The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

RANT Anyone else think basic coding is one of the most important skills new entrepreneurs could have?

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
Hello all-

Wanted to gather some opinions on this subject. I get asked the question "what is the most important skill a new entrepreneur could have" - I usually hear "sales" but I have a theory that learning basic coding is one of the most critical skills a new entrepreneur could learn. For this reason, I am looking at developing a course on helping prospective entrepreneurs learn the basics of developing an MVP and how to begin selling it.

All things the same - if we are speaking strictly "business" - learning how to code has allowed me to quickly develop atleast 4 or 5 ideas and test the need, make them cashflow positive quick and then invest more time into automating them when ready - faster than any brick and mortar businesses my friends have started. That being said I know many "entrepreneur" coders who are brilliant coders, but are shitty entrepreneurs and take no action. So I think its a double edged sword.

My question is - what are some of your thoughts on this? What am I missing? Does anyone disagree that going into web/software is one of the easiest places to start?

Sent from my SM-A520W using Tapatalk
 

Don't like ads? Remove them while supporting the forum. Subscribe.

PureA

Winners never quit
Speedway Pass
Dec 24, 2013
544
1,736
496
24
UK
Coding, a very small part of entrepreneurship, why limit yourself?

Don't get me wrong, it is a great skill to have in the bank. However, if a 20-something reads MJ's books, realises they want to get in the fastlane as fast as possible... is learning to code really the route?

though, it might be...

You are able to be a world class entrepreneur without this proposed 'important' skill. Thus, I would not consider it very important.

That said, it might be your fastlane, who the hell am I to tell you no?
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
Coding, a very small part of entrepreneurship, why limit yourself?

Don't get me wrong, it is a great skill to have in the bank. However, if a 20-something reads MJ's books, realises they want to get in the fastlane as fast as possible... is learning to code really the route?

though, it might be...

You are able to be a world class entrepreneur without this proposed 'important' skill. Thus, I would not consider it very important.

That said, it might be your fastlane, who the hell am I to tell you no?
Yep agreed, you can do it without. In-fact, I think sales is a close second. I've sold software solutions before that I haven't even built yet, and theoretically a good salesman could do that and have someone else build it. Still better to be able to code it yourself.

I just think for someone NEW without the ability to invest a ton of cash into product development or starting a business, coding is hands down the easiest and fastest way to develop products. My background is in retail, so I know a lot of successful businessmen who have invested hundreds of thousands into new ventures and came out with millions 5-10 years later, but I just think that's not realistic for new entrepreneurs.
 

Flybye

Bronze Contributor
Feb 19, 2018
119
138
142
Cuba v2.1 (Miami)
Selling software and selling customizable software are two totally different things. So being able to code your own software idea, selling it, and being able to tweak it to the customer's needs I feel is an important asset. Almost anyone can make a simple static website these days with the sea of GUI editors out there. But to customize specific software? Say a patient management system for small medical practices that you can quickly customize to that specific office. Or sometimes you may not have all the good ideas but a great foundation. You build on that great foundation by adding more and better features every time a customer asks for a specific feature. Scalability.
 

Late Bloomer

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Apr 17, 2018
952
1,305
362
I think sales is most important. If you have enough sales, you can always hire a coder. No amount of extra code can make up for a lack of sales.

I agree it can be very useful for an entrepreneur to have basic coding skills. We see from threads on the forum, how many business builders want to develop software skills.

Instead of trying to convince the whole world, sell your course to people who already think that way.

I think you can win with polarizing ads that totally turn off people who think code doesn't matter that much. That's fine, you only need the people who are super eager about code. Attract and draw in people who are already passionate.

Show them that you'll teach coding from an entrepreneurial point of view. Not an academic or cube-drone slowlaner point of view. In your course, every line is there for one purpose: profits.

