OK so the title sounds a little weird but I think I have a valid question. I've been bouncing around ideas to start an e-business and I'm excited because I'm taking action. But I'm also making sure that the money and time I'm risking is going to be worthwhile.
MJ's post about finding the right entrepreneurial premise is awesome and I love re-reading it. But I think I haven't been able to find a middle ground between that and Tim Ferris' theory of his entire book.
In my own situation, I've realized that finding a need and helping people is the only way to build a worthwhile business that will rake in profits. But I've also realized that every time I brain storm ideas for a business platform, I only come up with businesses that are just self employed jobs that only I can do.
On the other hand, I took in Tim Ferris' theory and I looked into drop shipping and I've found that it is possible to build a passive income business. The problem is that I would be entering mostly a saturated market even if I put a marketing niche on a specific audience. Furthermore, I wouldn't really be solving a need thus I would have a passive business with a small income.
For example, I could sell drop shipped musical supplies. I'm a guitar player and beginning drummer and I have knowledge in this area. I could put a niche in the market for a certain genre/style of music. But in the end, a bunch of other sites could be selling the same products for cheaper and I wouldn't really be solving a problem or need that isn't already being taken care of.
But if I chose to just keep a good entrepreneurial premise and forget about Tim Ferris' theory, I could probably make a large amount of money but it would be completely dependable on myself. If I chose to create or even resell a product, I would responsible for all the orders and shipping. The moment I left for college the business would die and so would all the profits.
As you can see I can't seem to find an e-business model that can solve a need while it not becoming a job. Is there such thing that exists? I realize that e-businesses that sell software are obviously fulfilling a need and are passive, but what about entrepreneurs who aren't able to create their own software and resell it?
MJ's post about finding the right entrepreneurial premise is awesome and I love re-reading it. But I think I haven't been able to find a middle ground between that and Tim Ferris' theory of his entire book.
In my own situation, I've realized that finding a need and helping people is the only way to build a worthwhile business that will rake in profits. But I've also realized that every time I brain storm ideas for a business platform, I only come up with businesses that are just self employed jobs that only I can do.
On the other hand, I took in Tim Ferris' theory and I looked into drop shipping and I've found that it is possible to build a passive income business. The problem is that I would be entering mostly a saturated market even if I put a marketing niche on a specific audience. Furthermore, I wouldn't really be solving a need thus I would have a passive business with a small income.
For example, I could sell drop shipped musical supplies. I'm a guitar player and beginning drummer and I have knowledge in this area. I could put a niche in the market for a certain genre/style of music. But in the end, a bunch of other sites could be selling the same products for cheaper and I wouldn't really be solving a problem or need that isn't already being taken care of.
But if I chose to just keep a good entrepreneurial premise and forget about Tim Ferris' theory, I could probably make a large amount of money but it would be completely dependable on myself. If I chose to create or even resell a product, I would responsible for all the orders and shipping. The moment I left for college the business would die and so would all the profits.
As you can see I can't seem to find an e-business model that can solve a need while it not becoming a job. Is there such thing that exists? I realize that e-businesses that sell software are obviously fulfilling a need and are passive, but what about entrepreneurs who aren't able to create their own software and resell it?
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?
