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NOTABLE! A fundamental question for any entrepreneur: What do I want from my business?

Erik Heyl

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I love this! Repped! My thing has always been to enjoy life as I go. To that end, it's a lifestyle business for me (in my case, building authority affiliate sites (a la Jill and Josh Stanton) and trading Forex), transitioning into building an Amazon brand/product using Ryan Moran's teachings and eventually selling that. I've no real wish for employees if I can avoid it.

That said I do very much want to get out of where we're at (Canada) and get to Panama and from there travel a bit to Belize and frankly Japan and Thailand. And one day visit Australia too. Not to mention get back into martial arts (leaning toward GoJu Karate).

Mostly, I want to get to the end of my life without the "if onlys" and instead say "what a ride!"
 

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Bradley R

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Wow this post really came at the right time. Been weighing what I really want but hadn't been able to verbalize it that well. When reading the original post it's obvious to me that my goals and desires right now (being in my late 20's) line up more closely with a lifestyle business in the short term.

However, when I fast forward 10+ years, building an enterprise is where I see myself. Obviously that could change.

Has anyone transitioned or switched between the 2 types based primarily off of what chapter of life you're currently in?
 

JordanK

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There are options to combine elements of both. I'm 21 with a strong desire to travel which I had been doing previously while copywriting however my family was always involved in real estate mainly here in Ireland where I'm from. Over the last year I have become more involved in that branching out myself with the contacts we have here. It requires being 'on-site' a lot and managing various tenancies/projects so the ability to travel is somewhat limited but there are cycles where I can predict things will be quieter at certain points of the year and schedule my travel around them.

Ultimately my goal is to expand into a second market in a place that Id enjoy holidaying/living in so that I can regularly fly between the two and manage them. I have enough family at home here to keep things running smoothly during small absences. The weather and lifestyle of Ireland isn't what I imagined for my life but the opportunities here are endless with the connections that have been built up over many many years. I would be a fool not to make the best use of them before expanding.
 

Shirkahn

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Fantastic post!!!!

Interesting enough I have scratched some of my business ideas based on a similar principle you have mentioned.

I simplified it for myself by asking one question related to my business ideas:

„Will this buy me a private jet to take me anywhere I want to go?“

In fact, i am not interested in owning a private jet because I see it as a bad return on investment - rather rent, lol.
But if the answer is no, I don’t waste my time even if I totally love the idea. I usually try and pitch it to someone else and wish them Luck and even mentor them a little.

Right now my focus is on my enterprise idea which is currently in soft lauch and working toward my hard launch. I won’t have great rewards in the beginning - so no instant gratification but instead long term sustainable growth until the final f@ck you sale. Yes baby.
 

eliquid

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I'm surprised to see some other people going for lifestyle business, I thought they'd be more thinking about going bigger. Good surprise though (although I have nothing against enterprises!).
Has anyone transitioned or switched between the 2 types based primarily off of what chapter of life you're currently in?
I did the enterprise route a couple times. Learned a lot, worked a ton, and was able to cash out on one of them where I had equity.

I would never do it again personally though knowing what I know now and what my needs are at this time.

So I guess I get lumped into the "transition based on chapter of life atm".

.
 

Michael1359

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Yup, this is the philosophy I espouse. I started with an enterprise business, now I feel like I have more of a lifestyle business-- because I can.
And a great philosophy it is for many. For me however, it’s lifestyle. I’m at the point where I will likely work until I can’t any longer (turn 59 in August), so a lifestyle business makes sense to me. Earn enough $$ to support a lifestyle of travel and remote work, continuing as long as I’m able. I’m in the process of doing this very thing with a partner I’ve known for many years, in a niche market with little competition, high demand, and large barrier to entry. If I was younger, I would go the enterprise route.

GREAT post by the OP!! One of the better threads I’ve read here, and that’s saying a lot.