If your course combines both code lessons and MVP lessons, I think you could have a huge, profitable business. Your audience will be mostly Millennial and younger, but could also include a few disillusioned Boomers. People who've had it climbing the corporate ladder. Now they want to learn both code and sales, so they can do their own thing at long last.

Don't try to create demand for your course. Satisfy the already existing demand of people who already stay up at night, worrying how they'll ever learn some software skills to help grow their business. Your headlines, ad copy, course outline, testimonials should all target people who already believe this is the most important thing they could learn. Harley-Davidson doesn't try to convince people at the Quilting Bee that they should ride a bike. Like the outfitters of the Gold Rush, sell your shovels to people who already know they want to dig for their fortunes.
 

Scot

Salad Dressing Empire
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 10, 2016
2,861
13,068
2,796
Florida
If you think coding is more important than sales, you’re limiting yourself to a tech based industry.

Sales is universal. Every single business, in every industry, will need some element of sales.

The most obvious industry where coding is 100% irrelevant are any physical products. I sell salad dressing, still haven’t found the need for a Ranch mobile app.

The problem is, you have tunnel vision. You’re a coder, on the Internet, talking with other entrepreneurs via a forum. So, to you, software, apps, Saas, any digitally based product is your scope on entrepreneurship.

Does @Vigilante need to code to sell his products? Does @jon.a need to code to build a real estate empire? Does @biophase need to code to sell ecommerce products?
 

Late Bloomer

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Apr 17, 2018
952
1,305
362
There is already a long thread on this topic. #CodingRocks
I think Trey's post is unique in that he wants to sell a coding bootcamp to entrepreneurs. He wasn't just asking if others think coding's cool, or as important as sales. He's also looking for feedback on his product idea.
 

WildFlower

Contributor
Read Millionaire Fastlane
Aug 21, 2009
249
63
57
Los Angeles Area
I think Trey's post is unique in that he wants to sell a coding bootcamp to entrepreneurs. He wasn't just asking if others think coding's cool, or as important as sales. He's also looking for feedback on his product idea.
I guess it's different because he wants to make a course for entrepreneurs but the other thread was about the need for entrepreneurs to learn coding. Might be helpful to read the comments from the other thread is my point. -- Have a great day! EDIT: Wait.. there is a whole section on it. Nevermind
 

Late Bloomer

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Apr 17, 2018
952
1,305
362
I guess it's different because he wants to make a course for entrepreneurs but the other thread was about the need for entrepreneurs to learn coding. Might be helpful to read the comments from the other thread is my point. -- Have a great day!
Oh I missed that as his opportunity. Great point!! His market research on how people feel about this, is right there for him!
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Fox

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 19, 2015
2,028
14,765
2,796
Europe
Coding has the bigger market but weaker (well cheaper) demand. People like codeacademy, udemy, youtube etc give out a lot of free or very reasonable content.

Higher level concepts like sales, building systems, funnels, production or software creation need more in-depth courses and resources.

As far as which is more important or more needed its 50/50. Good luck selling something that doesn't work and best of luck building something that can't sell.

I think your best success would be to niche down and teach a very specific skillset for a very specific type of business model. You will have to test the market but you are going to do best where there is a solid demand with a very acute problem. Going too general in courses will mean you get played out by those who went more narrow.
 

lowtek

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Oct 3, 2015
1,527
4,808
1,130
37
Phoenix, AZ
I'm in the camp that sales is the most important part of a business, but I'm also a "coder". I always cringe at these types of posts. It's amazing those that come out of the woodwork saying that coders are a commodity or that it is a low value skill best left to cheap labor in the developing world.

Coding isn't merely getting some bit of software to execute some functionality. It's making sure you do it in a way that doesn't bottleneck or harm your core business, while allowing you to expand your business later without having to do a complete refactor or rewrite of your base.

You may be able to pay a Ukrainian a hundred bucks to make your wordpress plug in, but if you're looking to build a real empire you need to understand that it's not as simple as hopping on Upwork and hiring some individual or team in the developing world for pennies on the dollar.

