that it is possible, and I was very happy for them. The other thing is, the more successful my friends are, the more chances of me being successful as well because they can for example act as mentors to me, work with me, or connect me to their contacts.

"Being left behind" isn't the main fear though. The main fear is that if I dump a potential career to pursue a business, then a few years later I may realize that I made a terrible mistake and that I have nothing instead - neither a career nor a business.

Originally Posted by socaldude

I go to an event in orange county every saturday called: Cars and Coffee. and let me tell you. all these guys that have these exotics: lamborghinis, ferraris, porsche, bugatti. NOT ONE has a job. They are all in their 20s and 30s. Hell one of them was an attorney turned real estate developer working at a prestigious law firm making 150k straight from college and HE QUIT HIS JOB because he didn't "want to spend the rest of his life behind a desk". Many many many entrepreneurs quit high paying jobs to pursue self employment, i hope that makes you feel better.

Yes it does make me feel better :-)

Originally Posted by socaldude

Does this make sense: "i bought a lambo cause i got a great promotion" or "i bought a mansion cause i got a 3% raise equivalent to inflation" or "'i'm rich cause I clung to job security". NOPE IT DOESN'T.

This makes sense: "i bought a lambo cause i quit my damn job and worked my ass off to build a multi million dollar company that gives satisfied consumers what they want or need. I give them their moneys worth in the form of a product or service and they hand over the money which ends up in my bank account, and i do this on a massive scale."

Wow.... Great. Thanks. You are absolutely right...

My fear, again, though is that how many people did NOT become successful, and instead ended up having to work in a CRAPPY job instead of the "fairly OK" job that they quit to pursue their dreams? That's what I'm afraid of.. But I'm not sure if you can help me there - it's just a risk that I have to accept and take.

The approach I'm trying now, though, is to pursue the "business" at the side, then if I see traction, quit my job. I'm thinking that's the way to achieve the dream while minimizing risk, even if it it may take more time to reach the end goal then.

(I'm just "typing out loud" here so feel free to tell me if you think my thinking isn't straight.. :-) )

Originally Posted by PatrickP

I think it is the PURE HATE for what you are doing now which makes the fear of starting a new business, fall by the wayside.

If I ever meet up with my last boss I will kiss her feet, ok well at least give her a HUGE hug. It was a pure and unfettered hate for her actions which made me work so hard and forget about the fear in starting my business.

LOL thanks for sharing that :-)

Ok didn't have time to comment on the rest today but will read and comment on the remainder next time I'm in :-) And watch that video from Darkside.

Originally Posted by MJDeMarco

This is a very telling, and powerful statement. The secret to great monetary wealth is exposed right there. This is how I found it. Go to any exotic car gathering with expensive cars and you'll be hard pressed to find ANYONE with a job. Nope, they're all entrepreneurs and athletes -- once in awhile you'll find a high-priced plastic surgeon or attorney.

Yachts are the same way. My girlfriend's mom is a hardcore slowlaner. I mentioned that I would like to have a yacht and she asks me what kind of job will pay for that? In a demeaning ridiculous way as if yachts don't exist and no one can buy one. I said people that have jobs work for someone else they do not have yachts.

Sometimes slowlaners are impossible because then she asked me how in the world I was going to start my own business. As if she isnt employed by someone who owns a business and no one can own them... No use, shes beyond talking to.

This is helpful!

Thank you,

Tony

Originally Posted by BeingChewsie

It is an issue. I have an auto-immune condition, so I can't get insurance on the open market either.

CA has the preexisting plan, the rates are not bad at all (considering).

PCIP Program - The California Pre-Existing Condition Insurance Plan (PCIP)

Sue

Originally Posted by Tony71

Ok so Job security is BS, but what about Health Insurance you get from the job?

I was planning to move to Newport Beach last autumn for a startup which we are doing, but somethings happened which delay the move. One was I was diagnosed with Kidney Disease, now if I didn't have my job and had moved before then I would have paid thousands of $$ out of pocket.. I'm planning to move in the next 2 months, the buisness is about to launch. I'm leaving a well paid job in DC to go to OC with a few thousands in cash. I figured I need to get myself in an environment which I'm not comfortable in order to make me think sharp and start working on the project to get it off.

