17-year-old Trying To Go On The Fastlane!

[Bo_]

I'm not sure if this's the right section. But anyway, recently I've read The Millionaire Fastlane and that's what brought me here!

My background
I'm a 17 year old guy from Malaysia. I guess I'm very different from most people around me, I don't really enjoy sports, would rather be with a small group than a large one, etc. When I was 12, I was offered a 6-year-scholarship to study in Singapore. So I took on the contract and it's my 5th year over here already. (Yes, I've been living away from my parents since I was 12.) My results are just average cause I take it easy as I don't see a point in learning stuff I won't use in the future...

Also, I love gaming. I play lots of different kinds of games except for adventure/RPGs cause' they're a sheer waste of time. I've played in several competitions along with a couple of my friends.

Anyway,

This year I've "retired" from competitive gaming, as most of my friends have commitments like their co-curricular activities and stuff like that. So I got interested in many stuff like dance, and most importantly... business!

I've read a couple of business books before The Millionaire Fastlane , like Rich Dad Poor Dad, 4 Hour Work Week, Lucky Bastard, etc.

I'm really motivated to start my own business. Except I have a couple of problems.

1) I need to commit for school.
I've got useless school hours, homework, tests, a compulsory co-curricular activity, and a social life to manage. (I've dropped the finding relationship part ha ha). I'm trying to increase my free time by first cutting down time spent, and "increasing time".

Cutting down time: I use stuff like to-do-list, mini-schedules, Pareto's Principle, Ultradian Sprint and switching off my phone to increase my overall efficiency.

Increasing time: I've recently went on Everyman Sleeping Schedule, so I've extra 3 hours every day while still feeling fresh.

Despite all these, I still think I don't have enough time to manage a business, what do you guys think?

2) Limitations
With near zero capital and little time and I'm below 18, the only thing I think I can do big is selling info products using the Internet (eBooks, subscription sites), even audio/video is kinda out of my reach .....am I wrong?

Also, how do I create a good website selling my info-products without a sales-letter like this one: Adam Wong & Adam Khoo's Lucky Bastard!

It obviously does not hold any brand and it's very unprofessional in my opinion, however it does bring in lots of sales I think!

3) I don't understand this market thing.
Well, law of effection is extremely important right? What about besting a specific niche?

From what I see, the only market I can reach out is to other students, which is very unprofitable! I mean who would want to take up advice from a 17-year-old as an adult? Any ideas on what other market I can serve?

Despite this, what I'm thinking now is creating extremely good notes for Singapore students for Math (how's that for niche!) and slowly expanding to other subjects. Problem is I don't really like doing this kinda stuff, but if it does pay off I wouldn't mind at all! But I still have some doubts about it's profitability and the market is very small though there is some demand... I don't want to spend time and effort on little profits! Opinions?

4) Experience
...well I have zero experience with business. But at least I have my parents' card and a business Paypal account! That's why I'm trying to start on my first project as soon as possible. So I would LOVE as much help as possible. Thanks! :smxB:

 

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[jrws]

Welcome brother! Cannot really give much advice, but I looked into managing my time and making sure I am as productive as possible during the school days, when its recces or lunch if I don't have any homework (lol as if) then I can work on fleshing out my business ideas etc. Work around school, set something up and then go for it.

James

 

[Bo_]

Welcome brother! Cannot really give much advice, but I looked into managing my time and making sure I am as productive as possible during the school days, when its recces or lunch if I don't have any homework (lol as if) then I can work on fleshing out my business ideas etc. Work around school, set something up and then go for it.

James

To be honest i pay zero attention during lectures, I socialize with people. Do you think it's a good time to flesh out some business ideas? How do I get inspiration for these ideas (especially in school where every one/thing around me has little to do with the business world...or am i wrong)?

 

[joanna]

How many hours does your school take up? In most cases that should be still less then a full time job... so you should have plenty of time in afternoons and evening.

Boring lectures? I used to just read books under the table (no ipads and smartphones back then ), admittedly it was novels for me, but you could be more productive and read up on business, marketing or whatever other skills you want to improve.

Socializing is great, especially if the people you're socializing with might be good partners / connections in the future. Just hanging out for the sake of getting drunk and having fun is a bit pointless though IMHO.

With extracurricular activities try and pick things that will benefit you in some way.

You're still young, plenty of time to gain experience

As for business opportunities, doesn't matter your age, as long as you provide value. Maybe it's younger people who could benefit, or maybe adults too. If you think it might put people off, just don't advertise your age.