Some traps that you can fall into by hiring the cheap "coders":
1) Esoteric code that cannot be understood by anyone but the original programmer, without significant time investment.
2) Algorithms that scale as O(N^2) or worse. This means that doubling your users quadruples the storage and/or time requirements. Obvious catastrophe in the making.
3) Bloated code bases that follow OOP principles just for the sake of it (if you see empty base classes, then you've fallen prey to this one), without actually solving the business problem. This relates to problem 1, as if you have to extend the code base later it can take quite some time to map out the hierarchies between classes/structs.
4) Coders that pad time by rewriting common library functions from scratch, because you're paying by the hour.
5) Coders that don't write unit tests because you're paying a fixed price contract. This leads to brittle code that can't be extended, or worse can fail for some obvious corner cases.

The entrepreneurial world is rife with stories of the wide eyed hopefuls getting screwed over by shoddy coding. The OPs idea of a bootcamp for entrepreneurs has enormous value, even if the students never write a single line of HTML. Knowing how software and computing works can greatly reduce the probability that your business falls due to shoddy coding. All because you wanted to build a software empire, but couldn't be bothered to learn the first damn thing about software, because "muh opportunity cost".
 

lowtek

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Oct 3, 2015
1,527
4,808
1,130
37
Phoenix, AZ
Hello all-

Wanted to gather some opinions on this subject. I get asked the question "what is the most important skill a new entrepreneur could have" - I usually hear "sales" but I have a theory that learning basic coding is one of the most critical skills a new entrepreneur could learn. For this reason, I am looking at developing a course on helping prospective entrepreneurs learn the basics of developing an MVP and how to begin selling it.

All things the same - if we are speaking strictly "business" - learning how to code has allowed me to quickly develop atleast 4 or 5 ideas and test the need, make them cashflow positive quick and then invest more time into automating them when ready - faster than any brick and mortar businesses my friends have started. That being said I know many "entrepreneur" coders who are brilliant coders, but are shitty entrepreneurs and take no action. So I think its a double edged sword.

My question is - what are some of your thoughts on this? What am I missing? Does anyone disagree that going into web/software is one of the easiest places to start?

Sent from my SM-A520W using Tapatalk
While it's not central for all entrepreneurs, anybody looking to build a software empire could greatly benefit from a crash course in computer science. At the very least, they would know the right questions to ask in an interview and how to think about scaling out their business later.
 

GoGetter24

Gold Contributor
Speedway Pass
Oct 8, 2017
571
1,103
365
Various
You can't do everything. You only have 24 hours in a day. You only have one brain.

It breaches the principle of division of labour, specialization, and the very reason firms exist to try and do everything yourself. Sticking to core aptitudes and offloading specific skills needs to others whenever possible is best.
 

Vigilante

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 31, 2011
9,902
58,082
4,655
Gulf Coast
Hello all-

Wanted to gather some opinions on this subject. I get asked the question "what is the most important skill a new entrepreneur could have" - I usually hear "sales" but I have a theory that learning basic coding is one of the most critical skills a new entrepreneur could learn. For this reason, I am looking at developing a course on helping prospective entrepreneurs learn the basics of developing an MVP and how to begin selling it.

All things the same - if we are speaking strictly "business" - learning how to code has allowed me to quickly develop atleast 4 or 5 ideas and test the need, make them cashflow positive quick and then invest more time into automating them when ready - faster than any brick and mortar businesses my friends have started. That being said I know many "entrepreneur" coders who are brilliant coders, but are shitty entrepreneurs and take no action. So I think its a double edged sword.

My question is - what are some of your thoughts on this? What am I missing? Does anyone disagree that going into web/software is one of the easiest places to start?

Sent from my SM-A520W using Tapatalk
What's coding?
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
You can't do everything. You only have 24 hours in a day. You only have one brain.