The only thing in back of my mind is if I ever need to see a doctor.

This is a big problem with the U.S. entrepreneurial landscape. They have a term for this...it is called "Job Lock." People who are looking to start a business, but simply aren't very healthy. People who are married who's spouse has adequate coverage will be better off or moonlighting, if single, in this respect.

If a person can't convince another on entrepreneurship (or anything else for that matter), one reason may be that they lack the sales ability to sell that particular idea. Lack of understanding is not always on the one being sold.

Originally Posted by YelmisPravida

True... But doesn't a person need a plan B, in case plan A doesn't work out? What if I don't get a successful business, and stand there 7 years later with no income and no career?

7 years later you will be amazed at what skills you have acquired by starting a business. I will bet that you won't have any problem finding a job if you had to.

OP is correct in saying that picking something you'd really like to see realised in real life is much more fun then going for the money alone. It's called your WHY and for some of us it's the only thing that'll motivate us.

One thing that "gave" OP "away" is:

"I will not have progressed my career..."

Life-long employees talk like that. There's no such thing as "career". Many people have died unfulfilled and regretful because they were building and maintaining their "career" their entire life instead of doing what they wanted.

Originally Posted by YelmisPravida

What if I don't get a successful business, and stand there 7 years later with no income and no career?

What if the company you work for folds or moves overseas in 7 years and you can't find another job? or you find another job and in 10 years that company folds? Depending on a job for security in the world we live in now is like playing Russian Roulette.

You are holding on to a security blanket that doesn't actually exist. The only security that exists is the security you create for yourself. That will never be found by working for someone else.

Sue

There is a reason people choose to work for someone else. That reason is that some people feel more secure with their hand held. I need employees so it doesnt bother me.

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Job and Security don't belong in the same sentence. If you get to the point where you're an corporate executive then you're guaranteed a fat severance if you're canned otherwise you're on your own. I work in for a company that has been taken over 4 times in 4 different mergers over the past 5 years and I've seen high level VPs who thought they ran shit getting run out of town within days of the merger so there you have it. The only security is owning your own profitable business.

Originally Posted by 911Carrera

Job and Security don't belong in the same sentence. If you get to the point where you're an corporate executive then you're guaranteed a fat severance if you're canned otherwise you're on your own. I work in for a company that has been taken over 4 times in 4 different mergers over the past 5 years and I've seen high level VPs who thought they ran shit getting run out of town within days of the merger so there you have it. The only security is owning your own profitable business.

Exactly! And, when you own your own business you can see when things start to go wrong before anyone else which enables you to plan ahead. If you're an employee and the company that you work for is having financial issues, you won't know about it until they start firing people, which is a much more insecure situation.

Originally Posted by YelmisPravida

So basically, instead of thinking "I want to earn X amount of money - is choice A or choice B going to lead me there?", it is better to pick a specific idea that you want to realize, and think: "How can I organize my life (realistically) to best achieve this idea?"

I feel that this realization has been a strong shift in my thinking. I have several ideas in my head, and I should simply pick one that I believe in, and organize my life around realizing it. If it fails, it fails and then I can pick another idea that I am excited in. But focusing on (and getting excited about) specific projects seems like a more productive way to spend your energy, than to focus on a generic goal like "I want to earn X amount of money" which doesn't naturally lead to any specific action.

I'd say your realization is a step in the right direction, but you've got one more step left.

Focus on creating wealth in you! You get wealthy when you have the habits, thought patterns and actions of a wealthy person. What happens when a wealthy person loses all their money, like Trump? ... they just re-create it again, because they have all the tools already inside them.

So in this way it doesn't matter at all whether you are in a job or building your own business, the point is are you growing your skill set, and capabilities towards being financially powerful and free?

Work on you, choose directions based on your goal, don't make money the goal, because it really isn't. The goal is to focus 100% on the process of you being a wealthy person, then there is no way you can fail.

Every choice you make then becomes, either this step is helping me BE a wealthy person, with the skills of creating wealth, or this step is helping me become a better couch potato... those really are the only two choices in every decision you make regarding work or business.

I quit my job 7 months ago. I will never go back, but let me tell you it's not an easy road.