Anything that gets you started will do. You first (or second, or third...) project might not be the one that gets you on the fast lane, but it might help bootstrap the one that does later on. Plus it's always a way to gain more experience in various areas.

 

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[Bo_]

How many hours does your school take up? In most cases that should be still less then a full time job... so you should have plenty of time in afternoons and evening.

From 7am to 3pm on early days, but there's still homework that'll take up around 1-3 hours depending on the load.

On other days it ends at 5-7pm. Which is yes, much more time-consuming than a full-time job.

Boring lectures? I used to just read books under the table (no ipads and smartphones back then ), admittedly it was novels for me, but you could be more productive and read up on business, marketing or whatever other skills you want to improve.

Hmm anything you recommend reading? I don't really know what to improve on right now...(not that I'm good)

With extracurricular activities try and pick things that will benefit you in some way.

I'm picking up breakdancing, it's somewhere along my passion, but i doubt it'll help in business!

You're still young, plenty of time to gain experience

I can tell that I'm one of the youngest here! But I wanna get on the fastlane as fast as possible so i can be financially free earlier.

As for business opportunities, doesn't matter your age, as long as you provide value. Maybe it's younger people who could benefit, or maybe adults too. If you think it might put people off, just don't advertise your age.

The thing is, younger people won't spend much on the Internet, and is much less appealing if i want to sell the company some day.
I think it's almost a must to advertise my age if i'm selling info products... and I'm pretty much confined to digital products that have zero start-up cost. Maybe I can give iPhone apps or software developing a shot? How about blogging / creating a high traffic site and selling ads? Is it profitable and how time-consuming is it?

Anything that gets you started will do. You first (or second, or third...) project might not be the one that gets you on the fast lane, but it might help bootstrap the one that does later on. Plus it's always a way to gain more experience in various areas.

Yeah I really should! But I don't want to start on something unprofitable... So I'm still thinking on a suitable market to target.

Thanks for the response!

 

[joanna]

From 7am to 3pm on early days, but there's still homework that'll take up around 1-3 hours depending on the load.

On other days it ends at 5-7pm. Which is yes, much more time-consuming than a full-time job.

1-3h on homework? It better be worth doing. Some people might be appalled by this, but unless your career (say a surgeon, for example) requires good grades, than don't overdo it when not needed. Personally from highschool onwards I only did the homework that was actually checked and otherwise could get me failed in that course/subject or I found it interesting/worthwhile enough to do.

Even finishing at 7pm leaves you plenty of time to do your own stuff at home (my work hours with the commute are 8am-8:30pm ).

Hmm anything you recommend reading? I don't really know what to improve on right now...(not that I'm good)

There's soooo many things If you want to focus on an online business, then maybe some marketing/psychology/webdesign/webdevelopment book? Otherwise whatever idea you have look at what skill would help you get there. Hard to gie specific titles without knowing what is of interest to you

I'm picking up breakdancing, it's somewhere along my passion, but i doubt it'll help in business!

Yeah, unless it's going to inspire some business idea, probably not that helpful, but you never know

As a kid my extracurricular stuff included: two foreign languages (English is not my native language ), memory training, speed reading, IT course, and a few artsy classes like painting and sculpture

I can tell that I'm one of the youngest here! But I wanna get on the fastlane as fast as possible so i can be financially free earlier.

When you start young you have more time to make mistakes and not wory about it so it's a great thing

The thing is, younger people won't spend much on the Internet, and is much less appealing if i want to sell the company some day.
I think it's almost a must to advertise my age if i'm selling info products... and I'm pretty much confined to digital products that have zero start-up cost.

That's interesting, why do you think you have to disclose your age? Unless you make it a selling point ("so young and already achieved this and that" or "so old and experienced" on the other end) I don't think it's really that relevant.

Maybe I can give iPhone apps or software developing a shot? How about blogging / creating a high traffic site and selling ads? Is it profitable and how time-consuming is it?

It's doable, but can be quite time consuming, personally I devote to my main site only several hours a week and it brings in a small profit, but that's after it's been around for a year and I got in early on a hot nieche. There was a substantial amount of time that I had to invest in at first and several months went by with little to no profit while the content needed to be created.

When it comes to web content - be it blogging or content site persistence is key.

Yeah I really should! But I don't want to start on something unprofitable... So I'm still thinking on a suitable market to target.

I'm not saying to start on something that will be unprofitable. There could be things you can do that will bring you money but not a fortune. These can help you raise money to fund something that has bigger potential but does require paying some upfront costs.