It breaches the principle of division of labour, specialization, and the very reason firms exist to try and do everything yourself. Sticking to core aptitudes and offloading specific skills needs to others whenever possible is best.
Yeah I understand that once you get to a certain spot, you need to divide labour because you cannot do everything yourself. I do the same.

Here's my point: people ask where can you start - if you weren't looking to get into any single ONE business, knowing how to easily build products like software/apps in a ridiculously large market and test them fast gives you a huge advantage. I would honestly compare it to being alive in the industrial revolution and having a full factory at your disposal.

I think even seasoned entrepreneurs underestimate just how little we all know about the "NEED" until we actually launch. Most of the "signals" you receive that there's a need for a product are not clear. I think the lean startup ideology is the golden key to figuring out need, being able to release a minimum viable product and seeing what the results are - that's key. The reason so many new entrepreneurs fail, IMO is not just lack of need - but being able to react fast to fill the need better than everyone else in the early stages of a business.

So, someone starting out asks me where is the best place to start, all things equal? I would say software is a great place to start and learning to code is a huge advantage. I can release a new product/feature and know if I have a hit in weeks/months. Where would I be if I could not do this? Investing thousands into hiring a developer, slowly re-iterating as I can afford it? Not working in software, deciding I want to start a retail business and learn if there's even a need for 2 years before I can scale it? Starting an amazon business and ordering products before I even know if there's a need?

I always get the response "you can't do everything though!" but people forget that for new entrepreneurs, a startup is different than an established business. Yea - split up the work when you're making $250,000+ a year.
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
If you think coding is more important than sales, you’re limiting yourself to a tech based industry.

Sales is universal. Every single business, in every industry, will need some element of sales.

The most obvious industry where coding is 100% irrelevant are any physical products. I sell salad dressing, still haven’t found the need for a Ranch mobile app.

The problem is, you have tunnel vision. You’re a coder, on the Internet, talking with other entrepreneurs via a forum. So, to you, software, apps, Saas, any digitally based product is your scope on entrepreneurship.

Does @Vigilante need to code to sell his products? Does @jon.a need to code to build a real estate empire? Does @biophase need to code to sell ecommerce products?
I could have tunnel vision - but you're talking seasoned entrepreneurs with cash flow. I'm talking the best skills for someone who hasn't done anything yet, no cash, etc. How does a NEW entrepreneur buy real estate? How does a new entrepreneur make the contacts to sell salad dressing in such a competitive industry? Even e-commerce takes time to find your niche, reiterate your business model fast, etc. I would say when I started, I was an average salesman - but I offset it by the fact that I could sell products I hadn't even built yet, knowing I had everything in place to make it happen in days/weeks.

I don't know - maybe it's equal to me? Sales and product dev skills - I just don't get how a new entrepreneur with no experience/cash would be better off selling products/services like real estate or even merchandise when he needs to be able to act fast and reiterate his business model at any second.
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
Also - to be clear. I'm not trying to be disrespectful to anyone's business. There are advantages/disadvantages to all types of business models. Just expressing my opinion on the best way to get into a sustainable business and generating cash in the least amount of time possible.
 

GoGetter24

Gold Contributor
Speedway Pass
Oct 8, 2017
571
1,103
365
Various
I think the lean startup ideology is the golden key to figuring out need, being able to release a minimum viable product and seeing what the results are - that's key. The reason so many new entrepreneurs fail, IMO is not just lack of need - but being able to react fast to fill the need better than everyone else in the early stages of a business.
But that's always addressed by blasting it with money. Striking into something new, cutting-edge, and network-effect heavy (e.g. Uber, AirBnB, anyone know who's No.2 in AirBnB stuff? Nope) has 10x better odds of succeeding with venture capital than bootstrapping. The issue is that all men have 24 hours. At most you can scale your output speed mildly, by working harder, and upping your skills. But whacking it with $5M to hire a team of developers etc is always going to beat out a bootstrapper unless he's got a 3 year head start that's gripped the market. Reacting fast requires resources beyond one body and its will to succeed, because reacting fast is relative.

