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My problem with Millionaire Fastlane is ...

Idea threads

ad13380

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... a bit of a clickbaity title, it's not a problem with MF specifically as much as it is with all self help finance books:

They all tell you that the most fundamental part of becoming wealthy is starting a business, and will even give you some good principles and guidelines - but that's where they stop. You'll have to figure out the remaining 99% of it yourself. So arguably the most crucial part, and you get the least help. And from the number of threads titled "How do I come up with a business idea? ... Would x work?" I get the feeling I'm not the only one who thinks this.

And that's fine. I wouldn't expect a book to tell me what business I should start - not least because it has no idea who I am or what the current economy is like.

But whenever I am trying to create something new, or gain a new skillset, I tend to enroll in a bootcamp of some sort. And I've been in a fair few - coding bootcamps, youtube bootcamps even dating bootcamps to name a few. And as with reading these books, one of the benefits you get from a bootcamp is a teacher to help guide you through the process. But by far the biggest benefit you get from bootcamps, which you don't get from books, is examples.

E.g. during my youtube bootcamp, there was a session on picking your niche: it was pretty generic advice that I'd heard before. But when I started talking to the rest of my cohort, some newbies like me, some with 1000 subs, some with 10,000 - seeing the different ones they picked, what their rationale was, what their different perspectives on it were - only then did things actually start to click

And that's what I think is missing with these books. I need to see examples - and I don't mean Elon Musk or Kylie Jenner. I need examples of people who are just like me, but maybe a few steps head. I know there are a few posts on these forums, but rarely are there any specifics. So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle.

So if anyone is still reading at this point. Would you be interested in that? Do you think it would be useful? The stories are out there, but they're often spread across multiple blogposts/podcasts/IG highlights. The value I provide is finding them, weaving them into a cohesive story and presenting them all in one place. Would love to hear your thoughts!
 
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SC87Dominik

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I haven’t done many boot camps personally, but I can reassure you that there are others at a similar stage to where you are, including myself.

There’s a boundary layer of consumption and creation and we are meddling in that purgatory of blessed and cursed overthinking.

The advice I give to myself is patience and peace in knowing that this is part of the process that would have happened anyways, we are just at this point now. We are living the journey and we are living life knowing that the journey will eventually reveal results.

I would be interested to see what kind of content is produced to people at this stage of the journey.
 

Practic

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... a bit of a clickbaity title, it's not a problem with MF specifically as much as it is with all self help finance books:

They all tell you that the most fundamental part of becoming wealthy is starting a business, and will even give you some good principles and guidelines - but that's where they stop. You'll have to figure out the remaining 99% of it yourself. So arguably the most crucial part, and you get the least help. And from the number of threads titled "How do I come up with a business idea? ... Would x work?" I get the feeling I'm not the only one who thinks this.

And that's fine. I wouldn't expect a book to tell me what business I should start - not least because it has no idea who I am or what the current economy is like.

But whenever I am trying to create something new, or gain a new skillset, I tend to enroll in a bootcamp of some sort. And I've been in a fair few - coding bootcamps, youtube bootcamps even dating bootcamps to name a few. And as with reading these books, one of the benefits you get from a bootcamp is a teacher to help guide you through the process. But by far the biggest benefit you get from bootcamps, which you don't get from books, is examples.

E.g. during my youtube bootcamp, there was a session on picking your niche: it was pretty generic advice that I'd heard before. But when I started talking to the rest of my cohort, some newbies like me, some with 1000 subs, some with 10,000 - seeing the different ones they picked, what their rationale was, what their different perspectives on it were - only then did things actually start to click

And that's what I think is missing with these books. I need to see examples - and I don't mean Elon Musk or Kylie Jenner. I need examples of people who are just like me, but maybe a few steps head. I know there are a few posts on these forums, but rarely are there any specifics. So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle.

So if anyone is still reading at this point. Would you be interested in that? Do you think it would be useful? The stories are out there, but they're often spread across multiple blogposts/podcasts/IG highlights. The value I provide is finding them, weaving them into a cohesive story and presenting them all in one place. Would love to hear your thoughts!
"So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle."

All processes are cyclical in nature. Rich Dad's stories are related to booming cycle in real estate MJ' stories relate to booming web development industry. Now we are in different phases of these cycles, so it is highly unlikely that someone will be able to repeat these successes in these industries, while it is possible that people will find new growing industries and trends.
 

ad13380

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"So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle."

All processes are cyclical in nature. Rich Dad's stories are related to booming cycle in real estate MJ' stories relate to booming web development industry. Now we are in different phases of these cycles, so it is highly unlikely that someone will be able to repeat these successes in these industries, while it is possible that people will find new growing industries and trends.
I think you misunderstand - I'm not talking about MJ's specific story - I'm talking about the stories of people in general who read MJ's books and are now the early stages of starting their fastlane business. People read Rich Dad and Fastlane every day and there are new stories all the time
 
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Practic

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I think you misunderstand - I'm not talking about MJ's specific story - I'm talking about the stories of people in general who read MJ's books and are now the early stages of starting their fastlane business. People read Rich Dad and Fastlane every day and there are new stories all the time
Majority of readers of these books are trying to copy the successes of the authors. Many readers of RK's books are trying to do business in real estate. If you read many posts on this forum you will discover that many people want to follow MJ's road to success.

