Read Millionaire Fastlane
I've Read UNSCRIPTED
- Jul 23, 2007
Anyway, for anyone who reads this, I have one question. Early in the book, it is mentioned that entrepreneurs must aim to hit home runs, not singles. All you need is one home run to be successful. This implies multiple attempts, and plenty of strike outs. This seems contrarian to later in the book, the chapter that stresses you should be monogamous with one business, not trying to chase money, hoping to find anything that sticks. Hopefully someone can help reinterpret/decipher this for me. I understand the spirit of both parts, just would appreciate another angle or explanation. Thanks all. And thanks MJ.
I pulled this from the "I've read The Millionaire Fastlane" thread and thought I'd answer in its own thread.
"Being in the business of 'home runs'" does NOT mean you have to start a business that competes with Uber or you have to invent the next iPhone competitor.
This phrase simply means to create a business that can change your life when looking at it in through the long lens. It's a reflection of scale and the ceiling of your business.
If you execute wonderfully, what is the best case scenario? You pay the bills for the month? Or you pay off ALL of your debts and start into cash accumulation?
"Home runs" simply means: Can this eventually change my life and scale to impact thousands, perhaps millions? Can it divest from my time eventually?
The optimum word here is "eventually" because everyone has to start at ZERO.
It is NOT where you start -- it is where you see yourself GOING.
Getting started is the most important thing. And many times, "getting started" is not Fastlane, but about doing what is required to start moving the needle and getting some small wins under your belt.
This implies multiple attempts, and plenty of strike outs. This seems contrarian to later in the book, the chapter that stresses you should be monogamous with one business, not trying to chase money, hoping to find anything that sticks.
No contrary at all ... but yes, there will be multiple failures. IMO, many failures occur not because the idea is bad, but because of unfocused execution. (I've got 10 businesses! And they all suck! That's why I have 10!)
The purpose of the focus is to ensure your market echoes are accurate, and reached as quickly as possible. This way you can reach failure quicker, or reach a positive confirmation, which leads to a continuation move toward success.
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