I always get the response "you can't do everything though!" but people forget that for new entrepreneurs, a startup is different than an established business. Yea - split up the work when you're making $250,000+ a year.
I don't agree with this. I think a two man split: man (sales, marketing, design/graphics or content work, billing, management) & machine (all tech), is a good minimal split. If you've ever met a real hardcore computer guy, you can tell immediately that "interfacing with humans" isn't his strong suit. Offload that to someone who can, and you've got a powerful unit. All startups are lean, which gives them the edge of speed and vigor versus larger companies burdened with their diseconomies of scale, but you can be too lean. Gung ho is rapidly outstripped by physiological limits.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

JAJT

Ha Ha! Business
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 7, 2012
2,675
14,035
2,806
Ontario, Canada
Honestly, you seem to love coding and see the value in it - that's awesome. Nothing wrong with that. If you want to develop courses on the subject - even better, I'm sure it will do great. Tons of demand there.

However, as others have expressed, coding is just another niche skill. You could replace "coding" in your arguments with almost any other skill and find a ton of other examples to support it.

Might as well say graphic design, for example. If every new entrepreneur learned graphic design they'd be far ahead because they could design their own logos and graphics and social posts and prototype concepts and on and on and on...

Same with photography or writing copy or a million other things.

This all relates back to the fundamental rule of the "day to day" life of an entrepreneur:

If you don't have money, you spend time.
If you don't have time, you spend money.

Coding (and all those other skills) relates to the first part - it lets you spend time instead of money on something because you can do it yourself.

However I agree with everyone else - it's ridiculous to say that any one of these skills is a "must know" or "most important to know" for a new entrepreneur.

If you want to talk about "the most important skill to know", you need to look at skills that universally apply to just about any other business and gives you a leg-up on almost anyone who doesn't posses it (like sales, marketing, accounting and other universal "business" skills).
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Feb 9, 2016
464
1,117
373
28
Edmonton, AB
Honestly, you seem to love coding and see the value in it - that's awesome. Nothing wrong with that. If you want to develop courses on the subject - even better, I'm sure it will do great. Tons of demand there.

However, as others have expressed, coding is just another niche skill. You could replace "coding" in your arguments with almost any other skill and find a ton of other examples to support it.

Might as well say graphic design, for example. If every new entrepreneur learned graphic design they'd be far ahead because they could design their own logos and graphics and social posts and prototype concepts and on and on and on...

Same with photography or writing copy or a million other things.

This all relates back to the fundamental rule of the "day to day" life of an entrepreneur:

If you don't have money, you spend time.
If you don't have time, you spend money.

Coding (and all those other skills) relates to the first part - it lets you spend time instead of money on something because you can do it yourself.

However I agree with everyone else - it's ridiculous to say that any one of these skills is a "must know" or "most important to know" for a new entrepreneur.

If you want to talk about "the most important skill to know", you need to look at skills that universally apply to just about any other business and gives you a leg-up on almost anyone who doesn't posses it (like sales, marketing, accounting and other universal "business" skills).
I'm not trying to devalue what you are saying, but I don't believe replacing a skill like coding with "any skill" like graphic design, legal, or accounting is even comparable.

I am talking about a skill that lets you create and release highly automated, scalable, time sepeeated products, fast and cheap that generate huge income without heavy investments into invetory. I felt there was a need for a digital signage system in my industry and developed an MVP in 5 days that generates $50,000 of cash a year with literally days of maintenace each month - 6 months into becoming an entrepreneur.

Yes, a fair bit of sales went into it and would go into it to keep it growing - and it does make me think that yes, perhaps sales is an important skill as well. And I agree - only knowing software development means your business would fail. But I would not compare something like code - the building block of a significant portion of products in the market place to accounting or graphic skills.