There are new opportunities ahead, but they will need a new approaches to be invented.
 

Jobless

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May be interesting, but I am not sure if it will be very useful. The umbrella of 'business' is about as wide as the field of 'science.' You can find many interesting stories on scientific discoveries, but are they going to be useful in a major way to most of the audience?

If you want to do it, focus specifically on one industry or rather one specific methodology, such as the concept of fastlane entrepreneurship and what this entails in practice according to a defined framework. People listen to stories, but they derive lessons from the patterns in stories/examples. What is the pattern you are going to convey?
 

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And that's what I think is missing with these books. I need to see examples - and I don't mean Elon Musk or Kylie Jenner. I need examples of people who are just like me, but maybe a few steps head. I know there are a few posts on these forums, but rarely are there any specifics. So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle.

So if anyone is still reading at this point. Would you be interested in that? Do you think it would be useful? The stories are out there, but they're often spread across multiple blogposts/podcasts/IG highlights. The value I provide is finding them, weaving them into a cohesive story and presenting them all in one place. Would love to hear your thoughts!

Yes, if there's a youtube channel or blog like that, I would sub. I face the same exact situation. This whole "how do I come up with X business idea" and "what do I sell" seems to be a skill that you either have or don't, and can't really be taught. It's either you "clicked" at some point in your life or never. This is a trait.

Some people ("The Idea Kings") can just look like mundane objects like spoons and go "hey, I found a problem for spoons and a solution to fix that!", or they look at a piece of blank paper and go "Oh! There's a Need in the paper industry and I know how to fill that Need!"

Or they're eating lunch halfway, sees a bird flying some distance away, their minds snap, and they have a million-dollar idea "Ah! The avian industry needs X product, I've an inspiration!"

Another thing I've noticed is, some type of entrepreneurs ("The Data Gods") are really good at analyzing data (the dropshippers who make bank). They are naturally good at tools like JungleScout, and when they look at spreadsheets of product data, they can instantly pinpoint (usually with high success) which products will sell and which don't, and next thing they do, they find a manufacturer and the rest is history.

This is something that's not being written about. When people like me try to "think" about what need to fill or what problem to solve, the mind goes blank. Maybe we're not living life enough? LOL This is THE MISSING LINK in some of us like myself. We need examples, spammed into our minds DAILY, on idea generation.

Not the Elon Musk/Kylie type, like you said, because those guys belong to another category ("The Celebrity / The Content King") : they already have an audience and then sell a product to that audience. Kylie can sell power drills or detergents and still become a billionaire.

Many folks don't belong to these types. For me, I'm poor at analyzing data or product idea generation, my only strength is making something look good (aka visual appeal) lol
 
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heavy_industry

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They all tell you that the most fundamental part of becoming wealthy is starting a business, and will even give you some good principles and guidelines - but that's where they stop. You'll have to figure out the remaining 99% of it yourself.
A quality business book teaches you the right way to approach things and the core principles of success, which is 80% of the battle.

It's up to to come up with the vision, strategy and execution. And it's up to you to learn the domain-specific knowledge and skills required for your particular situation.

Entrepreneurs are not followers, they are the leaders. We create our own path in life and do what we want. This often includes venturing into unexplored territory - that's where the money is.

As soon as the path becomes clear, easy to understand, and accessible for the average person, it gets flooded and stops being profitable. That's why Entry is one of the commandments in CENTS.

If you need someone to hold your hand and like being told what to do, you can get a job.
 

Blu H

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... a bit of a clickbaity title, it's not a problem with MF specifically as much as it is with all self help finance books:

They all tell you that the most fundamental part of becoming wealthy is starting a business, and will even give you some good principles and guidelines - but that's where they stop. You'll have to figure out the remaining 99% of it yourself. So arguably the most crucial part, and you get the least help. And from the number of threads titled "How do I come up with a business idea? ... Would x work?" I get the feeling I'm not the only one who thinks this.

And that's fine. I wouldn't expect a book to tell me what business I should start - not least because it has no idea who I am or what the current economy is like.

But whenever I am trying to create something new, or gain a new skillset, I tend to enroll in a bootcamp of some sort. And I've been in a fair few - coding bootcamps, youtube bootcamps even dating bootcamps to name a few. And as with reading these books, one of the benefits you get from a bootcamp is a teacher to help guide you through the process. But by far the biggest benefit you get from bootcamps, which you don't get from books, is examples.

E.g. during my youtube bootcamp, there was a session on picking your niche: it was pretty generic advice that I'd heard before. But when I started talking to the rest of my cohort, some newbies like me, some with 1000 subs, some with 10,000 - seeing the different ones they picked, what their rationale was, what their different perspectives on it were - only then did things actually start to click

And that's what I think is missing with these books. I need to see examples - and I don't mean Elon Musk or Kylie Jenner. I need examples of people who are just like me, but maybe a few steps head. I know there are a few posts on these forums, but rarely are there any specifics. So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle.

