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Be in the business of "home runs"...

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MJ DeMarco

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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.

:smile2:
 

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Yoda

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It is NOT where you start -- it is where you see yourself GOING.
And, to expand, if I may, a "home run" does not have to be monetary (though, obviously it's a large focus for this forum and its members).

A few non-monetary "home runs":
  • You create work instead of working for someone else.
  • You create your schedule instead of sitting in traffic back-and-forth to a 9 to 5.
  • You create relationships with like-minded individuals and choose your associates.
  • You create systems and processes which free your time.
My personal "home run" has one, ultimate, result:

Freedom from work, and freedom to work.
YMMV.
 

TheDillon__

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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.



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.

:smile2:
Wonderful thread, thanks for the insight MJ!
 

biophase

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"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?
I started my ecommerce business in 2007 with the goal of 1 sale a day at $50 profit, or $18,000/yr. Now I do over $1m a year.

To add to the baseball analogy. I was not in the business of hitting a homerun. But I was basically going for a single, then another single, and another single, eventually scoring a run. In the end, both methods score runs. :)
 

Locomote

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I started my ecommerce business in 2007 with the goal of 1 sale a day at $50 profit, or $18,000/yr. Now I do over $1m a year.

To add to the baseball analogy. I was not in the business of hitting a homerun. But I was basically going for a single, then another single, and another single, eventually scoring a run. In the end, both methods score runs. :)
Thats a great way of looking at it! I'm trying to do both, load the bases and then hit the home run!

I'm currently working on getting a software idea up and running, my main goals have been going for singles and getting the bases loaded (signup customers for user testing and feedback, while charging a minimal fee).

Then later hit the home run once I've finished the software, complete with customer feedback (charging full price and having a fully tested product ready to roll out to others).
 

cmor16

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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.
You made a similar point a few weeks ago it was just what I needed to get my a$$ moving. I was so focused on picking the right business, waiting for the right idea, waiting for........whatever. So I just started and set some small milestones for myself to confirm progress and to keep me motivated.

Instead of focusing on the $10M jackpot at the end of the rainbow, I am now focused on 1) honing a skill 2) selling that skill 3) failing 4) selling that skill 5) failing......... and repeating until I master the craft and break free from the drudgery of 9-5 servitude.

I am still puttering along in the slowlane but the path to fastlane is much clearer now.

So again, thanks MJ and to all who contribute here.

Sent from my Galaxy S7 using Tapatalk
 

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