The more I read the dumber I feel

[Thijz0]

Hi Guys,

I'm struggeling with a couple of things and I hope you guys can help me out a bit.

Everytime I've read a book or article or listen to a podcasts etc about building a business, I get the feeling that I have to look for some golden triangle or a home run idea. But there seems to be a lot of factors that play a role in having a product/service that will lead me to the Fastlane.

My struggle is that I feel like, the more I read, the dumber I become and that I'm not getting any closer to my goal. In fact, I feel like the distance is only getting bigger. And we know that mindset is a very important thing in getting the things you want/need in life.

For example, I'm currently selling on amazon via FBA but the @biophase post 'easy or hard' made me questioning myself. Everybody seems to be doing the same stuff and is looking for the same products there. Not a very effective fastlane idea...

So my question is; How do you guys get creative in the search of your FasLane service/product. Are you looking for a 'homerun' idea, or just start somewhere and build from there?

@snowbank @biophase

 

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[Solrac]

First of all, I actually don't think that's a bad thing.

However I would reframe that, and maybe I'm getting this wrong as well.

Don't look at it the way you're looking at it. First of all, maybe you are realizing how little you know.

For example, I'm currently selling on amazon via FBA but the @biophase post 'easy or hard' made me questioning myself. Everybody seems to be doing the same stuff and is looking for the same products there. Not a very effective fastlane idea...

You're right, what are you doing that's different? You aren't learning from CENTS, or you might be realizing what it actually means. If it's easy to get into, it probably is not worth your time. Unless you are really providing value in a way that makes you really stick out.

So my question is; How do you guys get creative in the search of your FasLane service/product. Are you looking for a 'homerun' idea, or just start somewhere and build from there?

Find problem, provide solution. Don't overthink it.

 

[Black_Dragon43]

In my mind fastlanes are relative. Here's what I mean. A business could be a fastlane to 1 million dollars, but a slowlane to 100 million. I personally know one family for example who have a net worth of around 35 million. ~15 years ago, they had a net worth of 20 million. They got to 20 million in 6 years after they started their business. But in the last ~15 years they've been working really hard, and yet their business isn't growing that fast anymore. They're in the auto dealership business by the way.

So the first point is, you need to figure out what your number is. If you want to make billions, you're looking for something completely different than if you just want to make a few million in the bank. The person who has made 1 million is just as far away from 1 billion as the one who has no $$ to his name.

If you want to make a few million, you can certainly do it via Amazon FBA, even if many other people are doing it. Execution matters a lot more than idea for these lower numbers. Sure you have an idea which many others have, but if you execute better than them, that's going to be the key.

Now, in order to make billions, I doubt any book available (including MJ's, sorry), or any other information you can find online can significantly help you. Execution & Idea are equally important in those cases. Take a look at some billionaires - Michael Bloomberg - sucked up to the big banks and his bosses for YEARS before he managed to become a partner, and then get $10 million when Salomon Brothers got bought. With that money + the experience + INSIDERS information + the connections he started his computerized market-data tracking system. Then he sold this system using the very connections he had formed from slaving away at the banks - that's how he made $40+ billion.

So 1) he had access to the equivalent of INSIDERS information, to which you simply cannot get access without slaving away and building relationships with the key players. 2) he had expertise and significant capital to get the business going. 3) he had easy access to the right people to sell to them.

Bill Gates, Michael Dell, etc. all these guys profited from the exponential growth of the computer industry (a period which is now over). In order to make billions you need 1) connections, or 2) an industry which is about to explode combined with a great idea + execution, or 3) just slowlane your way to 1 billion by building multiple million dollar fastlanes and then selling them (Wayne Huizenga comes to mind) - however be warned that this can take really long. Oh, and yes, you actually do need lucky breaks too. I don't consider Mark Zuckerberg to be a great businessman but look how much dough he's made. A little play at Harvard turned into a huge treasure for him. In fact, I'm sure that right on this board we have some businessmen who know more about the world of business than Mark, and yet they're nowhere near as rich as he is. Really huge wealth obeys different principles than your run-of-the-mill millionaires.

So to answer your question - whether you should search for a home run idea or just start somewhere and build - it depends. What's your goal? If you want to make a few million, start anywhere, learn a lot, and work on your execution - that's the fastest way. If you want to be really really rich - then you better start looking for very rare opportunities - how you can do that, no one can tell you, these things are unique. Mark Zuckerberg, Bill Gates, Michael Dell, etc. didn't read a book (or some forum) telling them how to do it.

 

[Thijz0]

First of all, I actually don't think that's a bad thing.

However I would reframe that, and maybe I'm getting this wrong as well.

Don't look at it the way you're looking at it. First of all, maybe you are realizing how little you know.



You're right, what are you doing that's different? You aren't learning from CENTS, or you might be realizing what it actually means. If it's easy to get into, it probably is not worth your time. Unless you are really providing value in a way that makes you really stick out.



