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A Note for People Seriously Struggling

Discussion in 'General Mindset, Motivation, Beliefs' started by 404profound, Jun 3, 2018.

  1. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    You seem to like odds, probability, and statistics...so I'll chime in here.

    The latest research shows that business partnerships have a 70% failure rate.

    Compare that to the overall business failure rate (which includes partnerships), of 50% in 5 years and 70% in 10 years...and you have the exact same probability of success.

    Wasn't Amazon started by one person? Ebay? IBM? E*Trade? GoDaddy? Dell? EDS? Wrigley?

    THIS is exactly why you are hearing so much about mindset.

    There literally are no "rules" to entrepreneurship other than the law and your own personal code of conduct.

    Here's my mindset about statistics:

    7 out of 10 businesses fail?

    I DON'T CARE.

    I'll repeat that.

    I. DO. NOT. CARE.

    Why?

    Because everything in my life is MY fault.

    If my business fails (and I just had one that failed and dropped my net worth 75%+), it isn't because 7 out of 10 businesses failed...it's because *I* did something that made it fail.

    I either screwed up and made bad decisions, or I didn't put in the effort required, or I picked a business that didn't have the possibility of succeeding to begin with.

    All of that is mindset. All of it.

    Here's another way my mindset works:

    What if my current business fails?

    Again,

    I DON'T CARE.

    Why?

    Because I can always start another one.

    I care deeply about my ultimate goal of maintaining my autonomy and freedom, but I could care less if any one specific pursuit fails to get me there.

    Every time I improve my mindset I improve my life/business.

    I can't say the same about specific steps I take to get there though.
     
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  2. ZF Lee
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    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Speaking of statistics, my econometrics lecturer used to something REPEATEDLY many times during lectures.

    He said, 'Just because you can get a conclusion from a sample out a a statistical study of an entire POPULATION, it doesn't mean that the result will always represent the population.'

    That is to say that, every statistical result shouted from the rooftops, such as the 90% business failure rate and others, has a DEGREE OF UNCERTAINTY to it.

    How much uncertainty? It depends on the grounds of the study...which is always different.

    For instance, examining the business success rate today would have me a very different sampling of business people from that of the 1960s, because of differences in technology, mindset, economic policies and education.

    Leap onto any blog screaming, '90% of businesses fail' or '10% of businesses only last for 5 years'. Not all that you see and read about is 100% correct. Who knows if the bloggers just nickpicked some numbers out of thin air? Faked survey results? Deployed flawed statistical tools?

    And bear in mind that statistics are driven by MASS DATA, which involves studying the mindset of the majority. Last time I checked, usually the majority didn't exactly make the finest decisions.

    My lecturer told us to ask these questions instead:

    1. What story can the statistics tell us? What's going on behind there? (e.g. were the statistics biased against a certain mindset falsity or assumption?)
    2. What can we do about it?

    With all these uncertainties floating about, I would like to make my decisions based on my own grounds and merits, rather than from fear and influence of mass thinking. Statistics are not silver bullets to divine truth, if you can call it.
     
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  3. MidwestLandlord
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    MidwestLandlord Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Exactly.

    Here's a thing that isn't often talked about with the business failure statistic.

    Why those businesses were closed.

    I closed a business in May. Not because it failed, but because it made me the money I wished to make, so I got out. Sold the assets off and closed the business (an LLC)

    I owned it for 4 years.

    That would make it part of the 50% in 5 years "failure" rate, even though it was successful.
     
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  4. ZF Lee
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    ZF Lee Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Benchmarks.

    What is the line between red or blue? Success or failure?

    Turns out that it depends.

    I had a recent group project examining poverty in Timor-Leste. Great project to learn all about statistics. The conventional benchmarks that determined which family was poor, was just a bunch of mathematical mumbo-jumbo put together.

    I thought about changing critical values that served as benchmarks, since I didn't like the conventional one.

    Then a peer of mine said, 'No need to! The tutors said it was fine to stick to it!'

    So I stuck to it. Peer pressure hahaha.
    But that is the sad truth behind the judgement of benchmarks. The pressure of some organization or governing body ensured that the benchmarks stayed stagnant.

    I think MJ did discuss some statistics issues, concerning the relationship between income and getting loans for student degrees, in UNSCRIPTED. I didn't really get the full picture of that until I got a crack lecturer for my econometrics class.
     
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  5. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Step 1. Print this out
    Step 2. Go to the drugstore and buy a cheap glass frame
    Step 3. Put this in the frame, and set it on your desk. On the wall is too easy. Has to be on your desk.
    Step 4. Read and re-read this. When you need encouragement, read it again. When sh*t is hard, read it again. When dumb shits post statistics that bring you down, read it again. When people tell you what can't be done, read it again. Then, read it again.
    Ste5 5. Re-do step 4.

    @MJ DeMarco featured post.
     