Sent from my SM-A520W using Tapatalk
 
Last edited:
  • Like
Reactions: GSF

Arun Siva

aspiring 大君 of the bourgeoisie
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 31, 2016
1,193
1,980
568
NORD-TRONDELAG
learn coding if you are designing or inventing something that only you can muster; if not then outsource. Codemonkeys are plentiful; however coders that code for their innovating and mind blowing product etc well then you need to conquer that mountain.
 

Late Bloomer

Gold Contributor
Read Millionaire Fastlane
Speedway Pass
Apr 17, 2018
952
1,305
362
Trey, you've got enough responses here to validate your training idea. Obviously today's entrepreneurs are aware that custom software will be an important part of their future. And they have strong feelings about it!

Some people are very eager to know enough code to quickly crank out prototypes and new ideas, just like you can already do. Some people see this as a total waste of their time, when they can hire coders and focus their own energy on something else. So, it's polarizing. This is ideal for you to make a name for yourself!

Using some classic ad ideas off the top of my head...

Who else wants to combine coding and business skills to dominate your market?

The secret of how an entrepreneur can be your own tech geek with some basic coding skills I can teach you in 90 days

A little mistake that costs the average new business builder over $10,000 a year [ Ad/letter will explain that having to go hire a coder is that mistake ]

Don't pay a penny for coding until we can talk about my easy to follow code guidance tailored for entrepreneurs. No tedious theory, only the lines of software that help you make money!

Sign up now for my free report on why every entrepreneur today MUST possess some basic coding skills... or get left in the dust of your competitors who have them!

Finally, introducing the ONLY course and community that combines coding and marketing, from an entrepreneur who's built his own software business from scratch

Free webinar shows entrepreneurs exactly how to make your own business prototype software development [ webinar will give tips, and get people on the mailing list to get pitched your course ]

These aren't great killer headlines. They illustrate the idea. The more polarizing you are, the more you'll get eager inquiries and sales from people who already like the learning-code idea. And the more free publicity you'll get, from people debating what a waste of time it is for entrepreneurs to learn to code!

Go for it! Quit trying to convince people who wouldn't be your customers anyway! Start making sales to people who are eager to get this advice you can offer!
 

Yzn

Bronze Contributor
Speedway Pass
Jul 1, 2018
171
286
167
Hello all-

Wanted to gather some opinions on this subject. I get asked the question "what is the most important skill a new entrepreneur could have" - I usually hear "sales" but I have a theory that learning basic coding is one of the most critical skills a new entrepreneur could learn. For this reason, I am looking at developing a course on helping prospective entrepreneurs learn the basics of developing an MVP and how to begin selling it.

All things the same - if we are speaking strictly "business" - learning how to code has allowed me to quickly develop atleast 4 or 5 ideas and test the need, make them cashflow positive quick and then invest more time into automating them when ready - faster than any brick and mortar businesses my friends have started. That being said I know many "entrepreneur" coders who are brilliant coders, but are shitty entrepreneurs and take no action. So I think its a double edged sword.

My question is - what are some of your thoughts on this? What am I missing? Does anyone disagree that going into web/software is one of the easiest places to start?

Sent from my SM-A520W using Tapatalk
Can you please teach us?
 

Scot

Salad Dressing Empire
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 10, 2016
2,861
13,068
2,796
Florida
I could have tunnel vision - but you're talking seasoned entrepreneurs with cash flow. I'm talking the best skills for someone who hasn't done anything yet, no cash, etc. How does a NEW entrepreneur buy real estate?
Easy. Start by wholesaling realestate (the we buy ugly houses guys). It requires zero cash to do. Or, do what most early RE guys did, find and investor and use their money. It’s actually a lot easier than you think.