Find problem, provide solution. Don't overthink it.

I guess it's true what you say, maybe I don't know as much as I initially thought. And the more I read, the more I know how little I know..

And what that comes the overthinking part, looking for that homerun idea while in fact I should maybe listen better to my surroudings and start with solving small problems instead of being the next Bill Gates..

And I'm looking for the CENTS in everything I try but that's also what makes it difficult for me.

I think there is some passage in the book about 'being on the entrepeneurs frequense' to listen to what people say and don't look for an entire new product or service, but instead look for an existing product that hasn't been touched in years and redesign it and do better marketing...

Thnx for your answer btw, it always helps when someone sees it from another perspective

 

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[Thijz0]

In my mind fastlanes are relative. Here's what I mean. A business could be a fastlane to 1 million dollars, but a slowlane to 100 million. I personally know one family for example who have a net worth of around 35 million. ~15 years ago, they had a net worth of 20 million. They got to 20 million in 6 years after they started their business. But in the last ~15 years they've been working really hard, and yet their business isn't growing that fast anymore. They're in the auto dealership business by the way.

So the first point is, you need to figure out what your number is. If you want to make billions, you're looking for something completely different than if you just want to make a few million in the bank. The person who has made 1 million is just as far away from 1 billion as the one who has no $$ to his name.

If you want to make a few million, you can certainly do it via Amazon FBA, even if many other people are doing it. Execution matters a lot more than idea for these lower numbers. Sure you have an idea which many others have, but if you execute better than them, that's going to be the key.

Now, in order to make billions, I doubt any book available (including MJ's, sorry), or any other information you can find online can significantly help you. Execution & Idea are equally important in those cases. Take a look at some billionaires - Michael Bloomberg - sucked up to the big banks and his bosses for YEARS before he managed to become a partner, and then get $10 million when Salomon Brothers got bought. With that money + the experience + INSIDERS information + the connections he started his computerized market-data tracking system. Then he sold this system using the very connections he had formed from slaving away at the banks - that's how he made $40+ billion.

So 1) he had access to the equivalent of INSIDERS information, to which you simply cannot get access without slaving away and building relationships with the key players. 2) he had expertise and significant capital to get the business going. 3) he had easy access to the right people to sell to them.

Bill Gates, Michael Dell, etc. all these guys profited from the exponential growth of the computer industry (a period which is now over). In order to make billions you need 1) connections, or 2) an industry which is about to explode combined with a great idea + execution, or 3) just slowlane your way to 1 billion by building multiple million dollar fastlanes and then selling them (Wayne Huizenga comes to mind) - however be warned that this can take really long. Oh, and yes, you actually do need lucky breaks too. I don't consider Mark Zuckerberg to be a great businessman but look how much dough he's made. A little play at Harvard turned into a huge treasure for him. In fact, I'm sure that right on this board we have some businessmen who know more about the world of business than Mark, and yet they're nowhere near as rich as he is. Really huge wealth obeys different principles than your run-of-the-mill millionaires.

So to answer your question - whether you should search for a home run idea or just start somewhere and build - it depends. What's your goal? If you want to make a few million, start anywhere, learn a lot, and work on your execution - that's the fastest way. If you want to be really really rich - then you better start looking for very rare opportunities - how you can do that, no one can tell you, these things are unique. Mark Zuckerberg, Bill Gates, Michael Dell, etc. didn't read a book (or some forum) telling them how to do it.

I guess you are right!

ofcourse I want to be the next Bill Gates or Mark Zuckerberg but I should start with a couple of mill first before I aim for the bills

and thanks !

Always nice to see someone with a clear and different mind on the situation

 

[Black_Dragon43]

ofcourse I want to be the next Bill Gates or Mark Zuckerberg but I should start with a couple of mill first before I aim for the bills

There is a difference though between want and compulsion. Almost anyone wants to be the next Bill Gates. But very few would say their life is centred around becoming the next Bill Gates. To become the next Bill Gates, want is not enough, unless you also happen to get very very lucky (and even then it won't help - you'll just end up Paul Allen or Steve Wozniack level). To be the next Bill Gates you need to be absolutely driven, and in addition to all that you also need at least one lucky break (even Bill Gates got it with licensing to IBM). The sheer volume of business required to be achieved is impossible to get to with the business ideas most people ever have. Selling any kind of product on Amazon will never get you to that level. Opening a web design/development agency, marketing agency, online store etc. unlikely to ever get you to that level. These are things anyone can do - things that anyone can do can't bring about billion level results. You need things that most people don't have access to. Either because you have formed the right connections, or you have some unique expertise, or the activity you're looking to get into isn't well known/popular (very few people do it). Bill Bartmann got to be the 25th wealthiest man in the world in the debt collection industry. Built a company that he started after buying bad debt from a newspaper ad. Now the toxic debt industry isn't popular. It's not what your average Joe would think about getting into to become rich. In addition, it's generally a big hassle to chase after people and get them to pay. So even people who know about it, would most likely prefer the comfort of doing something different than, for example chasing after mugs and drug dealers to get their money back and risking getting shot. You need something like that. Something that isn't attractive, not many people know of, and is overlooked - something that also has higher barriers to entry but at the same time there is a huge demand for it. Bill Bartmann for example capitalised on the period of economic boom that followed in the US economy, which helped him get people to pay back on their debts. And in fact he was doing it again with CFS2 after the recession, before he died. (Smart guy - recession = a lot of debt. Economy moves in cycles. A boom will follow sometime soon. Many of the people currently in debt will be paying it back => golden opportunity).

