Golden Nuggets- Tips, processes, & How To's

shedim · Dec 28, 2013

<div class="bbWrapper"><blockquote data-attributes="member: 5640" data-quote="zend***phin" data-source="post: 320111" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=320111" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-320111">zend***phin said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> learn to answer this one question, and your are on your way to becoming great at pitching.<br /> <br /> its what every ceo, customer, angel investor, boss, girlfriend./boyfriend, ever asks. its the fundamental question in EVERY persons mind.<br /> <br /> learn solve that question for them. and your already rich.<br /> <br /> <img src="/community/imgs/emoticons/em-smile2.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" /><br /> Z </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Absolutely. The most fascinating part is the fact that the fastlane-fundamentals can be applied to so many situations in life, not just those related to economics or business.<br /> <br /> zend***phin, I'm quite interested in your background prior to becoming an entrepreneur. Did you study anything related to economics? How did you acquire all the necessary skills and knowledge needed for entrepreneurship? Books, courses, did you have a mentor?<br /> <br /> I'm currently in the process of learning as much as possible and quite frankly...I kinda feel a little bit overwhelmed because even though my educational background is pretty decent, there are just so many things I don't know and so many skills I still need to acquire...and so little time...<br /> This is why I'm interested in how successful people were like before they became successful. Hope you people get what I mean. I can answer the "<i>What's in it for me?" </i>question easily. The "<i>what comes next"</i>-part is what's usually giving me a headache ;-)<br /> <br /> Sorry if my questions were too private or inappropriate. No offense intended, I'm just genuinely curious.</div>

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100k · Dec 29, 2013

<div class="bbWrapper"><blockquote data-attributes="member: 5640" data-quote="zend***phin" data-source="post: 193437" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=193437" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-193437">zend***phin said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Just another Nugget<br /> <br /> So here is another question I get.<br /> How do i know if the product will be successful.<br /> <br /> While it was talked about in the 4 hr workweek, some people needed to see it in action.<br /> <br /> This is an actual test we ran on a product Idea a friend of mine had. While I said, it may not be worth it, she vehemently disagreed, so I showed her how to run this test, and we did it pretty quick<br /> <br /> in the end she saved months of work, for a product that would not have made her enough money.<br /> <br /> she ended up focusing on something that would and that's why you test. To kill bad ideas fast.<br /> so you can really work on ones that are truly great.<br /> <br /> The Test...<br /> <a href="http://screencast.com/t/ugEnPFCrx27" target="_blank" class="link link--external" rel="nofollow ugc noopener">2011-05-19_2157 - xendolphin's library</a> </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> How can you be 100% sure that its a bad idea though?<br /> <br /> You spent 20 min. on a lander, looks like you used a pre-made theme, did not split testing, not sure if you used a professional copywriter, did not split test your demographic targeting and ads images and copy.<br /> <br /> There are so many variables that gotta be considers.<br /> <br /> I doubt there are many things you can throw up in 20 min. and see 10% Conversion Rate, 1% CTR on FB ads...etc.<br /> But with some testing, those ideas you would throw out as bad could be real winners.<br /> Not saying that was the case with your friend's idea, but I just think you would need more data and testing before ruling out something with so little effort put into the idea.<br /> <br /> Edit: Never mind, OP answered my question in a later post. If you are just trying to find ideas <i>THEN</i> do small tests, but if you are serious about a bigger project then do a more indepth test run or do re-tests until you have enough data and have all the data you need.</div>

