My passions are guitar/music and video gaming. I'm trying to carve out a career in music and wouldn't mind being a professional video gamer but do I think either of these are/should be my fastlane vehicles? Not at all. This is advice that anyone should follow so that they don't get trapped traveling down the right path in the wrong vehicle. It's like MJ said about Usain Bolt on the tricycle. 10/10 great write up!3) Stop Trying to Turn Your "Passion" Into a Business...Instead Be Passionate About Gaining Market Validation For Your Fastlane Idea
Excellent post. Thank you13 Important Insights Learned on My Journey To Finding, Choosing, Creating and Building my Fastlane Business.
Like you, the Millionaire Fastlane book changed my life.
Before reading the book, I thought all the business ideas I came up with were amazing.
It wasn't until I ran them through CENTS that I realized I needed a MAJOR reality check about what was REALLY going to lead to a liquidation event, and finally allow me to live the life I have dreamed about.
MJ's book finally allowed me to dump my brain of all the ineffective business ideas that were only going to waste my time and keep me feeling trapped and frustrated in the circle I was living in.
In this post below, I want to share some important things I have learned on my journey to finding a fastlane vehicle that adds a ton of value, and scales to millions without violating the fastlane commandments CENTS.
Hopefully the lessons and insights below will help you on your fastlane journey. Enjoy!
1) Get Your Mind Right
If you really want to build a fastlane business that leads to a liquidation event, you first must get your mind right. Without the right mindset, you will literally sabotage your success before you even get started.
Let me explain.
If you think "failure," and "making mistakes, are bad things, and you avoid them like the plague, you will never be successful in the fastlane.
Instead of avoiding these things while building your fastlane business, change the way you think about them.
Here let me help you do that...
Failure = Feedback
Making Mistakes = Learning what doesn't work so you can get closer to learning what works
Ask any entrepreneur what their biggest failure was when they were building their multi-million dollar venture...and then ask them what they learned from that failure that made them a milti-millionaire.
You may be surprised at their answer, but it will give you the context and necessary distinctions you need to make your venture a success. Ideally it is best to ask entrepreneurs in the industry you choose to build your fastlane business in to get the best guidance and help (more on that later).
SIDENOTE: I am sure @MJ DeMarco would be more than willing to share where he screwed up and failed while building limos.com. Have you ever thought about asking him?
Many people let failure stop them dead in their tracks, which is why so many people choose to slave away at a 9-5 job without creating any leverage in their life. These people let the possibility of failing even stop them from starting anything. The fear paralyzes them and keeps them stuck in their ho hum 9-5 life.
Now this doesn't mean having a job while building your fastlane business is a bad thing. Sometimes you've gotta do what you gotta do at the start of your fastlane business to pay bills and eat...but you should never lose sight about your purpose for having a job while building your dream.
Another big thing I want to share that relates to "getting your mind right" is STOP BEING A VICTIM!
If you f*cked up and got yourself in a crappy situation...OWN IT.
Blaming others for your problems solves NOTHING!
There is nothing I hate more than seeing someone who is always making excuses for why their life sucks. Take some responsibility for your life, and do what you have to do to to make progress, and get into a situation that serves you and you building your fastlane business.
The next thing about getting your mind right that I want to share is... COMMITMENT!
This is by far one of the biggest "mindset shifting" things that I have had to learn the hard way.
Let me give it to you straight between the eyes...
Don't start a fastlane business unless you are truly 100% committed to making it succeed.
Far too many times in my past I would start a project/business, work it a little bit like a hobby, and at the very first "problem" that came up I would bail out and say "this isn't going to work."
I allowed the short term failure stop me dead in my tracks, because I allowed my mind to micromanage it to the point where it paralyzed me from taking anymore action because I started creating the "negative domino effect" in my mind.
Can you relate?
This would have NEVER happened if I truly committed 100% to the success of the project before starting it.
MJ never said it would be easy, but dammit you know that going through the ups and downs of building a fastlane business is 100% worth it!
The last "get your mind right" thing I want to say is... Never forget that you are a problem solver.
Entrepreneurs are problem solvers. Never let that escape your mind, and always run any fastlane idea you come up with through that "litmus test" question.
That looks something like this...
Does my idea to build XYZ business actually solve a problem or fulfill a desire for a specific group of people that is big enough to make my business a profitable venture that scales to millions?
You HAVE TO be honest with yourself when you ask this question about your idea, or else you will end up like I was before reading MJ's book (frustrated, trapped and irritated about everything I tried to build).
If you need some help with this step before dumping a lot of time and work into your idea, find people who are smart in your trusted circle of friends and ask them if they see the opportunity as well. They may even be people you have met in this forum.
2) Only Learn From People Who Have Been There and Done That
I recently purchased a $1000 training program on how to buy media profitably. If you are a newbie, and don't know what media buying is, it is another way to say "advertising."