So if anyone is still reading at this point. Would you be interested in that? Do you think it would be useful? The stories are out there, but they're often spread across multiple blogposts/podcasts/IG highlights. The value I provide is finding them, weaving them into a cohesive story and presenting them all in one place. Would love to hear your thoughts!
My man sounds like you got an execution road block! Don't forget that MJ had about 5-6 failed businesses before He hit it Big!

It ain't easy to turn it around, which is why MJ mentioned that an FTE is primordial! The going to school 5 Days a week 14-17 years is indeed insidious!

Myself read MFL back in 2018 for the first time... but still in the Paycheque to paycheque cycle... yet I got Copywriting & selling experience so that aspect gives me 0 anxiety... which is a complete 180 for most people! Go figure!

Like MJ mentioned I believe it's all about adjustments, Time & Grind! Execution can only take place on the field... so if you're ready to step on it... just Go! You'll fail... but you'll learn more than any book will ever teach you!

Myself I got to reframe my thinking just to make it out of the Sidewalk... and onto the field... so it might not look like it... but you're so far ahead from many people already!!
 

Kevin88660

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... a bit of a clickbaity title, it's not a problem with MF specifically as much as it is with all self help finance books:

They all tell you that the most fundamental part of becoming wealthy is starting a business, and will even give you some good principles and guidelines - but that's where they stop. You'll have to figure out the remaining 99% of it yourself. So arguably the most crucial part, and you get the least help. And from the number of threads titled "How do I come up with a business idea? ... Would x work?" I get the feeling I'm not the only one who thinks this.

And that's fine. I wouldn't expect a book to tell me what business I should start - not least because it has no idea who I am or what the current economy is like.

But whenever I am trying to create something new, or gain a new skillset, I tend to enroll in a bootcamp of some sort. And I've been in a fair few - coding bootcamps, youtube bootcamps even dating bootcamps to name a few. And as with reading these books, one of the benefits you get from a bootcamp is a teacher to help guide you through the process. But by far the biggest benefit you get from bootcamps, which you don't get from books, is examples.

E.g. during my youtube bootcamp, there was a session on picking your niche: it was pretty generic advice that I'd heard before. But when I started talking to the rest of my cohort, some newbies like me, some with 1000 subs, some with 10,000 - seeing the different ones they picked, what their rationale was, what their different perspectives on it were - only then did things actually start to click

And that's what I think is missing with these books. I need to see examples - and I don't mean Elon Musk or Kylie Jenner. I need examples of people who are just like me, but maybe a few steps head. I know there are a few posts on these forums, but rarely are there any specifics. So I'm actually thinking of starting a youtube channel that documents and discusses examples of people who have read MF (or 4 hour, or Rich Dad etc..) and have actually executed on a viable side hustle.

So if anyone is still reading at this point. Would you be interested in that? Do you think it would be useful? The stories are out there, but they're often spread across multiple blogposts/podcasts/IG highlights. The value I provide is finding them, weaving them into a cohesive story and presenting them all in one place. Would love to hear your thoughts!
You can find these stories in social media. Plenty of them.

Youtube and medium.

Microconf on youtube focus on saas business.
 
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Edgar King

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Yes, if there's a youtube channel or blog like that, I would sub. I face the same exact situation. This whole "how do I come up with X business idea" and "what do I sell" seems to be a skill that you either have or don't, and can't really be taught. It's either you "clicked" at some point in your life or never. This is a trait.

Some people ("The Idea Kings") can just look like mundane objects like spoons and go "hey, I found a problem for spoons and a solution to fix that!", or they look at a piece of blank paper and go "Oh! There's a Need in the paper industry and I know how to fill that Need!"

Or they're eating lunch halfway, sees a bird flying some distance away, their minds snap, and they have a million-dollar idea "Ah! The avian industry needs X product, I've an inspiration!"

Another thing I've noticed is, some type of entrepreneurs ("The Data Gods") are really good at analyzing data (the dropshippers who make bank). They are naturally good at tools like JungleScout, and when they look at spreadsheets of product data, they can instantly pinpoint (usually with high success) which products will sell and which don't, and next thing they do, they find a manufacturer and the rest is history.

This is something that's not being written about. When people like me try to "think" about what need to fill or what problem to solve, the mind goes blank. Maybe we're not living life enough? LOL This is THE MISSING LINK in some of us like myself. We need examples, spammed into our minds DAILY, on idea generation.

Not the Elon Musk/Kylie type, like you said, because those guys belong to another category ("The Celebrity / The Content King") : they already have an audience and then sell a product to that audience. Kylie can sell power drills or detergents and still become a billionaire.

Many folks don't belong to these types. For me, I'm poor at analyzing data or product idea generation, my only strength is making something look good (aka visual appeal) lol
I have to agree that for some people, finding a need can be insanely hard haha (myself included, I probably wrote like 3 threads on how to do it after looking through tons and tons of business stories that follow solving a need in a similar Fastlane lens).