 

[Bo_]

1-3h on homework? It better be worth doing. Some people might be appalled by this, but unless your career (say a surgeon, for example) requires good grades, than don't overdo it when not needed. Personally from highschool onwards I only did the homework that was actually checked and otherwise could get me failed in that course/subject or I found it interesting/worthwhile enough to do.

Even finishing at 7pm leaves you plenty of time to do your own stuff at home (my work hours with the commute are 8am-8:30pm ).

Actually come to think of it now I don't really spend that much time on homework. And I don't plan to take on a job, so yeah. Looks like I do have lots of time!

There's soooo many things If you want to focus on an online business, then maybe some marketing/psychology/webdesign/webdevelopment book? Otherwise whatever idea you have look at what skill would help you get there. Hard to gie specific titles without knowing what is of interest to you

After some consideration, I've decided to learn how to code iPhone apps, and some simple web development. Thanks for the tip!

Yeah, unless it's going to inspire some business idea, probably not that helpful, but you never know

As a kid my extracurricular stuff included: two foreign languages (English is not my native language ), memory training, speed reading, IT course, and a few artsy classes like painting and sculpture

haha I doubt that it would. There are soooo many pros out there giving free content. Wow speed reading is pretty cool! Does it really work (do you actually retain/understand the stuff you read)? If it does i may consider picking up speed reading too. Imagine the amount of extra knowledge you can learn after knowing how to speed-read :O

That's interesting, why do you think you have to disclose your age? Unless you make it a selling point ("so young and already achieved this and that" or "so old and experienced" on the other end) I don't think it's really that relevant.

Because part of selling the info product requires you to "qualify as a expert in that field". Even if i don't disclose my age, I don't have any expert status to convince people to get it.

I mean, if I really worked on my Math Notes project and sold it as a "student who scored an A in math" vs "Notes done by lecturers whom have taught in Whateverreputable College", who do you think would win?

It's doable, but can be quite time consuming, personally I devote to my main site only several hours a week and it brings in a small profit, but that's after it's been around for a year and I got in early on a hot nieche. There was a substantial amount of time that I had to invest in at first and several months went by with little to no profit while the content needed to be created.

When it comes to web content - be it blogging or content site persistence is key.

I have to admit that I'm an impatient person... haha I guess it's not really the thing for me then. Maybe I could try... Just wondering what's your site maybe I can take a look?

I'm not saying to start on something that will be unprofitable. There could be things you can do that will bring you money but not a fortune. These can help you raise money to fund something that has bigger potential but does require paying some upfront costs.

Sorry but what are examples of stuff that has a bigger potential and upfront costs..?

 

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[accelerator]

For someone in your situation your best bet to making money is on the internet. Learn html, learn css, learn php, and learn mysql. There's ton's of eBooks in the market and most of the writers make nothing. Learn to program and create products for niche/small markets and you'll make money in no time.

 

[Bo_]

For someone in your situation your best bet to making money is on the internet. Learn html, learn css, learn php, and learn mysql. There's ton's of eBooks in the market and most of the writers make nothing. Learn to program and create products for niche/small markets and you'll make money in no time.

Thanks for your response. I know some html but css/php/mysql is completely foreign to me. Just wondering, is a WYSIWYG site builder enough for me to launch a site?

I will consider product creation. However, do you think that apps are much easier to sell? Correct me if I'm wrong.

I'm looking into creating an iPhone game for a start. I think I can do a pretty decent one as I was a gamer myself and I know what I look for in a game. However I lack the skills of making one which I am going to learn soon! :smxB:

 

[accelerator]

For making a site try WordPress (open source, easy to use, overall awesome). When I said product creation I meant more along the lines of programs that help users in a certain niche do something easier. Like in the internet marketing niche, people needed a plugin ( a plugin is a WordPress add on) that creates a site pop up. So someone created a plugin for that, and am pretty sure they made a nice six figures ++ with just that one product. Create products that will make people's lives easier and help them.

 

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[Bo_]

For making a site try WordPress (open source, easy to use, overall awesome). When I said product creation I meant more along the lines of programs that help users in a certain niche do something easier. Like in the internet marketing niche, people needed a plugin ( a plugin is a WordPress add on) that creates a site pop up. So someone created a plugin for that, and am pretty sure they made a nice six figures ++ with just that one product. Create products that will make people's lives easier and help them.

Okay.. but wouldn't purchasing a domain be better? Besides it's pretty inexpensive.

I've got a couple of ideas for programs already.. but everything would seem to work better on a mobile device. (For instance, an improved Twitter client, a to-do list, a personal finance program)

 

[Bo_]

Just realized that I can create lots of free time learning materials even though I have a "job". Thought I'd mention it.

