Ok, we have got several people putting up threads about business challenges/contests. Now, I want to put up mine and I hope you guys would like to create something from the criterias I will put down in text below. The winner will get a sign on it's profile (Maybe PxMJ could create something that separates the ultimate winner from the crowd?) that clearly states he/she is the ultimate winner of this challenge.
So this is the criterias (Every criteria need to be met in order to have a chance of winning this challenge):
1) This business need to be an internet based company (you need to sell your products/services through a website ONLY).
2) You need to reach a Revenue stream of $5 Million a year (provable revenue).
3) You need to have at least 20% in earnings from the $5 million in revenue (provable earnings).
4) You need to have 1 CEO hired to run the company/project before you send in your ultimate results (your last report).
5) The company you create has to be either an LLC structure or an LTD structure. No other business entity structure is accepted.
6) You need to follow these 8 steps in order to build your company to success (Stray from the path and you will be automaticly disqualified. You also need to document every step in detail so that others can follow every precise step you took and you also need to explain why you took the path you took):
-Prove your concept: This means you have to get people to buy (actually paying) or commit on paper to buy from you (signing a purchase agreement). If you don't, then this step is not finished and you need to work on this step until you have someone buying from you at the price you have set or someone who has signed a purchase agreement and hence commited themselfs to buying from you when you are able to deliver (if you don't have the product or service ready that is. The document ensures you will have a paying customer when you can deliver).
-Prove your brand: This means creating more products or services under the same brand and hence creating something that people can relate to. When you hear Oprah I guess you have a picture of what her brand stands for. This is what proving your brand is all about, giving people an understanding about what your products/services stands for. What is your aim? Saving the rain forest? Put a computer on every desk in the world (Microsofts brand promise)?
-Prove your operating team: Find a CEO who has experience running the kind of company you have created. Hire him or her to run your company on an operation level (day-to-day activities).
-Prove your partnerships: Find partners to team up with to find marketing solutions that you both can win on doing together (JV's etc). Find other ways of working together: Maybe giving your partner responsibility for your customer service? Responsibility for your sales and marketing efforts? You entrench your business in the business community at this point. Very important. This way you grow roots in the business branch you are in.
-Prove your company as a tradable entity: Offer a piece of your company to private investors. Private placement. Sell a part of your company (minimum requirement: 5% of capital).
-Prove your business as a bankable entity: Go to the bank and get some bank financing. Mortgage your business. Base the loan on your earnings potential, operational team and your market connections. Show your stability as a business more or less. Minimum mortgage requirement: 5% of earnings cashflow.
-Prove your business as a divident giving entity: Show to the investor community that you are a company that give consistent dividents. Do an IPO and let funds buy a part of your business and let them have dividents as a value in return.
-Prove your business as a licensable entity: License your brand and company to companies outside your own state or country. I want you to license your business to at least 5 countries. When this is done. You have done what you are supposed to do in this challenge.
7) Send quarterly reports to fanocks2003 as a PM. Failure to follow this rule leads to automatic disqualification.
This challenge will take more than 2 years to accomplish. I guess many of you will fail to deliver, because it do require that you work on this. It requires you to find the right people to work with you and require you to take every step in a focused way of approach.
The main aim is to learn how to build a company from scratch and also learn the importance of working with people who can make things happen that you yourself are not that good at doing. We all have unique qualities that others may not have, if you mix peoples main unique qualities together you can build magnificent projects and make a lot of cash. And at the same time give value to society.
I will let everyone, who is a registered member on this forum, be part of this Business Challenge.
Everyone who wants to jump onboard have to send a PM to me here on TheFastLaneToMillions.com. I also require everyone who is onboard to send quarterly reports on how you progress. Those who fail to send quarterly reports is automaticly disqualified from the contest. I will let all of these quarterly reports be reported on this thread for everyone to see.
How fast you accomplish the 8 steps according to the rule settings above is up to you. Some are faster and more "on it" than others. It may take several years to accomplish this contest or you may be ready to show how you did the whole thing in 12 months (I have seen impossible things happen in the past). Just do it at your pace, you need to enjoy the thing you do. Otherwise, why do it?