Some of these stories are here in the forum in the Gold and Notable sections. For example,


So I definitely see the value in such a channel if it finds these kinds of people who have used the CENTS framework to make it work. That said, I think finding a need is learnable rather than just an inherent trait, I mean even if you're bad at finishing, you've just gotta let down your line long enough for something to bite. You may even only need to find one need once in your life time start the journey.

When I had an "I'm done moment" and really "listened" to my body as I went throughout my day and remembered frustrating events in my life, that's when it "clicked" and I started working on solving a need.

You've just got to get started taking pictures anyhow you can rather than waiting for the perfect photograph. The first need I had was for making bread easier to tie, when I tested that out and found nobody actually had this problem, I tried again and eventually found a need that I think many relate to. I took photograph after photograph until I found something that was a little better.

Unfortunately/fortunately, finding that frustrating event in my life was like finding gold. It takes a lot for an event to make me really mad and even then, I mostly allow myself to forget these events, thus these events can be so far and few between.

Then again, you only need to find one need.

The best way I've found (because it's the only way I've found and it helps to make you passionate about the process) is to scratch your own itch.
 

Practic

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Yes, if there's a youtube channel or blog like that, I would sub. I face the same exact situation. This whole "how do I come up with X business idea" and "what do I sell" seems to be a skill that you either have or don't, and can't really be taught. It's either you "clicked" at some point in your life or never. This is a trait.

Some people ("The Idea Kings") can just look like mundane objects like spoons and go "hey, I found a problem for spoons and a solution to fix that!", or they look at a piece of blank paper and go "Oh! There's a Need in the paper industry and I know how to fill that Need!"

Or they're eating lunch halfway, sees a bird flying some distance away, their minds snap, and they have a million-dollar idea "Ah! The avian industry needs X product, I've an inspiration!"

Another thing I've noticed is, some type of entrepreneurs ("The Data Gods") are really good at analyzing data (the dropshippers who make bank). They are naturally good at tools like JungleScout, and when they look at spreadsheets of product data, they can instantly pinpoint (usually with high success) which products will sell and which don't, and next thing they do, they find a manufacturer and the rest is history.

This is something that's not being written about. When people like me try to "think" about what need to fill or what problem to solve, the mind goes blank. Maybe we're not living life enough? LOL This is THE MISSING LINK in some of us like myself. We need examples, spammed into our minds DAILY, on idea generation.

Not the Elon Musk/Kylie type, like you said, because those guys belong to another category ("The Celebrity / The Content King") : they already have an audience and then sell a product to that audience. Kylie can sell power drills or detergents and still become a billionaire.

Many folks don't belong to these types. For me, I'm poor at analyzing data or product idea generation, my only strength is making something look good (aka visual appeal) lol
"I'm poor at analyzing data or product idea generation, my only strength is making something look good (aka visual appeal) lol"

Why not partner with people who have strong skills in analyzing data or product idea generation? It will create strong synergies.

There are many introverted people on this forum.
 

ad13380

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You can find these stories in social media. Plenty of them.

Youtube and medium.

Microconf on youtube focus on saas business.
I think my disagreement with some of the replies here is that I'm not talking about "any business anyone started ever". I'm talking specifically about side hustles average people started to gain financial freedom.

Starting a saas business is not just some "side hustle" and it definitely doesn't run itself (i'm worked as a software engineer in several startups - the cofounders were anything but free)
 
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Check out the book "Tiny Business, Big Money" by Elaine Pofeldt

At least 1 user from this forum is mentioned in that book and it's essentially a book filled with dozens of examples of average businesses started by various entrepreneurs.

My biggest criticism of the book is that it lacks any kind of real substance regarding entrepreneurship (which you get from books like Millionaire Fastlane ) but I can certainly praise it for being a book of examples of what other people have done, and how.

I think it's probably exactly what you're looking for.
 

Andreas Thiel

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... Starting a saas business is not just some "side hustle" and it definitely doesn't run itself (i'm worked as a software engineer in several startups - the cofounders were anything but free)
Kk. Passive income money chaser ... hasn't read or doesn't like the bitter pills in the book ... probably only read a summary of TMF .

Or do you remember reading about the role of liquidation events?
 

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I am fortunate to be at a different stage and no longer require a “side-hustle”. But allow me to weigh in…

Since closing the office for the holidays, I’ve been in a contemplative mood. I’m reading a lot and it prompts me to think and reflect. I had a thought: ”why so many people on this forum seem to struggle so much? What could I post to help some get started and succeed?” … So your thread is very interesting, as it’s been swirling in my head.

Short answer: even if I didn’t have a business, I don’t want to watch YT like that. I think @heavy_industry nailed it. Allow me to add to that post.

20+ years ago I attempted my first business. It failed before it got launched, so did the next one and the one after. I knew nothing but I never seemed to lack “ideas” either.

Reading books did not appeal to me back then, I had enough “textbooks” to read to get my formal education. Yet there was that itch, one way or another I saw myself as a businessman. No matter the path, I felt it was something I was meant to do. I don’t think we are on this planet for no reason (plenty will disagree). And as @Kak pointed out on his show - entrepreneurship is a calling.

