I've been re-reading TMF over the past week or so (I'm taking it slow... getting so much more out of it this time), and I was really struck by the section on MAGNITUDE.
We talk a lot on the forum about SCALE, which is a really important part of getting a Fastlane business going, but sometimes people overlook the magnitude of their ideas.
I was just reading about this social network that has managed to get $60 million in funding. It's a social networking site that has private networks for neighbors (not quite sure how I feel about knowing my neighbors better...lol). Imagine the magnitude potential that this website has. Creating a private space where people on a certain street can get to know each other better in a comfortable online space. If it works, it might actually have the power to "change" our communities in a good way.
Anyhow, I was just thinking about how we tend to think of magnitude in terms of the "price we can charge", and maximizing it, instead of thinking about the end effect we will have on our customer, and maximizing that. It all comes around again to that pesky "need" - which is what we need to make sure that we don't lose focus of.
If you've got an idea, and you can't think of how it is actually, legitimately, going to make your customer's life BETTER in a fairly big sense, then it lacks magnitude, even if it has scale.
Thanks, MJ!
We talk a lot on the forum about SCALE, which is a really important part of getting a Fastlane business going, but sometimes people overlook the magnitude of their ideas.
I was just reading about this social network that has managed to get $60 million in funding. It's a social networking site that has private networks for neighbors (not quite sure how I feel about knowing my neighbors better...lol). Imagine the magnitude potential that this website has. Creating a private space where people on a certain street can get to know each other better in a comfortable online space. If it works, it might actually have the power to "change" our communities in a good way.
Anyhow, I was just thinking about how we tend to think of magnitude in terms of the "price we can charge", and maximizing it, instead of thinking about the end effect we will have on our customer, and maximizing that. It all comes around again to that pesky "need" - which is what we need to make sure that we don't lose focus of.
If you've got an idea, and you can't think of how it is actually, legitimately, going to make your customer's life BETTER in a fairly big sense, then it lacks magnitude, even if it has scale.
Thanks, MJ!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