OK, ready?
Questions? Shoot the questions here on this thread and let me clarify further if there is some relevant pieces missing. Thank you.
So this is the criterias (Every criteria need to be met in order to have a chance of winning this challenge):
1) This business need to be an internet based company (you need to sell your products/services through a website ONLY).
2) You need to reach a Revenue stream of $5 Million a year (provable revenue).
3) You need to have at least 20% in earnings from the $5 million in revenue (provable earnings).
4) You need to have 1 CEO hired to run the company/project before you send in your ultimate results (your last report).
5) The company you create has to be either an LLC structure or an LTD structure. No other business entity structure is accepted.
6) You need to follow these 8 steps in order to build your company to success (Stray from the path and you will be automaticly disqualified. You also need to document every step in detail so that others can follow every precise step you took and you also need to explain why you took the path you took):
-Prove your concept: This means you have to get people to buy (actually paying) or commit on paper to buy from you (signing a purchase agreement). If you don't, then this step is not finished and you need to work on this step until you have someone buying from you at the price you have set or someone who has signed a purchase agreement and hence commited themselfs to buying from you when you are able to deliver (if you don't have the product or service ready that is. The document ensures you will have a paying customer when you can deliver).
-Prove your brand: This means creating more products or services under the same brand and hence creating something that people can relate to. When you hear Oprah I guess you have a picture of what her brand stands for. This is what proving your brand is all about, giving people an understanding about what your products/services stands for. What is your aim? Saving the rain forest? Put a computer on every desk in the world (Microsofts brand promise)?
-Prove your operating team: Find a CEO who has experience running the kind of company you have created. Hire him or her to run your company on an operation level (day-to-day activities).
-Prove your partnerships: Find partners to team up with to find marketing solutions that you both can win on doing together (JV's etc). Find other ways of working together: Maybe giving your partner responsibility for your customer service? Responsibility for your sales and marketing efforts? You entrench your business in the business community at this point. Very important. This way you grow roots in the business branch you are in.
-Prove your company as a tradable entity: Offer a piece of your company to private investors. Private placement. Sell a part of your company (minimum requirement: 5% of capital).
-Prove your business as a bankable entity: Go to the bank and get some bank financing. Mortgage your business. Base the loan on your earnings potential, operational team and your market connections. Show your stability as a business more or less. Minimum mortgage requirement: 5% of earnings cashflow.
-Prove your business as a divident giving entity: Show to the investor community that you are a company that give consistent dividents. Do an IPO and let funds buy a part of your business and let them have dividents as a value in return.
-Prove your business as a licensable entity: License your brand and company to companies outside your own state or country. I want you to license your business to at least 5 countries. When this is done. You have done what you are supposed to do in this challenge.
7) Send quarterly reports to fanocks2003 as a PM. Failure to follow this rule leads to automatic disqualification.
This challenge will take more than 2 years to accomplish. I guess many of you will fail to deliver, because it do require that you work on this. It requires you to find the right people to work with you and require you to take every step in a focused way of approach.
The main aim is to learn how to build a company from scratch and also learn the importance of working with people who can make things happen that you yourself are not that good at doing. We all have unique qualities that others may not have, if you mix peoples main unique qualities together you can build magnificent projects and make a lot of cash. And at the same time give value to society.
I will let everyone, who is a registered member on this forum, be part of this Business Challenge.
Everyone who wants to jump onboard have to send a PM to me here on TheFastLaneToMillions.com. I also require everyone who is onboard to send quarterly reports on how you progress. Those who fail to send quarterly reports is automaticly disqualified from the contest. I will let all of these quarterly reports be reported on this thread for everyone to see.
How fast you accomplish the 8 steps according to the rule settings above is up to you. Some are faster and more "on it" than others. It may take several years to accomplish this contest or you may be ready to show how you did the whole thing in 12 months (I have seen impossible things happen in the past). Just do it at your pace, you need to enjoy the thing you do. Otherwise, why do it?
OK, ready?
Questions? Shoot the questions here on this thread and let me clarify further if there is some relevant pieces missing. Thank you.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
.