The question then becomes, if I could travel back in time to my early 20s… what would I do and how?

Honestly, I can’t say. I don’t know! The difference is that my confidence in being able to execute is off the charts today. I know how I’d go about raising capital, hiring technical experience, forming JVs, finding deals, handling sales, copy, marketing and even legal. I have developed grit. There is no quit in me left because I learned entrepreneurship is carving a new path, a path that requires tinkering and patience while being in a hurry. That kind of mindset I did not have in my 20s. It is not just experience, it is a deep rooted understanding of certain facts.

Just off the top of my head (note, it’s something I am spitballing same way I’d do in person…):
  1. Mindset: when you are in a good mood, you see more good around you. Having the right mindset means you’ll see the inconveniences and create businesses.
  2. 1% daily improvement beats big fancy moves once a year. Just start on something and then tinker until it works.
  3. Books and courses are not meant to give you direct answers. Even if you learn nothing from a book (can’t imagine that being true), your way of thinking will change. That is worth it.
  4. Just because something needs doing, doesn’t mean it is you who should be doing it. Take on partners, employees, contractors, monkeys and whomever you can to make it work.
  5. Some people aren’t entrepreneurs. Chasing riches does not qualify as a good enough reason to be one.
  6. Long term thinking helps with better short term decisions. For example, if I started an Amazon retail sales business today, it would help me learn more about running a business than any MBA ever could.
  7. Ideas are worthless. There are too many and not enough time to try even a fraction of them.
  8. Any business sufficiently improved can be “Fastlane”. Simple math: say you make $100k p.a. salary and Bobby makes $100k in his business. Business can trade for a multiple of 2x to 6x for small and Tesla is an extreme example of a crazy multiple. Point being, Bobby is worth the 2x to 6x of the $100k his business makes. It does not take long for the math to get to “Fastlane”. (Note: this only works if business is not dependent on you, so I exclude copywriting etc.).

While I don’t know what I’d start or do if could travel back in time… I do know I would not need to watch YT side-hustle videos. Why? Because I think that buying something on Craigslist and finding a way to re-sell it at a profit is better use of my time. Travelling back in time, I’d know that action > content consumption. Dwelling on “what action” is not productive either.

Anything that can take $1 and turn it into $2 for you, do that. Learn from your success and failure, you’ll have both.

Example for illustration:

Today I decided to clean my roof, deck and driveway. Business ideas I saw just from that:
  • Getting power washer on the roof … is the ladder the way it’s designed the best? Could I improve on it to make it safer from side to side wobbles?
  • I am a wealthy person, while I enjoy doing things with my own hands, is this what I should be doing? If I called a number for a power washing, what would it cost? Would anyone even pick up? Could they show up same day while the weather is good? Hmmm… What would I charge if I organized a bunch of people to do this super fast with the right equipment?
  • If I have to do it at my house, I can see from the roof my neighbour’s roof is filled with crap too. All those leafs. Could I get a subscription model when my team shows up? Does it exist? What if my competition in this hypothetical business sucks? Can I narrow my focus to get so good, we’d get all the business. I know there is a need, I am proof of it, I am standing on my own damn roof cleaning.
  • No, I would not hire anyone for this. I don’t mind it, it’s my “thinking“ time and the views are nice. I can see the city! But the damn cord is too short. Alright, Home Depot to the rescue. Now I am getting a 75 foot contractor grade cord that‘s on a roller. LOVE IT. Shit, I know I like my toys… could I create a DIY toolkit, the best of the best for tasks just like this? Could I sell it just by tinkering with a few variables to improve? Now that I have this new cord, do I need a new blower? What if I supplied every realtor in our region with discount prices for a bundle for a move-in gift to any new homebuyer? Not just some shitty box with a few tools, but like a few grand worth of quality! And provide storage installation?! Thats it. Would anyone even want to buy it? Maybe. I bet I could figure this out quickly. Test it by buying all I need from Home Depot and then tinker and improve.
  • If I am thinking of homes, market is down, rates are high. Damn. There is an opportunity somewhere in that. What is everyone doing now? Not buying… or selling? Can I get a discount if I bought?
  • All this thinking while power washing… my gloves are wet, it’s chilly. Glad my pants are waterproof! So are my shoes, brilliant on my thinking earlier to be ready. But the working gloves are wet. Would it make sense to make some gloves with gore Tex material? Labourers go through gloves weekly! It’d be too expensive. But think about people who do what I do… gloves for DIY a few times a year. They probably exist already - let me look it up, must be easy to find out. Oh but if they exist, what’s annoying about them? How can I fix that? I just love the idea of making the best glove on the planet and selling millions of them!
The ramblings above are just that… ramblings. If I could travel back in time, I’d have this type of mindset, constantly scanning my own reality for opportunities. Testing, trying, failing and succeeding, then doing more of what works.

Hope you find this helpful. Best of luck and happy holidays!
 
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Kak

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I am fortunate to be at a different stage and no longer require a “side-hustle”. But allow me to weigh in…

Since closing the office for the holidays, I’ve been in a contemplative mood. I’m reading a lot and it prompts me to think and reflect. I had a thought: ”why so many people on this forum seem to struggle so much? What could I post to help some get started and succeed?” … So your thread is very interesting, as it’s been swirling in my head.