  6. GoGetter24
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    GoGetter24 Bronze Contributor Speedway Pass

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    You do care how long it takes, and at what cost, to get there though, right? You don't care if you get rich in 2 years or 12?

    I didn't say that can't be done, I was suggesting the odds are lower.

    Ebay: Omidyar brought on Skoll very shortly after starting (less than 12 months later), and they both became billionaires when it sold, so I'm calling that a partnership.

    IBM: The 'founder' was a financier who lead the amalgamation of a group of other companies together. I wouldn't call that founding, that's more M&A stuff, but still indicative of the mentioned rule: buying an existing company (or companies), bypasses the business failure rate.

    E*Trade: No, founded by 2 partners.

    Wrigley: took too long to be considered a valuable example.

    GoDaddy, Amazon, Dell, EDS: Yes.

    Keep in mind that "70% of business partnerships fail" (taking that statistic on faith) is not the same as "70% of businesses fail". A business can succeed, make money, and then the partners drift apart in vision, leading to selling the company, or buying each other out, etc. I don't call that a failure if they made decent money from it. There's a great book on this: "How I Sold My Business: A Personal Diary", where the guy ended up hating his partners' guts to the extent where he couldn't be in the same room as them, and no one would buy the other out, so he managed to offload it to the actual employees of the firm in a form of internal buy-out. But as he pointed out: he was getting $1000/day throughout the whole thing, despite the dysfunction and him not being in the office.

    I recognize that the ideal scenario for getting as rich as possible, will full control, is to own 100% equity in something that you manage to get to take off. I'm just saying the chance of getting it to take off is higher if you have good partners. You can move twice as fast or more than alone, you're dividing the labour, etc, all which gives you better odds of striking the blade of the power law curve.

    Of course we're all going to keep trying until we make a play that succeeds. But there's no romance in struggling. It's no value to me to have 20 stories of struggle under my belt. Only the result matters. If I can get rich within 3 years instead of 6 years by paying attention to the rules, I'd rather do that.

    As a sidenote, I try to go it alone myself too (for a variety of reasons), but I recognize it would be better to have a good partner or two to accelerate things.
     
    Last edited: Jun 8, 2018
  7. IGP
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    If you spent half as much time working on your business that you do disputing posts on this forum, you would be a resounding success!

    That much I know for sure.
     
  8. GoGetter24
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    GoGetter24 Bronze Contributor Speedway Pass

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    That's fair. I'll put it down now.

    I was debating this topic to clear up my own thoughts on this question. When you criticize and question things, you bring out people's best arguments: or their worst if you're onto something. For instance, I was on the fence about getting involved in cryptocurrency, so I raised the debate in that thread, and due to the way they responded, took that as a "do not buy". And here: some guys are bringing out good points about mindset and odds, which I'm taking on board.

    But the fact a staff member has called me a dumb sh*t, and is deliberately falsely interpreted my posts as trying to demotivate people and tell them "it can't be done" (despite all the points I made about improving the odds of getting it done), tells me that maybe this isn't the right place to have civil debates. So forget about it.
     
  9. JordanK
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    JordanK Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Please tell us all about this great business you have going where you have drawn these great statistical results from.

    Until then I'll continue listening to people like @Vigilante & @MidwestLandlord whos opinions carry weight as they have been there and done that.

    Also, I'd rather be out there striking for home runs than sitting on the bench passing comments.
     
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  10. MidwestLandlord
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    You're shifting topics here. I said I don't care about statistics because I don't care what others have done as a group. (individuals I care about...groups of people generalized into a statistic? Not so much)

    Not sure what that has to do with your new questions here.

    But, I'll answer.

    Of course I care how long it takes to make my goals in life.

    But my goal isn't to "get rich" (been there, done that. I was "rich" by most people's definition by age 25)

    My goal is autonomy and freedom, money is just a means to that end.

    My goal is to build a business that allows me to keep the autonomy and freedom I already have, and also increase my wealth to pay for continuing freedom and autonomy in my old age. (I'm 36, but I've seen enough to realize that old age/doctors/medical bills will very quickly erode my autonomy unless I can pay to remain in control)

    My next goal will be to maintain my current goal, while building a legacy (I have an idea of what that will look like, but I don't care to share it)

    So the business steps I take are more concerned with divorcing my time from the process than anything else.

    As for other costs, I greatly enjoy the process and struggle of business (quite addicted to it), so no, I don't really care.
     
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  11. WJK
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    WJK Silver Contributor Speedway Pass

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    Keep that mindset. No debt & living close the bone will keep you out of the poor house.
     
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  12. FastNAwesome
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    Doesn't it feel great to re-claim responsibility for your life/situation, and with it, the power to change it as well?

    Nothing to add to lots of great advice here.

    Just want to wish you much luck in your endeavors. It really starts with the mindset, and with the decision. Own your life. And shape it how you want.

    Always a bucket of cold water and a great reality check.

    Although things are going well, this always shakes me up, and moves me to do better and more.