and thanks !

No worries, glad you found my comments helpful!

 

[lewj24]

but I should start with a couple of mill first before I aim for the bills

You don't focus on money. You focus on developing a business that solves needs the best and expanding it to the most people and the money follows. Besides, you don't have a choice, you cannot get to a billion before you hit a million. Because math.

 

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[Solrac]

And what that comes the overthinking part, looking for that homerun idea while in fact I should maybe listen better to my surroudings and start with solving small problems instead of being the next Bill Gates..

Bill Gates didn't want to be Bill Gates. He wanted to build better software when he was young.

And I'm looking for the CENTS in everything I try but that's also what makes it difficult for me.

That means it's working. It's not easy doing this, not at all. It's one thing to hear about the hardships people went through with entrepreneurship. It's a whole other ball game to understand it. The work involved, the sacrifices, the anger and frustrations.
It's good that it's hard, that makes it even sweeter of a victory when it works out.

The things worth pursuing are difficult, not simple, keep that in mind.

I think there is some passage in the book about 'being on the entrepeneurs frequense' to listen to what people say and don't look for an entire new product or service, but instead look for an existing product that hasn't been touched in years and redesign it and do better marketing...

You could do this, notice it is redesign.
That means doing it a whole lot better, and essentially starting from scratch with the value equation. You can probably assume the base product is neutral prior to the redesigning of it from a value perspective. Now, you have to make it a net positive in value.

Then your product will be a +1 in value, while everyone else has a -/+ 0. This is where your competitive advantage comes in.

I hope that last bit makes sense, does in my head

 

[AgainstAllOdds]

So my question is; How do you guys get creative in the search of your FasLane service/product. Are you looking for a 'homerun' idea, or just start somewhere and build from there?

I go for consistent singles. Much easier to achieve, predictable, and still exponential. 4 singles = 1 home run. If you already have a lot of wins under the belt, then you could go for the home runs. Otherwise it's easier to just grab the low hanging fruit.

And if you're feeling that way, then stop reading. Start doing. Then as you're doing, read to get the answers you need. You're suffering from analysis paralysis. Stop reading. Start doing.

 

[Thijz0]

You're suffering from analysis paralysis. Stop reading. Start doing.

Exactly, weird thing is, I always know how to encourage people to take the step but when it comes to me, myself and I, I start to worry.

I should just start somewhere indeed and then look for answers for the questions that will rise.

Thnx!

 

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[Mattie]

Maybe it's your perception and beliefs about educating yourself. I can't see how educating yourself can make you feel dumber unless you have this belief to begin with that somehow you're dumb, or think education is dumb. Creativity, innovation, I believe is stepping away from the internet, paying attention to competition so much.

This is what I've been doing because when I have that clear space mentally, emotionally, the visuals are out of site, the language is out of site. When I am online, I tend to place myself in the Millennials art, music, literature, for the simple reason they have weird ideas, geniuses, and put what doesn't belong in a place where most individuals would say it doesn't belong.

Stretching your mind, like my son just got me looking at Trigonometry. I believe sometimes when you're mirroring so much of the media, and looking in the same places as everyone else, your brain gets bored, lazy, and tends to repeat the same stagnate information, images, etc.
Although I'm a lot of things. A photographer, artist, fiction writer, poet, non-fiction, and mental toughness coach.
The point using all this in the same path and utilizing the gifts and talents in creative way. Out of the box.

I believe you're always going to have competition no matter where you go. Similar ideas, similar messages. Hemingway once stated, do it better than the last person.

The battle I have more is in the forum I'm more mental. Art, innovation, creativity, comes from the right brain. So I've had to step out of the Fast lane at times, because it becomes more left brain. It's like shifting gears when necessary. Reading is mental, watching videos is both emotional and mental, but still language is mental. Math is mental. Emotion is more visual, images, pictures. Guts is putting it all together and taking appropriate action.
This may be what you're actually talking about. The more you stuff yourself with language, math, science etc. This is all mental activity. Innovation, art, music, creativity comes from the other side of the brain and emotion.