Short answer: even if I didn’t have a business, I don’t want to watch YT like that. I think @heavy_industry nailed it. Allow me to add to that post.

20+ years ago I attempted my first business. It failed before it got launched, so did the next one and the one after. I knew nothing but I never seemed to lack “ideas” either.

Reading books did not appeal to me back then, I had enough “textbooks” to read to get my formal education. Yet there was that itch, one way or another I saw myself as a businessman. No matter the path, I felt it was something I was meant to do. I don’t think we are on this planet for no reason (plenty will disagree). And as @Kak pointed out on his show - entrepreneurship is a calling.

The question then becomes, if I could travel back in time to my early 20s… what would I do and how?

Honestly, I can’t say. I don’t know! The difference is that my confidence in being able to execute is off the charts today. I know how I’d go about raising capital, hiring technical experience, forming JVs, finding deals, handling sales, copy, marketing and even legal. I have developed grit. There is no quit in me left because I learned entrepreneurship is carving a new path, a path that requires tinkering and patience while being in a hurry. That kind of mindset I did not have in my 20s. It is not just experience, it is a deep rooted understanding of certain facts.

Just off the top of my head (note, it’s something I am spitballing same way I’d do in person…):
  1. Mindset: when you are in a good mood, you see more good around you. Having the right mindset means you’ll see the inconveniences and create businesses.
  2. 1% daily improvement beats big fancy moves once a year. Just start on something and then tinker until it works.
  3. Books and courses are not meant to give you direct answers. Even if you learn nothing from a book (can’t imagine that being true), your way of thinking will change. That is worth it.
  4. Just because something needs doing, doesn’t mean it is you who should be doing it. Take on partners, employees, contractors, monkeys and whomever you can to make it work.
  5. Some people aren’t entrepreneurs. Chasing riches does not qualify as a good enough reason to be one.
  6. Long term thinking helps with better short term decisions. For example, if I started an Amazon retail sales business today, it would help me learn more about running a business than any MBA ever could.
  7. Ideas are worthless. There are too many and not enough time to try even a fraction of them.
  8. Any business sufficiently improved can be “Fastlane”. Simple math: say you make $100k p.a. salary and Bobby makes $100k in his business. Business can trade for a multiple of 2x to 6x for small and Tesla is an extreme example of a crazy multiple. Point being, Bobby is worth the 2x to 6x of the $100k his business makes. It does not take long for the math to get to “Fastlane”. (Note: this only works if business is not dependent on you, so I exclude copywriting etc.).

While I don’t know what I’d start or do if could travel back in time… I do know I would not need to watch YT side-hustle videos. Why? Because I think that buying something on Craigslist and finding a way to re-sell it at a profit is better use of my time. Travelling back in time, I’d know that action > content consumption. Dwelling on “what action” is not productive either.

Anything that can take $1 and turn it into $2 for you, do that. Learn from your success and failure, you’ll have both.

Example for illustration:

Today I decided to clean my roof, deck and driveway. Business ideas I saw just from that:
  • Getting power washer on the roof … is the ladder the way it’s designed the best? Could I improve on it to make it safer from side to side wobbles?
  • I am a wealthy person, while I enjoy doing things with my own hands, is this what I should be doing? If I called a number for a power washing, what would it cost? Would anyone even pick up? Could they show up same day while the weather is good? Hmmm… What would I charge if I organized a bunch of people to do this super fast with the right equipment?
  • If I have to do it at my house, I can see from the roof my neighbour’s roof is filled with crap too. All those leafs. Could I get a subscription model when my team shows up? Does it exist? What if my competition in this hypothetical business sucks? Can I narrow my focus to get so good, we’d get all the business. I know there is a need, I am proof of it, I am standing on my own damn roof cleaning.
  • No, I would not hire anyone for this. I don’t mind it, it’s my “thinking“ time and the views are nice. I can see the city! But the damn cord is too short. Alright, Home Depot to the rescue. Now I am getting a 75 foot contractor grade cord that‘s on a roller. LOVE IT. Shit, I know I like my toys… could I create a DIY toolkit, the best of the best for tasks just like this? Could I sell it just by tinkering with a few variables to improve? Now that I have this new cord, do I need a new blower? What if I supplied every realtor in our region with discount prices for a bundle for a move-in gift to any new homebuyer? Not just some shitty box with a few tools, but like a few grand worth of quality! And provide storage installation?! Thats it. Would anyone even want to buy it? Maybe. I bet I could figure this out quickly. Test it by buying all I need from Home Depot and then tinker and improve.
  • If I am thinking of homes, market is down, rates are high. Damn. There is an opportunity somewhere in that. What is everyone doing now? Not buying… or selling? Can I get a discount if I bought?
  • All this thinking while power washing… my gloves are wet, it’s chilly. Glad my pants are waterproof! So are my shoes, brilliant on my thinking earlier to be ready. But the working gloves are wet. Would it make sense to make some gloves with gore Tex material? Labourers go through gloves weekly! It’d be too expensive. But think about people who do what I do… gloves for DIY a few times a year. They probably exist already - let me look it up, must be easy to find out. Oh but if they exist, what’s annoying about them? How can I fix that? I just love the idea of making the best glove on the planet and selling millions of them!
The ramblings above are just that… ramblings. If I could travel back in time, I’d have this type of mindset, constantly scanning my own reality for opportunities. Testing, trying, failing and succeeding, then doing more of what works.