    Thanks for sharing that story. I love that podcast.
     
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  13. Thomas Baptiste
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    Thomas Baptiste Contributor Read Millionaire Fastlane

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    This represents me so well right now. It's really all about choices man, everything you do everyday is a choice. We chose to have mentalities that dictated how we should behave and the actions we should take in our lives. Choosing the FastLane isn't easy, but it's sure to reap bigger/better benefits than anything else out there.
     
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  14. BigShaw
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  15. EasternCrane
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    EasternCrane Sit in the gap not the choice Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    @404profound

    You'll get there. Interestingly, today I read something that said most millionaires started in debt, bankrupt, destitute, etc.

    You said it yourself. You're creating a revolutionary product.
     
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  16. juba.hadjal
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    juba.hadjal Contributor I've Read UNSCRIPTED

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    Hello there, I can't relate about debt but I can understand your struggles. I live in france and we have another relation to debt and consumption.

    Life is all about the choices we make. I chose to be a victime as well, finding exuses and not taking action. Mental masturbation is really tough. I now 29, married and I have two children.

    My situation is shitty and we live out 1200€ a month. The moment you feel your dreams are getting away is frightening. I failed at three businesses and I keep bragging about my dreams to become a millionaire to people who don't want that for me.

    The saddest thing that motivate me the most is making my mother happy and see her again. Almost 5 years now, and I am starting to feel ashamed to return to my country to see my family.

    We will make it buddy :) get a gripp and be patient.
     
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  17. masterneme
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    masterneme Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    According to some statistics the chances of getting pregnant are even lower than that, yet here we are...
     
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  18. Fox
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    Little late to this thread.

    I never cared about "starting business stats". If you look at anything else in life you most likely failed your ass off before you had any success too:
    - riding a bike
    - cooking a meal
    - talking to girls
    - driving a car
    - creating good relationships

    "70% of people burn their first meal" < who cares. Maybe it works first time, maybe it doesn't, but if you want to learn to cook you just keep going till you got it.

    Same with business. Some people have it click first time and some don't. It doesn't matter > start again and keep going. No debates, statistics, or forum responses are going to change that.

    The only reason the starting business stats get used is people like to justify why they gave up or why they didn't even start. You would never use those type of stats for one of the 1000 crucial life skills you already have mastered. Its only when the stakes are higher that people want something to fall back on.

    I really don't get your replies @GoGetter24. There are 100s of super detailed execution threads on here. There are also some excellent mindset and motivational threads. You will need both.

    While you are debating the fine details someone else is taking action and getting results.
     
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  19. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I have taken to asking "What does the @Fox
    I have taken to asking "what does the @Fox say?" because if I can figure that out (or read it from him directly) I can usually find the right answer.
     
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  20. Fox
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    Ha someone is going to quote that crazy music video now.

    I get where is he coming from cause when you are starting you want proof/stats etc but it ultimately is pointless. I still get that sometimes but (as others has said already) it will come down to mindset either way. If you are someone who will hit it first time or 100th time you still need the mindset to keep going and make it happen.

    I always think of the guy who created "Dollar Shave Club". He got his first 1,000 customers going door to door selling his product. Thats not 1,000 doors > its 1,000 sales. Imagine the brutal rejection that required. That is the mindset you need.
     
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  21. Vigilante
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    My son recently put himself into a position where he has no option but to succeed. It doesn't mean he won't struggle... but taking a page from Kyosaki (who he hasn't read and I generally don't quote) he's put himself into a scenario where he has a nut to cover and has to figure out how to make it happen. Standing still isn't a great option.

    There's a great line from the Jerry McGuire movie, when he is copying off his manifesto at kinkos (with apologies to the ladies here for the course language) :

     
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  22. masterneme
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    masterneme Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    [​IMG]
    "It takes brass balls to sell <anything>".
     
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    I appreciate your guts that you shared your story with us. I think it is a wrong approach to start a business with the borrowed amount. You can lend money for your business but only when it becomes mature unless you will never get success at any cost. Stay blessed!
     
  24. Fastlane Liam
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    Fastlane Liam Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Sorry this is off topic but it fits it so well, Patrick Bet David (youtuber) said theres 4 Layers to Earning Money, and you seemed to have hit them all and in order - which is very fascinating to me. Congrats on your successes.

    Layers:

    Survival
    Status
    Freedom
    Purpose
     
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  25. AllanB
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    I totally agree with @GoGetter24 in this thread.

    How can you seriously compare getting abs and succeed in business?
    - To get abs, you have to do physical exercises, the result is guaranteed. All you need is willpower.
    - To succeed in business, you need to work very hard, be smart and persistent. And nothing is guaranteed. You can do business for 15 years with all the possible efforts and get no result.

    The difficulty level is just incomparable.

    Excellent post: A Note for People Seriously Struggling
     
    Last edited: Jun 22, 2018 at 6:40 AM

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