DeletedUser2 · Dec 29, 2013

<div class="bbWrapper"><blockquote data-attributes="member: 18860" data-quote="shedim" data-source="post: 321402" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=321402" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-321402">shedim said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> zend***phin, I'm quite interested in your background prior to becoming an entrepreneur. Did you study anything related to economics? How did you acquire all the necessary skills and knowledge needed for entrepreneurship? Books, courses, did you have a mentor? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> I became an entrepreneur when I was 21.<br /> <br /> <br /> when I was 18, the house moved out from under me, and I went to school for a couple semesters. Found that school was too slow for my learning style. I took off, and spent time hitchhiking around the US for a while. (about 18 months ish) stopped and worked where ever. asked a lot of questions. I was totally curious about life, and how people were. I found that we all had a lot in common. I hitched rides with truckers, and people in BMW's I didn't see allot of difference in people with money vs. without money, except in how they thought. it was ALL in the head. I met guys in wheelchairs who ran multimillion dollar empires, and people in great health, slaving away as a dishwasher. <br /> <br /> <br /> once I understood the only difference between rich and poor, was what was in their head, I embarked on living my life the way I wanted to. I hitchhiked up to Alaska, and started working on boats up there.<br /> <br /> I managed to have lots of time to read, on long boat runs. I read everything I could get my hands on. economics, macro theory, interpersonal communication, philosophy, biographies. anything. I realized school didn't do it for me, BUT I was hungry for information. back then, you couldn't Google anything, there was no Google. you had to go to a library, and THINK about how or what you wanted to learn about, and then do research. it was harder to do, BUT that meant you had to be more focused to do it.<br /> <br /> <br /> after I started doing business, I hit wall after wall, I had 2 things. I was curious, and I didn't quit. being curious meant I was always asking other people what they knew, what I needed to know, I asked everyone who was doing what I did. I wasn't afraid of asking questions. or, If I was afraid, I didn't quit, because I was more curious that scared.<br /> <br /> <br /> I had several mentors, and I can say, that mentors shaved between 10 to 15 yrs off my learning curve.<br /> <br /> they kicked my a$$, they questioned me, they pushed me, they held me accountable, they scoffed until I was fed up enough to show them, and they complimented me when I succeeded beyond their expectations.<br /> <br /> <br /> I have had several mentors over the years. if you were to make an investment, in education, get it on YouTube. if you were to make an investment in people. find a mentor you can bring value to and then bring them so much value that they can't afford to let you get away.<br /> <br /> <br /> some mentors I have had, never knew they were mentors. one of the things I did was take people out to lunch. if they ran a business, if they had a cool job I liked, if they did something I thought was interesting, I would pay for lunch, and I would ask them a ton of questions TONS OF QUESTIONS.<br /> <br /> <br /> most people loved it, because I was paying attention to them, and I asked a question about them. and I SHUT UP, and listened.<br /> <br /> <br /> by the way, I was one of those,10 yr to overnight success types. it's a long hard road sometimes. mostly what slows us down are excuses, and other lame reasons. (to many to list) knowing what I know now, I can build a business faster and larger than ever before. <br /> <br /> <br /> <blockquote data-attributes="member: 18860" data-quote="shedim" data-source="post: 321402" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=321402" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-321402">shedim said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> . I can answer the "What's in it for me?" question easily. The "what comes next"-part is what's usually giving me a headache </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> "What's in it for me" answering that. in someone else's head. your trying to figure out what THEY want. what do THEY get what benefit is in it for them, interacting with you.<br /> <br /> <br /> once you answer that question, then the answer is yes or no.<br /> <br /> <br /> the what comes next is goal, vision, process, execution<br /> <br /> <br /> Hope this helped<br /> <br /> <br /> Z</div>

DeletedUser2 · Dec 29, 2013

<div class="bbWrapper"><blockquote data-attributes="member: 12577" data-quote="100k" data-source="post: 321474" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=321474" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-321474">100k said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> How can you be 100% sure that its a bad idea though?<br /> <br /> You spent 20 min. on a lander, looks like you used a pre-made theme, did not split testing, not sure if you used a professional copywriter, did not split test your demographic targeting and ads images and copy.<br /> <br /> There are so many variables that gotta be considers.<br /> <br /> I doubt there are many things you can throw up in 20 min. and see 10% Conversion Rate, 1% CTR on FB ads...etc.<br /> But with some testing, those ideas you would throw out as bad could be real winners.<br /> Not saying that was the case with your friend's idea, but I just think you would need more data and testing before ruling out something with so little effort put into the idea. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> <br /> so bad ideas come to light, when the internal expectation of the entrepreneur comes into contact with market reality.<br /> <br /> the thing is, this person had a belief. her belief would not change just because someone said differently. <br /> her belief, had to come in contact with that market reality.<br /> <br /> yes it was not optimized, yes it there were a ton of variables.<br /> <br /> BUT she believed EVERYONE would want this. I just put her in a position, where she had SOME data.<br /> <br /> and the data spoke volumes more than I could have.<br /> you can argue to be right, here, And I invite you to go ahead and do the idea. have at it. ill celebrate your success!<br /> <br /> but my friend had this moment of Epiphany. even if we had improved it a hundred fold. it would not be enough.<br /> <br /> and not everyone wanted it, as she came to understand.<br /> we did the work ONLY so she could see that real data trumped her internal framework of how the world worked. bad ideas are ones, that are carried too far into a market place before proof kills. it.<br /> <br /> it didn't take very much proof to kill this one.<br /> <br /> Z</div>