Hope you find this helpful. Best of luck and happy holidays!

This post is an unearned and undeserved gift and I hope it’s appreciated as much as it should be. Well done my friend.

As far as books are concerned… I have, on my bookshelf a copy of something that probably took Henry Ford himself over a year to write. I get to spend hours in his head, consuming the things he thought it was most important for me to know. I own that… And somehow it only cost me ~$10. I’m beyond thankful he took the time to share the story.

I have hundreds of books just like that loaded with examples, inspiration, and adventure. Books are an absolute treasure if you look at them the right way. I happily purchase, immediately, any book that interests me. They are so inexpensive relative to their enormous value they are basically free.
 
Last edited:

Kevin88660

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I think my disagreement with some of the replies here is that I'm not talking about "any business anyone started ever". I'm talking specifically about side hustles average people started to gain financial freedom.

Starting a saas business is not just some "side hustle" and it definitely doesn't run itself (i'm worked as a software engineer in several startups - the cofounders were anything but free)
Depends on your criteria.

It is possible that once you have a large brand and youtube audience and post 3 times a week (less than 20 hours of work) you can earn mid 4 digit income monthly, but to get there is anything but free too. INSIDERS subscription has that detailing about a financial vlogger on youtube.

Also you can google search on interviews with ecommerce business people. This is the lane that has produced vast number of financially successful businesses.
 

Andy Black

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I need to see examples
Are you sure you *need* to see examples?

Whenever i see the word "need" I wonder if there's a limiting belief attached.

I don't need to see examples. My brain fires like @Antifragile's in his braindump above.
 
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AnNvr

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I am fortunate to be at a different stage and no longer require a “side-hustle”. But allow me to weigh in…

Since closing the office for the holidays, I’ve been in a contemplative mood. I’m reading a lot and it prompts me to think and reflect. I had a thought: ”why so many people on this forum seem to struggle so much? What could I post to help some get started and succeed?” … So your thread is very interesting, as it’s been swirling in my head.

Short answer: even if I didn’t have a business, I don’t want to watch YT like that. I think @heavy_industry nailed it. Allow me to add to that post.

20+ years ago I attempted my first business. It failed before it got launched, so did the next one and the one after. I knew nothing but I never seemed to lack “ideas” either.

Reading books did not appeal to me back then, I had enough “textbooks” to read to get my formal education. Yet there was that itch, one way or another I saw myself as a businessman. No matter the path, I felt it was something I was meant to do. I don’t think we are on this planet for no reason (plenty will disagree). And as @Kak pointed out on his show - entrepreneurship is a calling.

The question then becomes, if I could travel back in time to my early 20s… what would I do and how?

Honestly, I can’t say. I don’t know! The difference is that my confidence in being able to execute is off the charts today. I know how I’d go about raising capital, hiring technical experience, forming JVs, finding deals, handling sales, copy, marketing and even legal. I have developed grit. There is no quit in me left because I learned entrepreneurship is carving a new path, a path that requires tinkering and patience while being in a hurry. That kind of mindset I did not have in my 20s. It is not just experience, it is a deep rooted understanding of certain facts.

Just off the top of my head (note, it’s something I am spitballing same way I’d do in person…):
  1. Mindset: when you are in a good mood, you see more good around you. Having the right mindset means you’ll see the inconveniences and create businesses.
  2. 1% daily improvement beats big fancy moves once a year. Just start on something and then tinker until it works.
  3. Books and courses are not meant to give you direct answers. Even if you learn nothing from a book (can’t imagine that being true), your way of thinking will change. That is worth it.
  4. Just because something needs doing, doesn’t mean it is you who should be doing it. Take on partners, employees, contractors, monkeys and whomever you can to make it work.
  5. Some people aren’t entrepreneurs. Chasing riches does not qualify as a good enough reason to be one.
  6. Long term thinking helps with better short term decisions. For example, if I started an Amazon retail sales business today, it would help me learn more about running a business than any MBA ever could.
  7. Ideas are worthless. There are too many and not enough time to try even a fraction of them.
  8. Any business sufficiently improved can be “Fastlane”. Simple math: say you make $100k p.a. salary and Bobby makes $100k in his business. Business can trade for a multiple of 2x to 6x for small and Tesla is an extreme example of a crazy multiple. Point being, Bobby is worth the 2x to 6x of the $100k his business makes. It does not take long for the math to get to “Fastlane”. (Note: this only works if business is not dependent on you, so I exclude copywriting etc.).