The waiting time before morning assembly
Long breaks during school hours
While waiting for the public bus
The journey to-and-fro school
During toilet

Though it'll look super nerdy if I read an actual book so I've decided to use eBooks and my phone instead. 8D

And I could work on my actual project after school and homework. Which is roughly 4-5 hours/weekday. Not bad at all.

 

[accelerator]

Okay.. but wouldn't purchasing a domain be better? Besides it's pretty inexpensive.

I've got a couple of ideas for programs already.. but everything would seem to work better on a mobile device. (For instance, an improved Twitter client, a to-do list, a personal finance program)

Purchase a domain. Use WordPress as a CMS don't make as free blog with them though. WordPress › Blog Tool and Publishing Platform

 

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[Bo_]

Purchase a domain. Use WordPress as a CMS don't make as free blog with them though. WordPress › Blog Tool and Publishing Platform

Ah I see, pardon me for my ignorance.
Then do I still need to learn html/css/php/sql?
Sorry for soo many questions haha.

 

[joanna]

haha I doubt that it would. There are soooo many pros out there giving free content. Wow speed reading is pretty cool! Does it really work (do you actually retain/understand the stuff you read)? If it does i may consider picking up speed reading too. Imagine the amount of extra knowledge you can learn after knowing how to speed-read :O

Doesn't matter if something is available for free. In that sense you could argue that almost anything is available for "free" at a library so why bother, etc. It's about added value, if you add enough to the free content, or deliver it in a more convenient form there are people who are willing to pay for that.

Speed reading was quite fun. Yeah, at high speed for me the comprehension did drop s bit. But it's great training for increasing your overall speed and improving scanning skills.

I mean, if I really worked on my Math Notes project and sold it as a "student who scored an A in math" vs "Notes done by lecturers whom have taught in Whateverreputable College", who do you think would win?

Hard to say, you could argue that the student's notes share your perspective and give you the know how on how to get A's (better for passing a test, not necessarily for learning a subject), while the lecturer's are about what you should know (better for learning, but might not guarantee passing a test). It's all about who you market it to and how.

I have to admit that I'm an impatient person... haha I guess it's not really the thing for me then. Maybe I could try... Just wondering what's your site maybe I can take a look?

I'm pretty impatient myself. Foudn that it helps to pick things you can either stay interested in for long enough or that there will be external factors that keep you motivated and on track (not necessarily money). I can PM you my site details if you're interested.

Sorry but what are examples of stuff that has a bigger potential and upfront costs..?

It's not all about web you know, and a brick&mortar store would require some financial investment. That's just one example. Similarly for some inventions your prototype might cost you to make more than just a few dollars, etc. Even online businesses have costs, and not all of them will start generating profit quickly enough to be self sustainable straight away (revenue != profit)

 

[joanna]

Ah I see, pardon me for my ignorance.
Then do I still need to learn html/css/php/sql?
Sorry for soo many questions haha.

Eventually it helps if you have some knowledge of the above, but you can start with ready-made templates (plenty of free ones available). Also plenty of plugins out there that would pretty much cover most of what you would like to do with your site.

 

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[accelerator]

HtML is super easy to learn, css isn't much harder, but both are very useful. Example, if you want to change how your site looks a little or improve on things it's easier to know how to change it yourself then waste time and money paying someone else. PHP and MySQL isn't as necessary, but it wouldn't hurt to know the basics.

+ Knowing web design/ having programing knowledge can help you make a little bit of money on the side and get you some capital.

 

[Bo_]

Doesn't matter if something is available for free. In that sense you could argue that almost anything is available for "free" at a library so why bother, etc. It's about added value, if you add enough to the free content, or deliver it in a more convenient form there are people who are willing to pay for that.

Speed reading was quite fun. Yeah, at high speed for me the comprehension did drop s bit. But it's great training for increasing your overall speed and improving scanning skills.

I can see where you're coming from, but I still find it hard to beat the combination of expert status+quality of material, plus it's free. Maybe if I try really hard I could win in terms of quality of material by a little, but expert status and price would definitely lose out by a lot.

Hard to say, you could argue that the student's notes share your perspective and give you the know how on how to get A's (better for passing a test, not necessarily for learning a subject), while the lecturer's are about what you should know (better for learning, but might not guarantee passing a test). It's all about who you market it to and how.

Hmm yeah good one. But I realised it's not something I would want to do... Doesn't qualify ne(CS)t plus it isn't quite enjoyable to bury yourself in academics 18 hours a day.