100k · Dec 29, 2013

<div class="bbWrapper">Cool. I understand what you are saying. I just feel like someone that might not be good at internet marketing could make a shitty landing page, do wrong demo targeting, use bad ads copy and images and then kill of a good idea that someone else uses and makes a killing.<br /> <br /> <br /> Can you share what sort of metrics you look at to determine quickly if you have a good idea (after testing) and it might just need some more testing (investment in time/split testing etc. different source of traffic or target demo) VS. its a straight up bad idea and there is no need/market for it. Are there anything in particular signs that you should watch out for?<br /> <br /> BTW; thanks for your time and creating this thread. Been soaking in the information all through the night.</div>

DeletedUser2 · Dec 29, 2013

<div class="bbWrapper"><blockquote data-attributes="member: 12577" data-quote="100k" data-source="post: 321498" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=321498" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-321498">100k said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Can you share what sort of metrics you look at to determine quickly if you have a good idea </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> <br /> <a href="http://foreverjobless.com/ev-millionaires-math/" target="_blank" class="link link--external" rel="nofollow ugc noopener">http://foreverjobless.com/ev-millionaires-math/</a><br /> <br /> He did a great job coming up with a metric.<br /> <br /> you will develop your own over time. THATS THE POINT. You developing your own metrics will allow you to choose better, (for you) to make better better faster decisions (for you) and end up making fewer mistakes, <br /> FOR YOU...<br /> <br /> good luck<br /> Z</div>

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Bosstradamus · Dec 31, 2013

<div class="bbWrapper">awesome info!</div>

DeletedUser2 · Jan 1, 2014

<div class="bbWrapper"><b><span style="font-size: 22px"><span style="color: #0000ff">Masterminds, and small like minded groups.</span></span></b><br /> <br /> a true fast track to growing a business is a mastermind. How to find one or in some cases creating one, is a great skill.<br /> <br /> using Skype is great, but here is a model I crafted when I needed something more specific,<br /> <br /> here is a video I did to lay out a HOW to use online tools, like skype, and mindmeister, to create a kick butt mastermind.<br /> <br /> <a href="https://s3.amazonaws.com/tkp.videos/Mind Mapping Masters /mindmapping2.mp4" target="_blank" class="link link--external" rel="nofollow ugc noopener">MInd Mapping Video</a><br /> <br /> this was from 2009.<br /> <br /> if you would like more of this, I have more videos I can post later.<br /> Z<br /> <br /> PS> I made this video as part this site. Mike had approached me for some help. what we ended up doing was epic.<br /> <br /> <a href="http://www.mindmappingmasters.com/" target="_blank" class="link link--external" rel="nofollow ugc noopener">http://www.mindmappingmasters.com/</a> I dont belive you can buy it anymore.<br /> Z</div>

tincho1492 · Jan 1, 2014

<div class="bbWrapper">Amazing! Yesterday I was thinking of creating one in my city. I'm downloading the video now.<br /> <br /> Do you create specific rules to keep everyone accountable and maintain the quality of the group?<br /> <br /> Thanks for sharing!</div>