Sent from my iPad using Tapatalk
 

Rearden

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I think this is something that all entrepreneurs need to contemplate at the beginning of their journey, or where ever they are in the process. I worked my a$$ off for 10 years and found myself at the top of the mountain just to realize I climbed the wrong mountain. Now I am starting over. I developed a great skill set and motivation has not waned. But I am second guessing my second journey because I dont want to spend another 10 years climbing the wrong mountain. So think about this when you are starting. Where do you want to be in a year, 3 years, 5 years and so on? And if you dont know, just start working and figure it out on the way....Time is only lost when you are sitting still.
 

Walter Hay

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transitioning into building an Amazon brand/product using Ryan Moran's teachings and eventually selling that
Using his teachings regarding building a business and selling it is a good concept.

Using his teachings to build an Amazon brand/product could be a recipe for disaster.

Ryan Moran is typical of the many "gurus" that have been lucky enough to hit gold with their first amateurish foray into buying on Alibaba and selling on Amazon. Like so many others, he has gone on to become an expert on subjects that he knows very little about.

Building a business and selling it is a great way to generate legacy money, and has been extensively discussed on the Fastlane. His success at that is his claim to fame, and is well worth copying, but beware of his methods to source and import products.

His lack of understanding of the importing process is glaringly obvious in his description of the process. Following his "method" could cost newbies thousands of dollars on a single shipment.

His poor knowledge of sourcing on Alibaba makes it sound so easy: "we started contacting manufacturers on Alibaba.com. And Alibaba.com just went public. They’re all famous now. It’s a place where a bunch of manufacturers and suppliers get together and they bid for your business."

The price he paid for his yoga mats was at least twice what my book users would have paid if they followed my advice.

As for building a brand........ He didn't even brand or label his yoga mats. He shipped them direct to FBA from his supplier in China, knowing only that they had wrapped them in plastic. His brand building was entirely a result of his good and expensive advertising. They are now branded. How much better might his flagship enterprise done if he had done proper branding and labeling from the start.

His marketing is great. His build and sell a business system is great. He just shouldn't also try to tell people how and where to source and how to import.

I don't know how much he charges, but I do know there is a thoroughly proven and highly successful Amazon course that has been operating for 15 years and costs peanuts. It does teach safe sourcing and how to import, because it includes a free copy of my book as one of the many modules.

Walter
 

Erik Heyl

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Thank you very much for the info Walter. I do appreciate it. And I believe I know of the course you're speaking of, the Proven Amazon Course and will check that out

Sent from my LG-H873 using Tapatalk
 

Walter Hay

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Thank you very much for the info Walter. I do appreciate it. And I believe I know of the course you're speaking of, the Proven Amazon Course and will check that out

Sent from my LG-H873 using Tapatalk
That is right. I don't name it because I have an affiliate arrangement with PAC that involves me allowing them to include a free copy of my importing book as one module in the course.

In return I receive a small (very small) affiliate payment, but more importantly, their support team responds to most of the questions that my book buyers send in. They only refer the difficult questions to me.

If anyone wants a link, just send me a PM. (mods, I hope this is OK)

Walter
 

Johnny boy

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Excellent post. I couldn’t agree more. At first I wanted a lifestyle business, then I realized I’d get bored and I wanted more so I started thinking long term.
 

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MJ DeMarco

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Bumped, marked NOTABLE.
 

RazorCut

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This is something I have banged on about alot. What's the point in working on your terms if you build something that is at odds to the life you want to lead? It's why I suggest that you start with the destination and build a business that is capable of fulfilling those desires. Otherwise you are in danger of building a monster that will haunt your dreams and suck the life right out of you.

I've made the mistake on running with an idea only to find years down the line I didn't like where it had led me. I've also had small businesses that others had seen great potential in and were thrusting VC money at me, but I steadfastly refused to take it as I didn't what the stress and long hours needed to build a 60 or 100 restaurant chain.

There is an old saying "Be careful of what you wish for" I would bastardise that into "Be careful of what you build." Run your business, don't let the business run you.
 

Fox

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Do I want to be like @Fox or @MJ DeMarco? Hmm....

To be honest, I don’t think an enterprise is necessary until you’re ready to settle down; but that’s only speaking on my behalf.

Eye opening post, @Ravens_Shadow.
I legit cracked up laughing at this.