I'm pretty impatient myself. Foudn that it helps to pick things you can either stay interested in for long enough or that there will be external factors that keep you motivated and on track (not necessarily money). I can PM you my site details if you're interested.

Haha I can relate. Do PM me your site!

It's not all about web you know, and a brick&mortar store would require some financial investment. That's just one example. Similarly for some inventions your prototype might cost you to make more than just a few dollars, etc. Even online businesses have costs, and not all of them will start generating profit quickly enough to be self sustainable straight away (revenue != profit)

Invention sounds good. But for now i'll focus on digital products first because it requires minimum startup cost. Yep I do know that revenue isn't profit

 

[Bo_]

Eventually it helps if you have some knowledge of the above, but you can start with ready-made templates (plenty of free ones available). Also plenty of plugins out there that would pretty much cover most of what you would like to do with your site.

I've taken a look at the templates but most of em don't look half-decent for a professional looking site. :/
Haha but thanks for the info!

 

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[Bo_]

HtML is super easy to learn, css isn't much harder, but both are very useful. Example, if you want to change how your site looks a little or improve on things it's easier to know how to change it yourself then waste time and money paying someone else. PHP and MySQL isn't as necessary, but it wouldn't hurt to know the basics.

+ Knowing web design/ having programing knowledge can help you make a little bit of money on the side and get you some capital.

Will look into 'em after learning actionscript3.0. Thanks!

And how do I get these job offers? Sites like eLance seem to be filled with experts.

 

[Bo_]

I don't know if this's the right place but I'll just do updates on my progress daily..

1/ I can develop apps using my PC using flash cs5. Awesome. Should be much much simpler than booting OSX on my PC and coding it with (god-knows-what) programming language, but then as3.0 is still a challenge for me since I have close to zero background on programming.
2/ I found out that being an app developer requires $100 sign up cost. ouch.
3/ I am picking up actionscript 3.0 from scratch. I just knew what a variable is today...long way to go
4/ Exams coming up on Thursday and Friday. Gotta put extra time into academics... sigh. :/
5/ I researched a little and found out that there ARE people who created apps and retired from their jobs shortly after... I SEE AN OPEN ROAD

 

[MJ DeMarco]

I SEE AN OPEN ROAD

They are everywhere and they don't care how old you are. You have the enthusiasm -- no experience? No problem, go create experience by trying it -- success or failure = experience.

Welcome to the Fastlane forum!

 

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[Bo_]

They are everywhere and they don't care how old you are. You have the enthusiasm -- no experience? No problem, go create experience by trying it -- success or failure = experience.

Welcome to the Fastlane forum!

Yes, I will be persistent until I reach my dream.

Thank you so much for writing the book! Many other business books I read didn't really make sense, especially parts that say "do what you love and money will naturally come". Yours is different, it's thorough, blatant and real through the teachings, and had firm backing.

Also, I'm using this forum as a tailwind.
People around me are all studying hard to get good grades.... for a high-paying job. Eww.

 

[joanna]

Great to see you starting straight away

Do you have a specific app in mind? I always found it easier to learn something new when you have a concrete project in mind rather than just sticking to "hello world" tutorials

Good luck with the exams!

 

[mrhahn]

Great job on getting a head start towards the fastlane.

I would definitely recommend learning the basics of php, mysql, and css. Self hosted wordpress installations on your domain are great platforms to build your business site on. Knowing the basics of those languages will allow you to make tweaks to the code and design when needed.

As far as wp templates, there's a lot of great ones out there, here's an example: Best Free WordPress Themes Gallery. Google for "best free wp themes" or something along those lines. Get a copy of photoshop to do some image tweaks like color changes, re-branding, etc.

Good luck on your app development as well!

 

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[Bo_]

Yep, if not now, when?

No but i'll be looking into games. A simple, addictive one like DoodleJump. I found an eBook specifically geared to teaching actionscript 3.0 for game creation!

I still have 2 papers to go.. After this week I should be able to spend more time on my project.

Thanks!

 

[Bo_]

Alrighty, w3schools looks like a great site to learn all these languages!
I don't really know how to operate with Photoshop, I do have a copy of the CS5 suite, so I will look into it when necessary!

Thanks!

 

[Bo_]

110426..

1/ i just discovered SPAMAYL polyphasic sleep schedule. going to give it a shot, in hope for extra 5 hours/day!
2/ Read a little more on actionscript...
3/ Tried to create tailwinds among my school peers, results weren't too good. :smug2:
4/ Other than that nothing much... trying to catch up on studies!

 

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