While I don’t know what I’d start or do if could travel back in time… I do know I would not need to watch YT side-hustle videos. Why? Because I think that buying something on Craigslist and finding a way to re-sell it at a profit is better use of my time. Travelling back in time, I’d know that action > content consumption. Dwelling on “what action” is not productive either.

Anything that can take $1 and turn it into $2 for you, do that. Learn from your success and failure, you’ll have both.

Example for illustration:

Today I decided to clean my roof, deck and driveway. Business ideas I saw just from that:
  • Getting power washer on the roof … is the ladder the way it’s designed the best? Could I improve on it to make it safer from side to side wobbles?
  • I am a wealthy person, while I enjoy doing things with my own hands, is this what I should be doing? If I called a number for a power washing, what would it cost? Would anyone even pick up? Could they show up same day while the weather is good? Hmmm… What would I charge if I organized a bunch of people to do this super fast with the right equipment?
  • If I have to do it at my house, I can see from the roof my neighbour’s roof is filled with crap too. All those leafs. Could I get a subscription model when my team shows up? Does it exist? What if my competition in this hypothetical business sucks? Can I narrow my focus to get so good, we’d get all the business. I know there is a need, I am proof of it, I am standing on my own damn roof cleaning.
  • No, I would not hire anyone for this. I don’t mind it, it’s my “thinking“ time and the views are nice. I can see the city! But the damn cord is too short. Alright, Home Depot to the rescue. Now I am getting a 75 foot contractor grade cord that‘s on a roller. LOVE IT. Shit, I know I like my toys… could I create a DIY toolkit, the best of the best for tasks just like this? Could I sell it just by tinkering with a few variables to improve? Now that I have this new cord, do I need a new blower? What if I supplied every realtor in our region with discount prices for a bundle for a move-in gift to any new homebuyer? Not just some shitty box with a few tools, but like a few grand worth of quality! And provide storage installation?! Thats it. Would anyone even want to buy it? Maybe. I bet I could figure this out quickly. Test it by buying all I need from Home Depot and then tinker and improve.
  • If I am thinking of homes, market is down, rates are high. Damn. There is an opportunity somewhere in that. What is everyone doing now? Not buying… or selling? Can I get a discount if I bought?
  • All this thinking while power washing… my gloves are wet, it’s chilly. Glad my pants are waterproof! So are my shoes, brilliant on my thinking earlier to be ready. But the working gloves are wet. Would it make sense to make some gloves with gore Tex material? Labourers go through gloves weekly! It’d be too expensive. But think about people who do what I do… gloves for DIY a few times a year. They probably exist already - let me look it up, must be easy to find out. Oh but if they exist, what’s annoying about them? How can I fix that? I just love the idea of making the best glove on the planet and selling millions of them!
The ramblings above are just that… ramblings. If I could travel back in time, I’d have this type of mindset, constantly scanning my own reality for opportunities. Testing, trying, failing and succeeding, then doing more of what works.

Hope you find this helpful. Best of luck and happy holidays!
Is this a "learning by doing", I guess.

Overall, failing is learning, and often it's educative hear from others' failures, but hardly are discussed either here or spoken elsewhere. When it comes to media, it's hard find a interesting content to consume. e.i.: I like listening to a good quality podcast while I workout; still, I struggle to find one. Last one I listened at was De Marco interview by podcaster Andrew Ferebee at Knowledge for Men.

Could consumption by book or mediatic content prevent bad strategies of risk&loss/success ratio while trying and re-assessing?

Just sharing a thought without taking any position in the debate, I like the analysis you wrote.

Have lovely holidays!
 

MitchM

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I won’t tell you that you don’t need a book of examples, but to me the main purpose of that would be to drive into my head that it is possible. In terms of coming up with ideas - well… just look at the world around you.

Every single business is an example of a story. Anytime you go on a website, purchase something, etc. etc. you are witnessing an example that you are looking for.

The beauty is that it doesn’t matter who did it. It doesn’t matter why they did it. Everyone is different and has different reasons. There are people just like you who started successful businesses. There are drug addicts that sleep in until 2pm that started successful business.

All that matters is a market wanting something and you delivering it to them.

If you want actionable advice, this is what I did to change my mindset and start viewing the world through the lens of opportunities– and the lens of an entrepreneur:

Have a notepad or something to write in and a pen. Put it on your desk. Write at the top “3 daily problems and solutions.”

At the end of each day, write down 3 problems that you encountered and how you would best solve it. At first it may be more difficult because you might not have noticed many problems.

If you commit to doing this daily, eventually you will find yourself calling out the most minor things. The fact is, you CAN train yourself to see problems and come up with solutions.

Many of those will be things that are too personal, small, or whatever to start a business around.. but many of them will be enough.

After a month, you will already have 90 ideas on that notepad. I guarantee you there would be a few that you could start a successful business from.
 

Choate

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The idea you want to seek or action you need to take is already within you, clouded by lack of knowledge and distractions. You have to walk down a certain narrow path before that idea can come to life. Books are meant to shed a small light on that path, whether that's simply illuminating the right way to go or guiding you for a few steps (or a few miles). Honing in your focus.

If your internal direction isn't going the right way, no amount of external influence or examples will get you there.
 
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