I’m probably a pretty good example of someone who has the skills “to go pro” but has been Airbnb country hopping instead. I’ve stayed in over 20 countries in the last four years. I think I’ve done well to keep things over 100k yearly but there are times I’m curious what I could do with a dedicated home base.

Now that I’m in my 30s I do want to work on a “legacy” project and have a bit more impact than my past lifestyle has allowed me to. It’s hard to make big gains and also move countries every few months.

This post was great - lots of clarity on two very different ways of approaching “fastlane”.
 

Ubu_roi

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Great post!

I'm just wondering: is a lifestyle business really Fastlane?

By the way, I'm personally more inclined towards the lifestyle business, but I'm not really sure it can reach the kind of magnitude that brings you to to the Event...
 

srodrigo

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Great post!

I'm just wondering: is a lifestyle business really Fastlane?

By the way, I'm personally more inclined towards the lifestyle business, but I'm not really sure it can reach the kind of magnitude that brings you to to the Event...
It depends on what you understand by The Event.

Is The Event $10M? Then no, a lifestyle business is not fastlane to that event.

Is The Event having the freedom to have the lifestyle you want? Then yes, a lifestyle business might be fastlane.

We can argue that the first case will remove the need to work on anything, even on your lifestyle business, but some people would still have a lifestyle business even if they were rich. That's why it depends on your end goal.
 

biophase

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If you build a lifestyle business, what happens when your lifestyle changes. In my opinion, it all sounds great but you are severely limiting yourself.

For example, I had an easy dropship business making an easy $50k a year on 1-2 hours a day 12 years ago. Yes it was an easy life, but where would that business be today? Is $50k a year enough when I'm 12 years older?

For those of you that are in your early 20's and figure out how to make $100k a year while traveling the world. How will you feel when you are 35 and that business has shuttered or still only making $100k?

If your business is doing well and you might as well grow it to the best of your ability. Don't say, I don't want employees and handcuff your growth. So you're making $100k at 22, why not try to make $1M/yr at 30? Then see how will you feel at 35.

I made the conscious decision to stop dicking around and go from dropship to import, to warehousing, to employees in 2011. I knew I wouldn't be able to travel as much, but by 2013, I was making $200k a year with an employee.

The difference was that before 2011, I was traveling while making $50k, staying in cheap hotels. After 2013, I was traveling even more while making $200k, staying wherever I wanted.
 

Knicks

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Isn't a lifestyle business a selfish approach? Yes, I get it we are working mainly for ourselves to either satisfy our desire for a better life than we have now or had in the past. I also confess to be guilty of this attitude. Getting out of the slowlane is just a satisfying thing in itself. To say goodbye to your old life and begin a chapter of freedom of choice and autonomy is what everyone here wants I guess. In the short term at least.

What if someone is eager to build a legacy but haven't build anything yet? Maybe then a lifestyle business is the right path to build the dream life one ever wanted. At this point the mission would be to create value for others and simultaneously build net worth. I think it's also possible to get a mind-shift in terms of meaning and purpose, because the successful one person company and the more or less ordinary life seems simply too boring. The solution in this case would be to put oneself out of the equation and sell the business.

The second step in the journey of the now more experienced entrepreneur would be to find something to put his money and time in. And here comes my point: Isn't an enterprise business, built around a great idea that benefits society so much that the price you're asking is a no brainer because of the value you're providing, the only thing that matters in the end? Meaning in terms of scale and impact. Just like saving the world from a major disease or providing a solution for a better life.

What are your thoughts on this? Are you driven by an inner force to change the world for the better and to leave a legacy and even rewrite history by a little? Or are you in search of an easy life by your own means?

For me accomplishment means that my actions really benefitted society in a great way. Like the invention of something new and revolutionary.

Is an attitude like this beneficial in the beginning as an entrepreneur or am I destined for failure because I'm thinking too big right at the start of my journey?
 

eliquid

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From what I have read from those that choose enterprise over lifestyle and dinged lifestyle as something less, I guess it comes down to "what's your lifestyle"?

If your mentality is a $50k a year life, that's not really a ding on lifestyle for the "lifestyle vs enterprise" business viewpoint.

What if your lifestyle is $1m a year and your business does that for you and isn't enterprise?
 

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