AndrewNC · Jan 1, 2014

<div class="bbWrapper"><blockquote data-attributes="member: 7174" data-quote="tincho1492" data-source="post: 322273" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=322273" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-322273">tincho1492 said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Do you create specific rules to keep everyone accountable and maintain the quality of the group? </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote>I am part of a mastermind/accountability group of 4 people that was formed 11 months ago. In October, we all moved in and entrepreneur house together in Scottsdale, AZ. Life changing event<br /> <br /> Yes, you form accountability rules. Every Sunday night, we met on Skype (and now we go out for dinner since we are all in the same city). If you missed or were late to a meeting, you faced a punishment. If you make a habit of it, you are out of the group.<br /> <br /> Every week, each member sets their goals for each week. If you do not meet your goals that week, you face a pre-determined punishment (donating $XXX.xx to an anti-charity, clean the apartment for week straight, etc.). The punishments have to hurt to the point where everyone pushes themselves.<br /> <br /> If you don't push yourself, you are out.<br /> <br /> There are different kinds of masterminds. This model works for us. Aside from that main group, I have a Skype chat with everyone involved in publishing (my current business). I have a Skype chat of people I met through my Crowdfunding research for my book. If I have a publishing or crowdfunding question, I ask it in the chat, despite going days or weeks without interaction. <br /> <br /> Hope that helps.</div>

tincho1492 · Jan 2, 2014

<div class="bbWrapper">Yeah. Thank you Andrew.</div>

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GravyBoat · Jan 2, 2014

Progress Thread: EXECUTION - How to Grow an Offline Biz to $20,000/mo, documenting on YouTube
YT: From The Gutter IG: @fromthegutter157 TT: @fromthegutter157 FB: David Stubbers

Chazmania · Feb 6, 2014

<div class="bbWrapper"><blockquote data-attributes="member: 5640" data-quote="zend***phin" data-source="post: 193566" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=193566" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-193566">zend***phin said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Hope that helped illuminate how to buy 300 houses a week </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Uh....holy crap. I'm currently looking for rental property #5 and until I read this I was actually excited about it too. You are the f'n man!</div>

Bosstradamus · Feb 20, 2014

<div class="bbWrapper"><blockquote data-attributes="member: 15934" data-quote="TedM" data-source="post: 309487" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=309487" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-309487">TedM said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> Anyone who is looking to build a business with licensing products, or bringing new products to market...<br /> <br /> Here is a source for ENDLESS amazing products...<br /> <br /> Your local industrial design college. <br /> <br /> They have so many fantastic ideas, that were projects....that the student/designers never really thought of making into a business - of selling.<br /> <br /> Go in, review their old projects, talk to the lecturers...dig in some....offer the school a good % for the IP. And start working.<br /> <br /> I'm focused on another project right now, and I have a couple of my own things I want to do after that [i.e., i haven't done this yet] ....but, having worked for a bit with a lecturer at the local design school in my city...I'm sure this is viable. </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> who would be the person or department to talk to to review old projects?</div>

TedM · Feb 20, 2014

Try...learn....try...learn...

Blueskies4me · Feb 20, 2014

<div class="bbWrapper"><blockquote data-attributes="member: 15990" data-quote="Chazmania" data-source="post: 331780" class="bbCodeBlock bbCodeBlock--expandable bbCodeBlock--quote js-expandWatch"> <div class="bbCodeBlock-title"> <a href="/community/goto/post?id=331780" class="bbCodeBlock-sourceJump" rel="nofollow" data-xf-click="attribution" data-content-selector="#post-331780">Chazmania said:</a> </div> <div class="bbCodeBlock-content"> <div class="bbCodeBlock-expandContent js-expandContent "> I'm currently looking for rental property #5 and until I read this I was actually excited about it too. You are the f'n man! </div> <div class="bbCodeBlock-expandLink js-expandLink"><a role="button" tabindex="0">Click to expand...</a></div> </div> </blockquote><br /> Yeah... Zen definitely worked REI in the fastlane because he was working the economies of scale here. In that day we all were moving a lot of paper which is really all that a tape of bank owned properties is until they get parked in your back yard. In a lot of ways what we did back then and even now is a lot easier than buying one at a time and managing the headaches with being a landlord. Get yourself up high enough the problems down at the individual level will seem a lot smaller. Making a mistake at the individual level can hurt more than at the en mass level because you're talking 1 of 1 instead of 1 of 300.</div>

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KC Dash · Feb 20, 2014

<div class="bbWrapper">This "Golden Nuggets" thread should be officially tagged as a Gold Thread already!</div>

AroundTheWorld · Feb 27, 2014

Be. Do. Have. (In That Order)

MJ DeMarco · Feb 27, 2014

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AroundTheWorld · Feb 27, 2014

Be. Do. Have. (In That Order)

Arnold321 · Mar 1, 2014