Anyone who isn't an entrepreneur would look at me and say, "You spent what...on what?!"
To be honest, it was a freaking bargain because the people who created the product (a live interactive 6+ week training course), spend MILLIONS on media buying every year, and run 7 figure businesses in multiple niches.
Based on what I have learned in the course, there is no doubt in my mind that I will multiply my initial investment by an infinite amount based on the skills I have been learning and how to tweak campaigns.
The best part about the whole thing is that when you leverage the tactics with a fastlane business model, and know that you can spend X and generate Y...and can scale that ratio into millions...your business model becomes "buy media...then print money...buy media...print money" as many freaking times that you want. (more on that later).
I share this short story with you because the key distinction that I want you to get is that too many times in my past I was listening and learning from people who didn't have what I wanted, and they would lead me down a rabbit hole of frustration, failure and defeat.
Make sure that before you choose to learn/listen to anyone that they have the credibility and proof that they actually know what they are taking about. (MJ IS SOMEONE WHO I LISTEN TO...But that should be obvious shouldn't it?)
In the age of the internet where anyone can have a blog and "look" like an expert, it is essential to do your due diligence to confirm beyond a shadow of a doubt that who you are learning from is someone that you know you can trust.
Even if you have to pay for the information...just make sure you NEVER learn from posers just trying to "make a quick buck off your ignorance!"
3) Stop Trying to Turn Your "Passion" Into a Business...Instead Be Passionate About Gaining Market Validation For Your Fastlane Idea
I know MJ talks about this in his book, but I want to bring it up again to reiterate the point, and to add to it.
I just have one thing to say...
Be passionate about serving a market with a solution that they need and want, and creating "market validation" for what you are offering.
When you focus more on creating market validation with a scalable model that doesn't violate the CENTS commandments there is no better feeling when it begins working!
Focus on creating that reality for yourself, instead of trying to sell something that doesn't have a market, or that you have to pull teeth with a lot of convincing to get people to buy.
4) Stop Trying to Sell a Product, and Instead Sell VALUE
As I stated above when I was explaining why I purchased the $1000 media buying course. These entrepreneurs who know their shit did an amazing job at positioning their offer to make it an absolute no brainer for people like me who "get" how valuable something like this is.
When looking at the product you are selling to build your fastlane business, think more about it from the eyes of your target customer. Put yourself in their shoes and ask yourself the question, "If I were in their shoes, would I buy what they are selling, and is it worth more in "value" than I am charging in $?"
A smart marketer has said... "Price is what you pay, value is what you get." (make sure value is greater than price for your offers...always).
Never lose sight of what you are REALLY selling, and make sure that you never violate the price/value law when positioning your services in the marketplace.
5) If You Don't Want to Build Your Product, Find Another Way To Make it Work (Stretch Yourself By Thinking Strategically and Creatively To Get What You Want)
I am building my fastlane business within the software industry.
I am not a coder, or have any desire to learn...no matter how many times I hear/read about how MJ learned how to code.
To be honest, I don't have the patience or steadfastness to sit down and learn that skill, and the thought of doing it makes me want to gauge my eyes out with metal letter opener.
So...I share this piece of wisdom with you because if you are like me, and don't want to code, find another way to build your software product if that is the vehicle you want to choose.
You are smart, and have the ability to solve this personal problem.
Let me give you some ideas...
You could find a coder, and partner with them on the venture. You can be responsible for the vision and layout of your idea, and you can work hand in hand with the coder to make it a reality. There are multiple ways to creatively structure deals like this depending on your circumstances.
Or you can "buy" a piece of software that is already built...
If you want to build a product based business that isn't within the software industry, again I am going to say...put your creative/strategic thinking cap on and FIND A WAY. There is always a way, you just have to figure it out!
Remember...if this shit was easy...everyone would do it!
6) Never Stop Networking and Building Relationships
I know this is one of those things you hear a lot, but the fact of the matter is that it is one of the most important things that I have ever learned.
Never think for a second that "you are good" with the size your network. Always be building new connections, and forging new friendships.
You NEVER know when these contacts will be able to create a win/win relationship with you, or introduce you to someone who will help you create more value for someone else.
With social media...it makes it even easier to stay connected.
So NO EXCUSES!
7) Choose the Right Fastlane Vehicle
As I have stated throughout this post, before reading MJ's book I was constantly making the mistake of choosing the wrong vehicle which violated CENTS, or choosing a business which didn't solve a problem or fulfill a desire for a specific market.
Here's the lesson I want to make very clear...
Before you choose to dump a shitload of time and money into a venture, make sure that you are choosing the right car to drive in that won't blow up 10 feet from the finish line (liquidation event).
(Post continued in second post under this one due to too many characters)
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