How does a new entrepreneur make the contacts to sell salad dressing in such a competitive industry?
I guess I should feel honored you consider me a “season entrepreneur.” Dude, I started this thing a year ago, with absolutely no idea what I was doing. I had $5,000 I saved up from work and just started researching how to start a food brand. After 10 months, I had a product. I had no more business experience than you do now.

Even e-commerce takes time to find your niche, reiterate your business model fast, etc. I would say when I started, I was an average salesman - but I offset it by the fact that I could sell products I hadn't even built yet, knowing I had everything in place to make it happen in days/weeks.

I don't know - maybe it's equal to me? Sales and product dev skills - I just don't get how a new entrepreneur with no experience/cash would be better off selling products/services like real estate or even merchandise when he needs to be able to act fast and reiterate his business model at any second.
Digital can grow faster, you’re right. But what’s the actual success rate though? What’s the limit on magnitude here?

We have many success stories of guys here who ran other forms of business too. I’m not trying to say digital sucks, I’m just trying to point out it’s not the only way for a new entrepreneur to get started. I tried making a directory business my first try. I didn’t have enough money to pay a coder, but I would have failed even if I did, because I had a fundamental lack of understanding of my niche.

Just be open to other ventures.
 

WildFlower

Contributor
Read Millionaire Fastlane
Aug 21, 2009
249
63
57
Los Angeles Area
You can't do everything. You only have 24 hours in a day. You only have one brain.

It breaches the principle of division of labour, specialization, and the very reason firms exist to try and do everything yourself. Sticking to core aptitudes and offloading specific skills needs to others whenever possible is best.
IDK if you are coding something .. that something is probably running while you sleep. So could be bringing in money long after you are done.
 

WildFlower

Contributor
Read Millionaire Fastlane
Aug 21, 2009
249
63
57
Los Angeles Area
I'm in the camp that sales is the most important part of a business, but I'm also a "coder". I always cringe at these types of posts. It's amazing those that come out of the woodwork saying that coders are a commodity or that it is a low value skill best left to cheap labor in the developing world.

Coding isn't merely getting some bit of software to execute some functionality. It's making sure you do it in a way that doesn't bottleneck or harm your core business, while allowing you to expand your business later without having to do a complete refactor or rewrite of your base.

You may be able to pay a Ukrainian a hundred bucks to make your wordpress plug in, but if you're looking to build a real empire you need to understand that it's not as simple as hopping on Upwork and hiring some individual or team in the developing world for pennies on the dollar.

Some traps that you can fall into by hiring the cheap "coders":
1) Esoteric code that cannot be understood by anyone but the original programmer, without significant time investment.
2) Algorithms that scale as O(N^2) or worse. This means that doubling your users quadruples the storage and/or time requirements. Obvious catastrophe in the making.
3) Bloated code bases that follow OOP principles just for the sake of it (if you see empty base classes, then you've fallen prey to this one), without actually solving the business problem. This relates to problem 1, as if you have to extend the code base later it can take quite some time to map out the hierarchies between classes/structs.
4) Coders that pad time by rewriting common library functions from scratch, because you're paying by the hour.
5) Coders that don't write unit tests because you're paying a fixed price contract. This leads to brittle code that can't be extended, or worse can fail for some obvious corner cases.

The entrepreneurial world is rife with stories of the wide eyed hopefuls getting screwed over by shoddy coding. The OPs idea of a bootcamp for entrepreneurs has enormous value, even if the students never write a single line of HTML. Knowing how software and computing works can greatly reduce the probability that your business falls due to shoddy coding. All because you wanted to build a software empire, but couldn't be bothered to learn the first damn thing about software, because "muh opportunity cost".
Very true! I know a website that an entire industry relies on and is international and only operates at about 10% of it's potential. If I had time (or a lot of money to throw at it) I would so design a much much better website. The obstacle is rolling it out and getting an entire industry to switch.. which I know they are willing... just getting it done fairly quickly is the need. I figure that site brings in at least $6-8 million a month.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.




Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom